Leading global law firm Mayer Brown has advised The Kingdom of Morocco on its offering of $1 billion in 10-year notes and $500 million in 30-year notes, the first international debt offering by The Kingdom of Morocco following events of the Arab Spring and the first offering by The Kingdom of Morocco into the US markets in reliance on Rule 144A.
The $1 billion 10-year bond priced with a coupon of 4.25 percent, while the $500 million 30-year bond priced with a coupon of 5.5 percent. Both tranches attracted high investor interest and were significantly oversubscribed.
Morocco is the latest in a line of emerging markets issuers to tap into the international bond market with countries as diverse as Zambia, Bolivia, Tunisia and Mongolia also recently offering bonds.
Bernd Bohr, Corporate & Securities partner said: “This is an exciting time for the Kingdom of Morocco and the interest the bonds have received shows investors’ confidence in the country’s political and economical stability.”
The London Mayer Brown team was led by Corporate & Securities partner Bernd Bohr and included Corporate & Securities associates Simon Allison and Josephine Heard. London Banking & Finance Partner Stephen Walsh and US Tax partner Jason Bazar also assisted.
The same team at Mayer Brown had earlier advised The Republic of Tunisia on its $500 million sovereign debt offering in April 2012.
