Arab Today, arab today morocco confirms 1 bn bond
Last Updated : GMT 09:45:22
Arab Today, arab today
Arab Today, arab today

Morocco confirms $1 bn bond

Arab Today, arab today

Arab Today, arab today Morocco confirms $1 bn bond

Rabat - Arabstoday

Morocco plans to sell a sovereign bond worth $1 billion in October to help finance budgeted investment plans, its budget minister said yesterday. \"We have decided to sell sovereign bonds worth 700 million euros or $1 billion in October,\" Budget Minister Idriss Azami Al-Idrissi told Reuters by telephone, confirming what a senior government source said on Sunday. Idrissi noted that \"our preference is for a dollar-denominated issue\" and that Rabat has already mandated financial advisors for the issue. Rabat wants to use the proceeds of the bond sale to help finance \"many budgeted investment projects\", Idrissi said without being specific. The announcement of the new bond issue followed the award last week to Rabat of a $6.2 billion precautionary line of liquidity from the International Monetary Fund (IMF). But Idrissi rejected any links between the newfound flexibility offered by the IMF deal and the new bond issue. The Finance Ministry said the IMF deal should give comfort to foreign lenders, investors and rating agencies, and allow it to tap international capital markets at favorable terms. \"We decided to go with this sovereign bond issue because market conditions have become favorable,\" Idrissi said, noting that the cost of insuring Moroccan debt is currently below its level at the start of the year. \"Our CDS (Credit Default Swap) fell by 20 (basis percentage) points between yesterday and today alone ... It bodes very well for our upcoming issue which we think will cost us less than the most recent one,\" he said. It would be the first time that Morocco, a relative newcomer to the international sovereign bond market, gives serious consideration to a greenback-denominated issue. While it is not convertible, Morocco\'s dirham currency is pegged to a basket of currencies in which the euro accounts for 80 percent of the total weighting and the dollar for 20 percent. The breakdown reflects Morocco\'s trade exchanges. In its most recent international bond sale, Rabat raised about 1 billion euros in 2010 after 500 million euros from a similar issue in 2007. Both issues had a ten-year maturity. Idrissi stopped short of confirming what the source has said about Rabat\'s intention to allocate around half the upcoming issue to institutional investors from Gulf Arab countries. Last week, King Mohammed urged his government to tap financing from Gulf Arab sovereign wealth funds to help with projects Morocco hopes will help it meet pressing social needs. Idrissi however said Rabat\'s likely intention to have the issue denominated in U.S. dollar does not aim to address exclusively preferences of the Gulf Arab region. \"Anyone considering sovereign bonds knows the geography for a (US) dollar-denominated issue ... Our previous bond issue had interested investors from Asia and the United States,\" Idrissi said. The $90-billion economy is heavily anchored to the euro zone whose troubles hit tourism revenues, migrant transfers and foreign investment this year, raising concerns about the country\'s current account balance. from:Arabsnews

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today morocco confirms 1 bn bond Arab Today, arab today morocco confirms 1 bn bond

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday