The Moroccan Capital Market Authority (AMMC) approved CFG Bank’s prospectus for a subordinated bond issuance with an overall ceiling of MAD 500 million, structured into two unlisted tranches. The approved prospectus comprises CFG Bank’s 2024 reference document, an update to that reference document, and the offering document. The bonds have a 10-year maturity with repayment at maturity, and will be allocated via a prorated auction with priority given to tranche A. Tranche A is a fixed-rate tranche with the nominal rate set by reference to the 10-year Treasury bills yield curve published by Bank Al-Maghrib on 17 December 2025 plus a 70 bps risk premium, while tranche B is revised annually and for the first year is set by reference to the 52-week Treasury bills yield curve published by Bank Al-Maghrib on 17 December 2025 plus a 65 bps risk premium. Subscriptions are scheduled for 19 to 23 December 2025 (inclusive), and the prospectus is made available through CFG Bank and the AMMC websites and at CFG Bank’s headquarters.
Moroccan Capital Markets Authority 2025-12-12
Moroccan Capital Market Authority approves CFG Bank prospectus for MAD 500 million subordinated bond issuance
The Moroccan Capital Market Authority approved CFG Bank’s prospectus for a MAD 500 million subordinated bond issuance, structured into two unlisted tranches. The bonds have a 10-year maturity, with tranche A offering a fixed rate based on the 10-year Treasury bills yield plus a 70 bps premium, and tranche B offering a rate revised annually, initially set by the 52-week Treasury bills yield plus a 65 bps premium.