Morocco makes rare euro appearance with EM volatility predicted

Bond market graph volatility from Adobe 22May20 575x375
By Mariam Meskin
25 Sep 2020

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 ...

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