Coronavirus, Morocco to issue two convertible bonds

No tourists and reluctant investors, foreign currency needed

24 September, 16:51

    (ANSAmed) - RABAT, SEPTEMBER 24 - The Moroccan government has decided to issue convertible foreign currency convertible bonds (FCCB) in Euro after months of the coronavirus pandemic has caused a lack of foreign currency inflow. Two bonds will be issued in relatively quick succession, the first in 2020 to repay a one-billion-euro bond that matures next month and was issued when interest rates were much lower, and the second in 2021. Credit rating agency Fitch has rated the proposed euro bonds as "BBB-". Bank Al Maghreb, Morocco's central bank, expects its account deficits to stand at 6% of GDP amid an economic contraction of 6.3%. In addition to the absence of foreign tourists for at least six months, foreign investors have become more reluctant to invest in the MENA region and in the southern part of the world overall, and exports have also fallen.(ANSAmed). (ANSA).

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