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Morocco’s €2.25 billion bond issue on international markets on May 19 was a successful operation driven by opportunity rather than necessity, according to Attijari Global Research (AGR).
«In May 2026, Morocco successfully completed a €2.25 billion sovereign Eurobond issuance on the international market. The operation demonstrates the Kingdom’s ability to secure long-term foreign-currency financing in an environment marked by heightened geopolitical risks, relatively high long-term interest rates and increased selectivity among lenders», AGR said in its Research Report – Fixed Income.
The issuance forms part of the Treasury’s strategy to diversify its funding sources, a process launched in 2023. Following the euro-denominated bond issue of March 2025, Morocco has further strengthened its presence in this segment of the market. AGR highlighted five key takeaways from the operation, foremost among them the Kingdom’s continued ability to maintain favorable access to international debt markets.
The transaction ranks among the ten largest euro-denominated sovereign bond issues completed in 2026. The yield spreads associated with Moroccan sovereign risk came in below initial expectations, at 170 basis points for the eight-year tranche versus 200 basis points initially projected, and 200 basis points for the 12-year tranche compared with an expected 230 basis points.
Despite an international environment marked by tensions in the Middle East, the gradual easing of monetary policy in the eurozone created a favorable issuance window. Investor confidence was also supported by Morocco’s solid macroeconomic fundamentals, including foreign-exchange reserves estimated at 473 billion dirhams in 2026, equivalent to 5.7 months of imports.
AGR noted that this positive assessment has been reinforced by improved ratings agency outlooks, particularly S&P’s restoration of Morocco’s Investment Grade status. The share of external debt in the Treasury’s overall debt portfolio remains contained at 27%, leaving the country with room to make greater use of international financing markets.
