Overview of the Bond Issuance
Bank Central Populaire (BCP) has announced the successful completion of a private placement for a subordinated perpetual bond issuance valued at 1 billion dirhams.
Details of the Bond Structure
The issuance consists of 10,000 subordinated bonds, each with a nominal value of 100,000 dirhams.
The interest rate for these bonds is subject to annual revision and is linked to the full 52-week rate, which is determined based on the secondary market yield curve for Treasury bills published by Bank Al-Maghrib on December 19, 2025.
This rate stands at 2.31%, to which a risk premium of 200 basis points is added, resulting in a total interest rate of 4.31% for the first year.
Trading and Regulatory Compliance
These bonds are available for over-the-counter trading, outside of the stock exchange, contingent upon compliance with existing regulations.
Effective Date of the Bonds
The bonds will commence accruing interest from December 31, 2025.