<div id="readability-page-1"><div>Staff WriterMorocco has priced a €2.25 billion dual-tranche euro-denominated bond, tightening spreads from initial guidance after attracting strong investor demand across both maturities.The sovereign sold €1.25 billion of 8-year notes at a spread of 170 basis points over mid-swaps, alongside €1.00 billion of 12-year bonds at 200 basis points over mid-swaps.The final pricing compares with initial price thoughts in the area of mid-swaps plus 200 basis points for the 8-year tranche and 230 basis points for the 12-year tranche, indicating spread compression of around 30 basis points on each tranche during the marketing process.Demand was robust, with order books exceeding €3.0 billion for the 8-year notes and €2.2 billion for the 12-year tranche, excluding joint lead manager interest. Global books were subsequently closed subject to allocations.The bonds carry fixed annual coupons and were issued under Rule 144A/Regulation S format, targeting international institutional investors. Settlement is scheduled for 26 May 2026. The notes are expected to be listed on the London Stock Exchange and cleared via Euroclear and Clearstream.BNP Paribas, Citi, Deutsche Bank and J.P. Morgan acted as joint lead managers on the transaction, while Lazard served as financial adviser to the kingdom.Rabat last tapped Eurobond market in April 2025 with a dual-tranche €2 billion issuance; the 10-year tranche was priced at a spread of 215 basis points of mid swaps, and the four-year tranche was at 155 basis points over mid swaps.The fresh issuance comes as Morocco continues to tap international markets to diversify funding sources and manage its external financing needs. The country’s public external debt stood at $56.7 billion at the end of 2025, equivalent to 30.4% of GDP.The sovereign is rated Ba1 with a positive outlook by Moody’s, BBB- with a stable outlook by S&amp;P, and BB+ stable by Fitch.(Writing by Ahmad Mousa; editing by Seban Scaria)Ahmad.mousa@lseg.comDisclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.</div></div>

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Morocco has successfully priced a €2.25 billion dual-tranche bond, with strong investor demand leading to tighter spreads. The issuance includes €1.25 billion of 8-year notes at 170 basis points over mid-swaps and €1.00 billion of 12-year bonds at 200 basis points. The bonds will be listed on the London Stock Exchange, with settlement scheduled for May 26, 2026. This move aims to diversify funding sources amid a public external debt of $56.7 billion, representing 30.4% of GDP.

Zawya

London Stock Exchange Group plc

LONDON STOCK EXCHANGE GROUP SPON ADS EACH REP 0.25 ORD

BNP Paribas

Citigroup

Deutsche Bank AG

JPMorgan Chase

Lazard

Moodys

S&P Global

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Deutsche Bank AG Subscription Rights

Deutsche Postbank AG

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

ZAWYA: Morocco prices €2.25bln dual-tranche bond