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In a sign of continued investor confidence in Morocco’s economy, the kingdom raised €2.25 billion through a bond issuance on international markets. The operation was divided into two tranches: a €1.25 billion tranche maturing in 2034 and a second worth €1 billion set to mature in 2038. According to Asharq, the issuance drew €5.2 billion in orders, making it nearly 2.5 times oversubscribed.
Pricing margins were set at 170 basis points above US Treasury yields for the first tranche and 200 basis points for the second. The operation comes less than a year after Morocco raised €2 billion in a similar issuance in March 2025, amid a global climate marked by growing risks and geopolitical tensions, particularly in the Gulf region.
To manage the transaction, Morocco appointed several major international financial institutions, including BNP Paribas, Citigroup, Deutsche Bank and JPMorgan Chase, while Lazard served as financial adviser.
Morocco’s choice to issue euro-denominated bonds reflects the depth of its economic ties with the European Union, as well as growing European investor interest in financing infrastructure projects linked to the 2030 FIFA World Cup.
The kingdom is looking to secure major financing for infrastructure, energy and desalination projects, while the 2026 budget has capped new external borrowing at 60 billion dirhams. The bond issuance also comes just days after the government allocated an additional 20 billion dirhams to support essential goods prices, funded by tax revenues that exceeded expectations.
