OCP SA has successfully completed a public bond issuance worth five billion dirhams, a move that strengthens the group’s financial structure and reflects strong investor confidence in its stability and growth prospects. The offering saw overwhelming demand, with subscriptions reaching 14.7 billion dirhams—an impressive oversubscription rate of 294%.
The issuance was structured across multiple tranches with maturities ranging from 10 to 30 years, and interest rates determined based on market benchmarks. The 10-year adjustable tranche was set with an initial rate linked to Bank Al-Maghrib’s monetary curve, plus a risk premium of 30 basis points. Fixed-rate tranches were aligned with corresponding maturity rates, carrying premiums between 40 and 80 basis points.
A diverse group of institutional investors participated in the operation, including mutual funds, insurance companies, banks, and pension funds. Mutual funds (OPCVMs) dominated the demand, requesting 11.3 billion dirhams, with an allocation of 3.7 billion dirhams.
The transaction was managed by CDG Capital and BMCE Capital Conseil as financial advisors and global coordinators, with placement support from a syndicate comprising Bank of Africa, Attijariwafa Bank, Banque Centrale Populaire, and Société Générale Marocaine des Banques.
Beyond reinforcing OCP’s financial flexibility, this successful bond issuance will support the company’s strategic expansion, particularly its investments in large-scale projects focused on energy transition and sustainability in the phosphate industry.
