Morocco plans to sell at least $1 billion of sovereign bonds probably in October, a senior official source said on Sunday, after obtaining a $6.2 billion lifeline from the International Monetary Fund (IMF) aimed at reinvigorating growth.
"The bond issue will take place this year, probably in October. We can go for at least $1 billion but we may introduce some terms that can allow institutional investors from the GCC (Gulf Cooperation Council) to subscribe for around half the total," the source said on condition of anonymity pending an official announcement.
On Friday, the IMF approved a $6.2 billion precautionary line of credit for Morocco over two years, which it said the government would treat as "insurance" in case economic conditions deteriorated and it faced sudden financing needs.
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