Baker Botts Advises Morocco on €2.25 Billion Sovereign Bond Issuance

Agadir – International law firm Baker Botts has advised Morocco on a €2.25 billion dual-tranche sovereign note issuance on the international capital markets.

In a statement released on Wednesday, Baker Botts said the issuance consisted of €1.25 billion in 4.750% notes due 2034 and €1 billion in 5.125% notes due 2038.

The notes were priced at yields of 4.842% and 5.289%, respectively, and issued at 99.402% and 98.570% of their nominal amounts.

The law firm added that the notes are expected to be listed on the main market of the London Stock Exchange, with settlement through Euroclear and Clearstream.

According to Baker Botts, proceeds from the issuance will be used for general government purposes.

The sovereign issuance forms part of Morocco’s broader strategy to diversify financing sources and strengthen its presence on international debt markets.

Morocco’s Ministry of Economy and Finance described the operation as a major success with international investors, noting that the issuance attracted an order book totaling €5.2 billion.

The ministry said the operation was led by Minister of Economy and Finance Nadia Fettah alongside officials from the Treasury and External Finance Directorate.

Authorities highlighted the broad geographical diversification of investors participating in the issuance, saying the transaction reflected confidence in Morocco’s credit profile, political stability, and macroeconomic resilience.

The ministry also noted that the deal was executed for the first time on an intraday basis and followed a non-deal roadshow conducted in Asia in September 2025.

The bond is offering enabled participation from investors across global financial markets while helping Morocco establish new euro-denominated benchmarks.