Bank Of Africa headquarters in Casablanca. Credit: Mustapha Razi / Le Desk
The Moroccan Capital Market Authority (AMMC) approved, on Wednesday, under the reference VI/EM/017/2024, a prospectus relating to the issuance by Bank Of Africa (BOA) of a perpetual subordinated bond loan with security mechanism. absorption of losses and cancellation of coupon payments.
This loan is made up of two unlisted tranches “A” and “B”, with a ceiling of 1 billion dirhams (billion dirhams) and a perpetual maturity, indicates the AMMC in a press release, noting that the subscription period extends from June 19 to 21, 2024 inclusive.
For tranche “A”, the facial interest rate will be determined, for the first 5 years, with reference to the 5-year rate, determined from the reference rate curve of the secondary market for Treasury Bills (BDT) 5 years, as it will be published by Bank Al Maghrib on June 13, 2024, increased by a risk premium.
Concerning tranche “B”, the facial interest rate will be determined, for the first year, with reference to the full 52-week rate determined from the reference rate curve of the secondary market for Treasury Bills (BDT), such as which will be published by Bank Al-Maghrib on June 13, 2024, increased by a risk premium.
The AMMC specifies that the risk premium for tranche “A” is between 220 basis points (bps) and 230 bps, while that of tranche “B” is between 210 bps and 220 bps.
