Attijariwafa Bank is gearing up to raise 1 billion dirhams through the issuance of a subordinated bond loan. This initiative, greenlit by the Moroccan Capital Market Authority (AMMC), aims to strengthen the bank’s equity and support its expansion both domestically and internationally. Investors can subscribe to the bonds from June 21 to June 25, with the bonds set to take effect on June 28, 2024.
The bond issuance comprises two unlisted tranches with a 7-year maturity. Tranche A offers a fixed interest rate, while Tranche B features an annually adjustable rate, as detailed by the AMMC.
For Tranche A, the fixed interest rate will be determined by the secondary market yield curve for 7-year Treasury bills, as published by Bank Al-Maghrib (BAM) on June 19, 2024, with an added risk premium of 50 basis points.
Tranche B’s interest rate will be adjustable each year. Initially, it will be based on the full 52-week monetary rate, referencing the secondary market yield curve for Treasury bills as published by BAM on June 19, 2024, plus a risk premium of 45 basis points.
The subscription period for this bond issue runs from June 21 to June 25, 2024, according to the AMMC’s statement.
