The Moroccan Capital Market Authority (AMMC) has approved the prospectus for Crédit du Maroc’s planned issuance of unlisted subordinated bonds, structured in two ten-year tranches of MAD 1,000,000,000 each. Tranche A is fixed rate, with pricing referenced to the secondary-market 10-year Treasury bill yield curve to be published by Bank Al-Maghrib on 16 October 2025, and a risk premium of 70–85 basis points. Tranche B pays an annually revisable rate, with the first-year coupon referenced to the 52-week rate derived from the secondary Treasury bill yield curve to be published on 16 October 2025, and a risk premium of 65–80 basis points. Allocation is via French auction, with priority given first to the fixed-rate tranche and then to the annually revisable-rate tranche. Subscriptions are open from 20 to 22 October 2025 (inclusive). The approved prospectus comprises a reference document covering 2024 and the first half of 2025 (registered on 23 September 2025) and the offering document, and is available via Crédit du Maroc and on the AMMC website.
Moroccan Capital Markets Authority 2025-10-09
Moroccan Capital Market Authority approves Crédit du Maroc prospectus for two MAD 1bn unlisted subordinated bond tranches
The Moroccan Capital Market Authority has approved Crédit du Maroc's prospectus for issuing unlisted subordinated bonds in two ten-year tranches of MAD 1 billion each. Tranche A offers a fixed rate, while Tranche B has an annually revisable rate, both linked to Treasury bill yield curves with specified risk premiums. Allocation will occur through a French auction, prioritizing the fixed-rate tranche.