Crédit Agricole du Maroc issues debt prior to increasing its equity capital (700 million-1 billion dirhams)
Managers at the publicly owned bank, which is focused on providing support to customers in rural communities, have made strengthening its equity capital a priority.
09/12/2019 at 15h22, by El Mehdi Berrada
Crédit Agricole du Maroc (CAM) has taken advantage of the fall in bond market rates and pushed ahead with two issues totalling 1.3bn dirhams in the space of a few weeks. The first, completed on 24 October, concerned 850m dirhams ($88.2m) in perpetual subordinated bonds. Then, on 22 November, the Moroccan Financial Markets Authority (l’Autorité marocaine des marchés des capitaux – AMMC) gave its approval for the public bank to raise an additional 450m dirhams in subordinated bonds. The financial advisor and coordinator for these two operations was investment bank Capital Trust; legal assistance was provided by Karim Mouttaki at Mouttaki Partners. “It is true that these are two types of bond issues, each with its own specific features, but the most important aspect is the total amount which has been raised to meet a clear need,” explained a consultant at one of the firms advising CAM on the two issues.