For Immediate Release
Rabat- Moroccan Finance Minister Salaheddine Mezouar said Morocco’s bond issue on the international financial market is a “positive” and “reassuring” signal that strengthens the image of the country and its development choices.
During a press briefing, Mezouar said that the bond issue of one billion Euros on the international financial market confirms the potential of the growth of the kingdom backed with the ambitious sectoral strategies and macroeconmic fundamentals.
He also pointed out that the investors’ demand that exceeds 2.3 billion Euros is a reflection of the confidence given by the international monetary market to the country. He cited in particular the “investment grade” granted to the North African country by two rating agencies namely “Standard and Poor’s” and “Fitch Ratings”.
The operations success, as Mezouar credits, “results from the growth policy adopted by Morocco, focusing in particular on the diversification of growth sources, human capital development, openness and integration into the global economy and a strong banking system,”.
In a separate occasion, former French Minister of Justice and Employment Elisabeth Guigou affirmed Mezouar’s statements. “Morocco is a hardworking country that is open to modernization. There is surely an economic growth and a political openness and the press enjoys far more freedom than in neighboring countries” she said. She also described the modernization projects initiated by Morocco in the recent years to be “on the right track.”
The maturity of the bond issue is 10 years and it has an interest rate of 4.5% equivalent to a risk premium of 200 basis points over midswaps. This is the country’s first bond directed at international investors since the year 2007.
The country is seen to also issue a global debt more regularly and is looking to expand trade relationships across the Atlantic.
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