Morocco shortlists banks for $500 million eurobond issue

Published May 31st, 2001 - 02:00 GMT

RABAT, May 30 (Reuters) - Morocco's Socialist-led government has shortlisted half a dozen international banks for the issue of a $500 million medium-term eurobond, a senior government official said on Wednesday, May 30. The issue is expected to take place by September of this year, the official who declined to be named told Reuters. 

 

He said J P Morgan Chase, Merrill Lynch, Deutsche Bank, Commerzbank and BNP Paribas were among the groups shortlisted by the finance ministry. 

 

This will be the first international bond issue offering pure Moroccan sovereign credit risk without an external guarantee, the official said. 

 

"The issue of the bonds, which will be launched as a benchmark on international markets, is expected in September at the latest," he said adding it would be denominated either in Euro or U.S. dollars. 

 

In September 1997, Morocco made its sovereign debut with a $200 million syndicated five-year term loan, lead managed by Commerzbank and Japan's Sumitomo.  

© 2001 Mena Report (www.menareport.com)

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