OCP Group has raised $1.5 billion through its first international hybrid bond, becoming the first African company to issue a dollar hybrid bond on global markets.
Demand was strong, with the deal 4.6 times oversubscribed. A total of 176 institutional investors from 23 countries took part.
The bond is split into two parts: A 2031 tranche with a 6.74 percent coupon and a 2036 tranche with a 7.37 percent coupon.
The deal was arranged by BNP Paribas, Citigroup and JPMorgan Chase.
The hybrid structure is treated as equity under accounting rules, which helps strengthen the company’s balance sheet while still being viewed partly as debt by rating agencies.
OCP said the funds will support its investment programme in fertiliser production, water projects, and energy transition.
The company controls more than 70 percent of global phosphate reserves, a key input for fertiliser.
It is running a $13 billion investment plan for 2023 to 2027.
On water, OCP is expanding desalination capacity at sites including Jorf Lasfar and Safi. It aims to produce 560 million cubic metres of water per year by 2026.
On energy, it plans to reach 100 percent renewable electricity use by 2027. It has added 202 megawatts of solar capacity, including the Ouled Fares plant.
It is also developing green ammonia and aims to produce 1 million tonnes by 2027.
Revenue rose 17 percent in 2025 to about $11.4 billion, supported by higher demand from India and Europe. The company kept investment grade status after Morocco’s sovereign rating upgrade in 2025.
Hybrid bonds are still rare in emerging markets. In 2025, only a few companies issued similar debt, including Majid Al Futtaim and CPI Property Group.
OCP also continues to benefit from strong trade flows. India imported about 2.5 million tonnes of DAP fertiliser from Morocco in March 2026. Morocco now supplies around 19 percent of EU fertiliser imports.
Recent financing includes a $95 million IFC loan in April 2026 for waste management at Jorf Lasfar and $620 million in green water financing in 2025 for desalination expansion.
