Crédit du Maroc: Launch of a subordinated bond issue of 1 billion dirhams

Crédit du Maroc has announced the launch of a subordinated bond issue amounting to 1 billion dirhams, with a maturity of 10 years. The subscription period for this bond will run from October 20 to 22, 2025, inclusive, as stated by the AMMC in a press release. The bond consists of two tranches: Tranche A, which is non-listed and has a fixed interest rate, and Tranche B, which is also non-listed but features an annually adjustable interest rate. For Tranche A, the nominal interest rate will be based on the 10-year rate derived from the secondary market yield curve of 10-year Treasury bonds, as published by Bank Al-Maghrib (BAM) on October 16, 2025. This rate will include a risk premium ranging from 70 to 85 basis points (bps). In the case of Tranche B, the nominal interest rate for the first year will be the full 52-week monetary rate, determined from the secondary market yield curve of Treasury bonds, also published by BAM on October 16, 2025. This rate will be supplemented by a risk premium varying between 65 and 80 bps.