The Moroccan Capital Market Authority (AMMC) validated, on Wednesday, the prospectus relating to the issuance by Crédit du Maroc of a perpetual subordinated bond loan. This operation, equipped with a mechanism for absorbing losses and canceling coupon payments, is structured in two unlisted tranches for a total amount of 500 million dirhams. Tranche A offers an interest rate that is adjustable every 10 years, while tranche B offers a rate adjusted annually.
The interest rates for the two tranches will be determined from the reference rate curve for Treasury bills, established by Bank Al-Maghrib and published on November 29. The risk premium is established between 225 and 235 basis points for tranche A and between 205 and 215 basis points for tranche B. The allocation of securities will be carried out by French-style auction, with priority given to the slice B.
Subscription to this loan will be open from December 2 to 4, 2024 inclusive. According to the AMMC, the trading of the securities will be done over the counter, reinforcing the attractiveness of this operation for investors, while meeting the strategic needs of Crédit du Maroc in terms of long-term financing.
M.Ba.
