Morocco prices €2.25bn dual-tranche (2034, 2038) euro notes, establishing new euro benchmarks

On 27 May 2026 Morocco priced a €2.25 billion dual‑tranche sovereign note: €1.25bn 4.750% due 2034 and €1.00bn 5.125% due 2038, at yields of 4.842% and 5.289% (issued at 99.402% and 98.570%). The transaction is intended to create liquid euro benchmarks and diversify funding sources.

The new liquid euro benchmarks should compress Maghreb sovereign and corporate term premia by improving price discovery in euro markets and offering lower-friction reference points for regional issuers. If sustained demand holds, Moroccan sovereign funding costs in euros could be lower for future issuance; spillovers to sub‑Saharan peers will depend on investor risk appetite and relative credit fundamentals rather than the existence of the benchmarks alone.

Expected listing on the London Stock Exchange and settlement through Euroclear and Clearstream.