Morocco: bonds

Morocco is a country located in North Africa.
Area – 446 550 sq.km (57th).
Population – 31,4 mln. (37th)
The capital is Rabat.
Official language – Arabic.
Local currency – Moroccan dirham (MAD).
Government – Constitutional monarchy.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
MAD 50 307 987 700 000
USD 2 2 250 000 000
EUR 2 2 000 000 000
corporate
MAD 109 95 881 500 000
USD 4 3 150 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Attijariwafa Bank, 4.13% 22dec2022, MAD - Domestic bonds MA0000021735 4.13% 64 800 000  MAD 12/22/2015 12/22/2022
Attijariwafa Bank, 4.13% 22dec2022, MAD - Domestic bonds MA0000092751 4.13% 192 700 000  MAD 12/22/2015 12/22/2022
Attijariwafa Bank, 4.52% 22dec2025, MAD - Domestic bonds MA0000092777 4.52% 523 600 000  MAD 12/22/2015 12/22/2025
Credit Agricole du Maroc, 4.52% 22dec2025, MAD - Domestic bonds MA0000021727 4.52% 64 600 000  MAD 12/22/2015 12/22/2025
Credit Agricole du Maroc, 4% 27nov2022, MAD - Domestic bonds MA0000021701 4% 35 000 000  MAD 11/27/2015 11/27/2022
Credit Agricole du Maroc, 4.8% 27nov2025, MAD - Domestic bonds MA0000021719 4.8% 290 000 000  MAD 11/27/2015 11/27/2025
Credit Agricole du Maroc, FRN 27nov2022, MAD (OB189) - Domestic bonds Annually adjustable interest rate referring to the full 52 - week money rate determined in reference to the Treasury bond secondary yield curve reference rate as published by Bank Al Maghrib on the 2nd November 2015 curve increased by a risk premium ranging between 0.9-1.1%. For the first year, the nominal interest rate will be ranging between 3,52% and 3,72%. 900 000 000  MAD 11/27/2015 11/27/2022
Credit Agricole du Maroc, FRN 27nov2022, MAD (OB190) - Domestic bonds Fixed interest rate referring to the 7 years T-Bond interest rate, calculated following the linear interpolation method on the basis of the secondary yield curve reference rate as published by Bank Al Maghrib on the 2nd November 2015, increased by a risk premium ranging between 0.9-1.1% i.e between 4,23% and 4,43% 900 000 000  MAD 11/27/2015 11/27/2022
Credit Agricole du Maroc, FRN 27nov2025, MAD (OB191) - Domestic bonds Annually adjustable interest rate referring to the full 52 - week money rate determined in reference to the Treasury bond secondary yield curve reference rate as published by Bank Al Maghrib on the 2nd November 2015 increased by a risk premium ranging between 1-1.2%. For the first year, the nominal interest rate will be ranging between 3,62% and 3,82%. 900 000 000  MAD 11/27/2015 11/27/2025
Credit Agricole du Maroc, FRN 27nov2025, MAD (OB192) - Domestic bonds Fixed interest rate referring to the 10 years T-Bond interest rate, determined on the basis of the secondary yield curve reference rate as published by Bank Al Maghrib on the 2nd November 2015, increased by a risk premium ranging between 1-1.2% i.e between 4,60% and 4,80% 900 000 000  MAD 11/27/2015 11/27/2025

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Moroccan international bonds, USD bln 8.200 8.200 8.000 8.000 8.100 8.000 8.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Morocco, USD bln   0.300     -0.100 0.000 0.200

Currencies

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
Exchange Rates (Emerging Markets)
USD/MAD 9.7685 9.7620 9.7860 9.7780 9.8014 9.7891 9.7678
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Morocco) 0.30 0.30 0.10 1.60 2.10
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Yearly indices

Type 2016 2015 2014 2013
Government Debt to GDP (World), %
Government Debt to GDP(Morocco) 64.70 64.10 63.50 61.70

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Morocco, 3.5% 19jun2024, EUR   EUR 06/19/2024 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Morocco, 4.250% 11dec2022, USD   USD 12/11/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Morocco, 4.50% 5oct2020, EUR   EUR 10/05/2020 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Morocco, 5.375% 27jun2017, EUR   EUR 06/27/2017 05/18/2016 ***.* *.** 05/18/2016 *** -*.**
Morocco, 5.50% 11dec2042, USD   USD 12/11/2042 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
BMCE Bank, 6.25% 27nov2018, USD   USD 11/27/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
OCP SA, 4.5% 22oct2025, USD   USD 10/22/2025 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
OCP SA, 5.625% 25apr2024, USD   USD 04/25/2024 05/18/2016 ***.** *.* 05/18/2016 *** *.**
OCP SA, 6.875% 25apr2044, USD   USD 04/25/2044 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
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