Moroccan Capital Market Authority -AMMC- announced June 14 it has approved the issue of a perpetual subordinated bond by Attijariwafa Bank group with a loss absorption and coupon payment cancellation mechanism.
Through this bond issue, the bank is seeking MAD1 billion ($103 million); subscription period is June 24 to 26, 2019. The operation is split into two tranches, the first being subject to a rate that can be reviewed every ten years, based on the Treasury bill rate with the same maturity (2.98%) plus a risk premium ranging from 250 to 260 basis points.
Second tranche, which can be reviewed annually, benchmarks 52-week Treasury bills plus a risk premium between 230 and 240 basis points; that makes a rate of between 4.6 and 4.7% in the first year.
The bond operation is part of a MAD8-billion bond issue program launched in November 2016 to strengthen the bank's equity capital.
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