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Morocco launches €1 billion 12-year notes to yield 1.6%
By Rebecca Melvin
New York, Nov. 21 – The Kingdom of Morocco launched €1 billion of 12-year notes (expected ratings: Ba1/BBB-/BBB-) to yield 1.6% on Thursday, according to a syndicate source.
The pricing was at the tight end of final guidance of a 1.65% yield, plus or minus 5 basis points, and tightened from earlier guidance in the area of 1.8% and initial price talk in the area of 2%.
Order books at the final yield topped €3.3 billion.
Barclays, BNP Paribas, JPMorgan and Natixis have been mandated to arrange a series of fixed-income investor meetings in Europe beginning on Thursday.
A Rule 144A and Regulation S transaction is expected to follow, subject to market conditions.
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