Orrick Advised the Kingdom of Morocco on its €1 billion Rule 144A/Regulation S Bond Offering in the International Market


Version Française: Orrick a conseillé le Royaume du Maroc pour son émission obligataire sur le marché international d’un montant d’1 milliard d’euros

Orrick advised the Kingdom of Morocco on its €1 billion Rule 144A/Regulation S bond issue in the international market. Barclays, BNP Paribas, J.P. Morgan and Natixis acted as the joint lead managers for the offering.

Morocco’s bonds were issued in two, €500 million tranches: the first with a maturity of 5.5 years and the second with a 10-year maturity. The Kingdom of Morocco intends to use the bond proceeds to finance its budget deficit and increase its foreign reserves, in light of the COVID-19 crisis.

This is the second bond placement over the past year that our multi-jurisdictional team comprised of Carine Mou Si Yan (Partner, Paris office), Nell Scott (Partner, London office) and Bill Haft (Partner, New York office) has managed for the Kingdom of Morocco.