(Ecofin Agency) - The group of intermediaries working on the bond issue currently being carried out by the Moroccan Banque Centrale Populaire (BCP) will share nearly MAD4.5 million (just over $500,000) in fees and commissions.
These beneficiaries include the central depository (Maroclear), the Moroccan Capital Market Authority (AMMC), and the State, through legal fees, securities brokers, legal and financial advisors, and communication advisors.
BCP will continue with its series of bonds, carried out within the framework of a global program validated in November 2017 for the mobilization of MAD 8 billion.
The current tranche whose subscriptions are open to investors between December 24-28 aims at collecting MAD 1.5 billion, we learned. However, 0.3% excluding tax of this amount will be reserved for the payment of fees to intermediaries.
A total of about 30 operations to raise funds or reorganize the capital structure have been carried out by companies in Morocco, according to information collected on the website of the Moroccan Capital Market Authority. This helps support the activity of investment intermediaries.
Let’s however note that part of the fees to be paid on the current operation will remain within the BCP group. The general coordinator of the issue is Upline Group, BCP’s wholly-owned subsidiary.