After a two-year absence from global bond markets, Morocco is making a strategic return with a fresh international debt issuance in the works. This upcoming bond sale underscores the Kingdom’s broader ambition to diversify its funding sources while reinforcing its credibility with international investors.
According to Bloomberg, Morocco’s Treasury has enlisted the support of four major investment banks—BNP Paribas, Citi, Deutsche Bank, and JP Morgan—to lead a roadshow starting Monday, March 24, in Paris before continuing to London. The goal is to gauge investor interest and secure favorable terms for the upcoming issue.
While the exact size of the issuance has yet to be disclosed, the deal is expected to feature two tranches: one with a 4-year maturity and another with a 10-year term, depending on market conditions. This structure is designed to address Morocco’s short-term funding needs while also bolstering its long-term market presence.
To maximize the deal’s success, Morocco has brought in Lazard as its exclusive financial advisor. The move reflects a deliberate and disciplined approach to debt management, ensuring the bond is well-structured and smoothly absorbed by global investors. It’s also a signal that the country is committed to transparency and sound financial governance.
This re-entry into international markets comes at a time of ongoing global uncertainty, with rising interest rates in major economies and persistent geopolitical tensions. Yet Morocco holds several key advantages. It continues to be rated as the strongest “non-investment grade” borrower by the three leading credit agencies, thanks to its stable macroeconomic environment and a reform agenda closely monitored by global financial institutions.
The Kingdom’s last dollar bond issuance dates back to 2022, when it successfully raised $2.5 billion. Its previous euro-denominated issue was five years ago. The new deal, therefore, marks a pivotal moment—not just for Morocco’s funding strategy, but also for its broader position in the global capital markets.
More than a response to immediate liquidity needs, this bond issue is part of a proactive and strategic debt management policy. In a post-Covid recovery phase, and with major infrastructure and reconstruction projects underway—including preparations for hosting the 2030 World Cup and rebuilding after recent earthquakes—Morocco is seeking to balance fiscal discipline with economic ambition. Tapping into international markets is one piece of that puzzle.
By stepping back onto the global stage, Rabat is also sending a clear message: Morocco aims to be seen as a reliable, well-organized, and credible player in international finance. In a world where investor confidence can be just as valuable as capital, it’s a message the country seems determined to deliver.
