Morocco Successfully Issues First Bond of 2025, Raising €2 Billion
Morocco has successfully issued its first bond of 2025 on the international market, raising €2 billion. This operation, which sparked strong interest among investors, recorded a demand exceeding €6.75 billion. This marks the country's return to the euro-denominated debt market, a first since 2020.
The bond issue was structured into two distinct tranches:
- €900 million at 4 years, with a spread of 155 basis points above the average swap rate.
- €1.1 billion at 10 years, with a differential of 215 basis points.
The raised funds will primarily be dedicated to financing infrastructure projects in preparation for the 2030 World Cup, which Morocco will co-host with Spain and Portugal. These investments will focus on modernizing transportation, increasing hotel capacities, and improving sports facilities to meet the event's requirements.
In this context, Morocco plans to build the Grand Stade Hassan II in Casablanca, with a capacity of 115,000 seats, as well as renovate stadiums in Tangier, Rabat, Marrakech, Agadir, and Fez, with a budget of approximately $100 million per site.
This return to international markets is part of a dynamic of accelerating strategic investments in the country, supporting its ambitions for 2030.
