The Moroccan Capital Market Authority (AMMC) approved Bank of Africa’s prospectus for an unlisted issuance of subordinated perpetual bonds featuring loss absorption and a coupon payment cancellation mechanism, with a total ceiling of MAD 1,000,000,000. The offering comprises two perpetual tranches. Tranche A has a coupon reset every five years, with the initial rate set by reference to the five-year Treasury bill secondary-market yield curve to be published by Bank Al-Maghrib on 15 December 2025 plus a 220–230 bps risk premium. Tranche B has an annual reset, with the initial rate set by reference to the 52-week Treasury bill yield curve to be published the same day plus a 210–220 bps risk premium. Allocation will be via a French auction, with priority given first to Tranche A and then to Tranche B. Subscriptions are scheduled for 19–23 December 2025. The prospectus comprises the issuer’s 2024 reference document, its Update No. 1 and the offering document, and is available via Bank of Africa, BMCE Capital Conseil and the AMMC websites.
Moroccan Capital Markets Authority 2025-12-12
Moroccan Capital Market Authority approves Bank of Africa prospectus for MAD 1bn subordinated perpetual bond with loss absorption and coupon cancellation
The Moroccan Capital Market Authority approved Bank of Africa's prospectus for an unlisted issuance of subordinated perpetual bonds with a ceiling of MAD 1 billion. The issuance includes two tranches: Tranche A with a five-year coupon reset and Tranche B with an annual reset, both linked to Treasury bill yield curves with specified risk premiums. Allocation will occur through a French auction, prioritizing Tranche A.