Private Debt: A Particularly Dynamic Market at the End of 2025

In recent weeks, multiple Moroccan companies have accessed the bond market and disintermediated financing to fund their organic growth and acquisition operations, moving away from traditional banking channels. The activity has been particularly robust, featuring ordinary issuances, private placements, and convertible bonds, reflecting a clear intent to diversify funding sources and optimize debt costs. In total, nearly 6.6 billion dirhams were raised over approximately one month, excluding securitization operations. Here’s a brief overview of the announced operations. Phosboucraa has mobilized 2 billion dirhams from CDG. Phosboucraa, a strategic subsidiary of the OCP group located in the southern provinces, structured a major financing of 2 billion dirhams from the Caisse de dépôt et de gestion (CDG) through CDG Capital. This operation is part of a large-scale industrial program amounting to 23 billion dirhams by 2030. Akdital has completed a 1.2 billion dirham issuance. The Akdital group executed one of the month's largest operations: a private placement of ordinary bonds totaling 1.2 billion dirhams, divided into four tranches with fixed or adjustable rates and a maturity of seven years. This fundraising aims to support its international expansion and strengthen its financial structure. CIH Bank issues 1 billion dirhams in subordinated debt. CIH Bank successfully closed a private placement for a subordinated bond issuance of 1 billion dirhams, structured in two tranches of 500 million dirhams each, with fixed and adjustable rates and a maturity of ten years. This move enhances the bank's regulatory capital while financing its development plan. RCI Finance Maroc strengthens with a 900 million dirham issuance. RCI Finance Maroc, a subsidiary of the Renault group, received approval from the AMMC for an ordinary bond issuance with a maximum total amount of 900 million dirhams, as announced in a statement on November 28, 2025. This fundraising aims to optimize its financing and support automotive credit activities. CMGP Group raises 700 million dirhams for external growth. CMGP Group successfully closed a private placement of ordinary bonds totaling 700 million dirhams, structured in two tranches of 350 million dirhams each, with fixed rates and a seven-year maturity. This operation allows the group to ensure its external growth, diversify its funding sources, and optimize its debt costs. Alliances raises 449.4 million dirhams. On November 28, 2025, the AMMC approved a prospectus for a bond issuance close to 450 million dirhams, secured by real guarantees and reserved for initial holders of FT Domus bonds, aimed at recovering strategic assets to be exploited by the developer. Oulmès turns to the market with a 350 million dirham ORA. Les Eaux Minérales d’Oulmès launched an issuance of convertible bonds (ORA) for an amount of 350 million dirhams, reserved for a group of institutional investors. This operation aims to support the group's growth strategy, favoring market financing over bank loans. While this market has primarily been utilized by banks and large public entities, its recent adoption by non-financial companies for real investments indicates it is becoming highly competitive compared to bank debt, which is declining less rapidly than current bond market offerings. Additionally, private placements are advantageous for their quick implementation, allowing issuers to seize opportunities swiftly. According to the AMMC, bond issuances totaled 29 billion dirhams by the end of September, compared to 11.6 billion at the same time in 2024. Private placements have tripled during the same period. Meanwhile, equity issuances have slightly decreased to 4.1 billion dirhams from 4.7 billion at the end of September 2024.