Morocco’s OCP prices maiden bond issue

September 21, 2011(Reuters)

RABAT, Sept 21 (Reuters) – Moroccan phosphate producer Office Cherifien des Phosphates (OCP) is seeking to raise 2 billion dirhams ($122 million) this month from its maiden bond issue as the state-owned monopoly seeks to diversify sources of financing amid tight liquidity.

OCP has priced the seven-year domestic bond at between 30 and 50 BPS above the 3.96 percent yield offered on the government’s treasury bills of the same maturity, the issue’s prospectus showed. Subscription starts on Thursday and closes on Sept. 26.

Photograph: Imasa