Morocco makes rare euro appearance with EM volatility predicted
The Kingdom of Morocco raised a €1bn bond on Thursday, which was priced wider than some analysts' fair value estimates. Market conditions, bankers said, are deteriorating ahead of expected volatility in coming months.
The €1bn Reg S/144A unsecured bond consisted of two tranches: a 1.375% March 2026 and a 2% September 2030.
Order books peaked at more than €2bn.The deal was priced on Thursday evening, the long five year at 190bp over mid-swaps and the 10 year at and 240bp over. That was ...