Morocco

Seven years after first being mooted, draft Moroccan covered bond legislation is expected to emerge in the first half of next year, when it could be followed by supply. Fitch Ratings believes covered bonds will spur retail mortgage lending and will have a positive credit impact on banks.

The International Monetary Fund approved on Friday a two-year precautionary liquidity line (PLL) to Morocco to support the country as it pursues a reform agenda.

Shares in Marsa Maroc, the Moroccan port terminal operator and cargo handler, have risen 20% this week after they began trading on the Casablanca exchange on Tuesday following the company's Dh1.9bn ($194m) IPO.