Morocco's first bond issue in euros paid
Morocco, Economics, 4/10/1999
Morocco's first bond issue, worth 138.7 million euros (one billion FF), which was launched last March 22, was paid on April 9, it was officially announced in Rabat.
A statement of the Moroccan economy and finance department says the five-year bond issue, with a 3.95% interest rate will finance the servicing of Morocco's debt to France, exceeding 9% in interest rate.
It is guaranteed by the French Development Fund (AFD) as part of a Moroccan-French agreement signed last October.
The statement said 51% of the bond issue was paid in France, 26% in the UK, 15% in the Benelux countries (Belgium, Netherlands and Luxembourg), 5% in Switzerland and 3% in Italy.
The bond issue was launched by Moroccan Minister of Economy and Finance, Fathallah Oualalou, and his French peer, Dominique Straus-Khan, on the occasion of the start of the economic events of the Kingdom's one-year long festival in France "Le Temps du Maroc en France."
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