Morocco’s OCP Raises $1.55 Billion in Debut Sale of Bonds - Bloomberg:
"OCP Group, which controls the world’s largest phosphate reserves, raised $1.55 billion in its debut international bond sale to help finance a $17 billion investment plan.
State-controlled OCP, based in Casablanca, sold $1.25 billion of 10-year bonds yesterday to yield 5.75 percent, or about 3.1 percentage points more than similar-maturity U.S. Treasuries, according to data compiled by Bloomberg. OCP also issued $300 million of 30-year debt to yield 7.375 percent, or 3.9 percentage points more than Treasuries.
OCP, the world’s biggest phosphate exporter, said in October it would invest 140 billion dirhams ($17 billion) to increase its market share of fertilizers to 40 percent by 2020. Its market share currently stands at 21 percent, OCP Chairman Mostafa Terrab told Le Matin newspaper last week."
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