Morocco takes a ride on the hunt for yield – beyondbrics - Blogs - FT.com:
"The rush of emerging markets into euro-denominated debt continued on Friday, with Morocco issuing a €1bn 10-year bond with a 3.5 per cent coupon, priced to yield 215 basis points above midswaps, the benchmark euro bond rate.
Mohamed Boussaïd, Morocco’s finance and economy minister (pictured), told beyondbrics that while market conditions had been favourable, the deal was above all an endorsement of Morocco’s economic and political reforms and of its success in steadily reducing the government’s budget deficit.
“We are on course to return to a sustainable and manageable deficit level and the country has all the means to achieve that,” he said. “This deal was crucial for us to continue to communicate with the market and update the investor community about the reforms under way.”"
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