BCP Raises $120 Million in Perpetual Bond Issue Under New Leadership

The Banque Centrale Populaire (BCP) has closed a perpetual subordinated bond issue worth MAD 1.2 billion ($118.9 million), which was oversubscribed more than 11 times by qualified investors.

Doha – The Banque Centrale Populaire (BCP) has closed a perpetual subordinated bond issue worth MAD 1.2 billion ($118.9 million), which was oversubscribed more than 11 times by qualified investors.

The subscription period ran from December 25-27, 2024, attracting significant interest from collective investment schemes (OPCVM) and credit institutions.

The issue comprises 12,000 bonds with a nominal value of MAD 100,000 ($9,900) each. These perpetual securities are tradeable over-the-counter and come without repayment guarantees. The offering was structured in two tranches with market-adjusted interest rates.

Tranche A, which received all allocations, features an annually adjustable rate based on the 52-week Treasury bill rate published by Bank Al-Maghrib on December 20, 2024. With a risk premium between 200 and 210 basis points, the facial rate ranges from 4.54% to 4.64%.

Tranche B, which received no allocations, offered a five-year adjustable rate indexed to the five-year sovereign rate plus a risk premium of 210 to 220 basis points, resulting in a facial rate between 4.93% and 5.03%.

This successful bond issue comes under the leadership of Naziha Belkeziz, who made history as Morocco’s first female bank CEO when she took the helm of BCP on November 5, 2024.

A graduate of Paris Dauphine University, Belkeziz brings over three decades of banking and finance expertise to the role. Her appointment marks a significant shift in Morocco’s traditionally male-dominated banking sector.

BCP’s strong market position was recently recognized in Forbes Middle East’s 2024 rankings, where it placed 42nd among the top 100 listed companies.

The bank reported a market value of MAD 59 billion ($5.9 billion), sales of MAD 29 billion ($2.9 billion), profits of MAD 4.09 billion ($409 million), and assets of MAD 514 billion ($51.4 billion).

As of June 2023, BCP maintained a presence in 32 countries, including 18 in Africa, serving approximately 9.3 million customers.