The Moroccan Capital Market Authority (AMMC) has given the green light for BMCI’s upcoming subordinated bond issuance, with a ceiling of 1.5 billion dirhams (MMDH). The AMMC announced its approval of the prospectus on Thursday, marking the official start of the process.
This bond issue, with a maturity period of ten years, will be open for subscription from September 12 to September 18, 2024. It comprises four unlisted tranches, each with distinct interest rate terms. According to the AMMC’s official statement, tranches A and C will have a fixed nominal interest rate, while the rates for tranches B and D will be adjustable on an annual basis.
When it comes to risk premiums, investors can expect 75 basis points (bps) for tranche A, 70 bps for tranche B, 65 bps for tranche C, and 60 bps for tranche D. The bonds will also be traded over-the-counter, outside of the stock exchange framework.
