Morocco to raise $1.3b for projects

19 Sep 2010

(MENAFN) Morocco’s finance minister said that the government plans to raise $1.3 billion from a revived sale of a euro-denominated bond issue to finance part of its bold investment projects, Reuters reported.

Morocco has mandated Barclays Capital, HSBC and Natixis banks to lead-manage the deal after an investor roadshow that begins tomorrow.

The deal on the precise amount will be concluded on September 28 with the pricing of the bond fixed and related details announced, said a senior aide to the minister.

Standard & Poor’s and Fitch Ratings rate Morocco at an investment-grade credit rating of BBB-minus, just above junk status. Moody’s Investors Service has Morocco listed at Ba1, the top tier of junk status.

Morocco had planned to launch a bond denominated in euros but later shelved it as the government deemed the market unfavorable.

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