The People’s Central Bank (BCP) has obtained the authorization of the Moroccan Capital Market Authority (AMMC) for the release of 2 billion dirhams (nearly 200 million euros) of subordinated debt over the period from 13 as of December 17, 2018.
According to the information, the total amount of the issue is spread over 4 tranches. The issue covers 20,000 subordinated bonds with a par value of MAD 100,000, and is exclusively reserved for institutional investors under Moroccan law.
“All tranches are ultimately refundable and have no guarantees. The total amount of the transaction awarded on the different tranches must not exceed the sum of MAD 2,000,000,000, “says the capital market watchdog in its information note on the issue.
A leading pan-African banking group based in Morocco, BCP will have to finance, through this exercise, its main projects, including the pursuit of its development aimed at strengthening its positioning in the banking landscape.
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