The Moroccan Capital Market Authority (AMMC) has approved the prospectus for CFG Bank’s subordinated bond issuance. The approved prospectus comprises CFG Bank’s 2024 reference document and an offering document. The issuance is structured in four MAD 500m tranches with 10-year maturity and repayment at maturity, with tranches B and D listed and tranches A and C unlisted. Tranches A and B are fixed-rate, with the nominal rate to be set by reference to the 10-year Treasury bill secondary-market yield curve as published by Bank Al-Maghrib on 3 June 2025, while tranches C and D are annually revisable, with the first-year nominal rate referenced to the 52-week Treasury bill secondary-market yield curve to be published on 3 June 2025. The prospectus sets spread ranges of 70–90 basis points and 65–85 basis points depending on tranche, with allocation via French auction and priority given first to tranches A and B and then to tranches C and D, and a subscription period running from 11 to 17 June 2025.
Moroccan Capital Markets Authority 2025-05-23
Moroccan Capital Market Authority approves CFG Bank prospectus for MAD 2bn subordinated bond issuance
The Moroccan Capital Market Authority has approved CFG Bank's prospectus for a subordinated bond issuance structured in four MAD 500 million tranches with 10-year maturity. Tranches A and B are fixed-rate, while C and D are annually revisable, with rates set by Treasury bill yield curves. Allocation will occur via French auction, prioritizing tranches A and B, followed by C and D, with subscriptions open from 11 to 17 June 2025.