Morocco has raised a whopping $3 billion in a foreign bond sale, returning to the international capital markets with a bang.
The $3 billion bond offering includes dollar-denominated seven-, 12- and 30-year securities. The deal, which is priced at 175 basis points over U.S. Treasuries for $750 million of the shortest-duration notes, 200 basis points for $1 billion in 12-year bonds, and 4% for the $1.25 billion in 30-year securities.
As Bloomberg reports, the deal marks the largest amount raised by the country in a single international sale. It was the country’s second foreign bond sale of the year, with Barclays Plc, BNP Paribas SA, JPMorgan Chase & Co., and Natixis SA appointed as lead managers of the sale.
The sale was the country’s first since Fitch cut its debt rating to junk in October. S&P Global Ratings rates Morocco investment grade with a negative outlook.
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