OCP Raises 5 Billion Dirhams Through a Newly Subscribed Bond Issue
The OCP Group successfully raised 5 billion dirhams through a new issuance of perpetual subordinated bonds. This operation generated significant interest from institutional investors, confirming market confidence in the group’s financial strength and growth prospects.
Reserved for qualified investors and financial institutions, the operation was fully subscribed, further solidifying OCP’s position as one of the leading issuers in the Moroccan capital market.
Financing to Support the Group’s Growth Strategy
According to OCP, this issuance is part of its strategy to consolidate its equity and strengthen its financial structure to support the implementation of its major industrial and investment projects.
This operation marks the fourth hybrid issuance by the group in the domestic market, following several successful experiences both in Morocco and internationally. It reflects OCP’s intention to diversify its funding sources and optimize its access to various financial market instruments.
A Structured Issuance in Four Tranches
The issuance consists of four categories of unlisted bonds, each with a nominal value of 100,000 dirhams. The proposed interest rates range from 2.87% to 4.82%, depending on the maturities and revision terms chosen.
These bonds are characterized by their perpetual nature, offering the issuer the possibility of early redemption or deferral of interest payments in accordance with the conditions outlined in the operation’s documentation.
The tranche with an annual interest rate revision attracted the largest share of subscriptions, raising nearly 3.94 billion dirhams. The remaining amounts were distributed among tranches with rates that are adjustable every 6, 12, and 20 years.
Mutual Funds Lead the Subscriptions
In terms of investor distribution, Collective Investment Schemes (CIS) represented the largest share of subscriptions, with over 4.2 billion dirhams committed.
They were followed by retirement and social security organizations, and then by insurance and reinsurance companies, illustrating the marked interest of institutional investors in this operation.
A Lever to Strengthen the Group’s Financial Resilience
OCP views perpetual subordinated bonds as a flexible financing instrument that combines certain characteristics of debt and equity. This mechanism allows for improved financial structure, supports its credit rating, and enhances its ability to finance long-term strategic projects.
The success of this issuance thus reflects investor confidence in OCP’s governance, financial performance, and strategic vision, while consolidating its position as one of the main players in the Moroccan capital market.
