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Morocco Moves Forward with Plans for International Debt Offering

March 27, 2025

Today we need euros more than dollars,” said Finance and Economy Minister Nadia Fettah Alaoui

(3 Minutes Read)

Morocco is set to begin preparations this week for its first international bond issuance in five years, following its last Euro-denominated debt offering. The Moroccan government has chosen four investment banks to assist with the potential sale of foreign-currency bonds, marking the country’s first return to international debt markets since 2023.

The selected banks—BNP Paribas, Citigroup, Deutsche Bank, and JP Morgan—will collaborate with Morocco’s Treasury in a promotional roadshow aimed at attracting investors in Paris and London, starting Monday, March 24.Today Morocco need euros more than dollars,” stated Finance and Economy Minister Nadia Fettah Alaoui.

Though the exact amount for the bond issuance has not been disclosed, sources indicate the deal may be divided into two tranches: one with a four-year maturity and the other with a ten-year maturity, depending on market conditions. The Moroccan government has enlisted Lazard, a global financial advisory firm, as its exclusive financial advisor to ensure the optimal structure of the bond issuance. Bloomberg reports that the goal is to make the bonds appealing to international investors, ensuring a smooth process.

A source from Morocco’s Ministry of Economy and Finance cautioned that these efforts are still part of ongoing preparations, and it remains unclear whether the bond issuance will proceed. Historically, Morocco has been an active participant in international bond markets, securing USD 2.5 billion in bonds in 2021. Although the country holds a “non-investment grade” rating from major global credit agencies, it has traditionally used bond sales to finance various projects. Despite the uncertainty surrounding the bond issuance, Morocco’s readiness to return to international debt markets reflects confidence in its financial stability and continued efforts to diversify its funding sources amid a changing global economic landscape.