The Moroccan Capital Market Authority (AMMC) has approved the prospectus for FEC’s ordinary bond issuance, authorising an unlisted offering with a ceiling of MAD 2,000,000,000 split into Tranche A and Tranche B. The approved prospectus comprises the issuer’s 2024 reference document, an update to that reference document, and the offering document. The issue includes two unlisted tranches with stated maturities of 15 years (Tranche A) and 45 days (Tranche B), with coupons revised annually: Tranche A is set between 2.80% and 2.90% for the first year based on the 6‑month (180‑day) TMP published by Bank Al‑Maghrib, with a 55–65 bps risk premium; Tranche B is set between 2.76% and 2.81% for the first year based on the 52‑week BdT rate published by Bank Al‑Maghrib as of 26 November 2025, with a 45–50 bps risk premium. Repayment is by annual linear amortisation, and allocation will be via a French auction with priority given to Tranche A. Subscriptions are scheduled for 10 to 12 December 2025 inclusive, and the prospectus is available free of charge to prospective subscribers and accessible via FEC and AMMC.
Moroccan Capital Markets Authority 2025-12-03
Moroccan Capital Market Authority approves FEC prospectus for MAD 2bn unlisted ordinary bond offering
The Moroccan Capital Market Authority has approved the prospectus for FEC's unlisted bond issuance, authorizing a ceiling of MAD 2 billion split into Tranche A and Tranche B. Tranche A has a 15-year maturity with a first-year coupon between 2.80% and 2.90%, while Tranche B has a 45-day maturity with a first-year coupon between 2.76% and 2.81%. Allocation will occur via a French auction, prioritizing Tranche A.