The Moroccan Capital Market Authority (AMMC) announced on Wednesday that it had targeted a perpetual subordinated bond with a mechanism for absorbing losses and cancelling coupon payments by Crédit du Maroc.

L'AMMC a indiqué dans un communiqué que cet emprunt perpetual subordinated bond is composed of two unlisted instalments with a ceiling of 500 million Dirhams, characterized by a facial interest rate that can be revised every 10 years for Tranche A and can be revised annually for bracket B. The facial interest rate is determined for the first installment, for the first 10 years, with reference to the 10-year rate determined from the reference rate curve of the secondary treasury bill market, as it will be published by Bank Al-Maghrib (BAM) on November 29, said the same source. For the second installment, the facial interest rate is, for the first year, the full rate for 25 weeks (monetary rate) determined from the reference yield curve of the secondary market for treasury bills as published by BAM on November 29