Morocco rides QE to reap rewards of tight euro market

By Ross Lancaster
21 Nov 2019

The Kingdom of Morocco achieved savage price traction on its €1bn 12 year trade on Thursday, bringing in the yield on the trade by 40bp, to 1.6% and extending its curve.

The deal’s success looks set to end the year for new emerging market bonds on a positive note, with receptive issuance conditions in the euro market in particular set to last for the long term.

Many European pension funds are overweight negative yielding Bunds and other euro-denominated notes. ...

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