This perpetual subordinated bond loan is made up of two unlisted tranches with a ceiling of 500 million dirhams, characterized by a facial interest rate revisable every 10 years for tranche A and revisable annually for tranche B, indicates the AMMC in a press release.
For tranche A, the facial interest rate is determined, for the first 10 years, with reference to the 10-year rate determined from the reference rate curve of the secondary market for Treasury bills as it will be published by Bank Al-Maghrib (BAM) on November 29, reports the same source.
With regard to tranche B, the facial interest rate is, for the first year, the full 52-week rate (monetary rate) determined from the reference rate curve of the secondary market for Treasury bills such as it will be published by BAM on November 29, 2024.
As for the risk premium, this varies between 225 and 235 basis points (bps) for tranche A and between 205 and 215 bps for tranche B. The allocation method consists, for its part, of in a French-style auction with priority to tranche B (at a rate adjustable annually) then to tranche A (at a rate adjustable every 10 years), underlines the Authority, noting that the The securities will be negotiable over the counter.
The subscription period for this operation runs from December 2 to 4, 2024 inclusive, the press release concludes.
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