On Thursday, February 2, 2023, the Moroccan Capital Market Authority (AMMC) approved the prospectus relating to the issuance by BMCI of a perpetual subordinated bond with a mechanism for absorbing losses and cancelling payment of coupons.

In a press release, the Authority announced that the bond consists of three unlisted tranches, A (at a rate that can be adjusted every 5 years), B (at a rate that can be adjusted every 10 years) and C (at an annual rate of revision). Indeed, according to the source, the method of allocating the loan consists of a French auction with priority to bracket B, then to bracket A and bracket C. According to the evidence, the subscription period extends from 13 to 15 February 2023 inclusive.