Morocco's state-owned phosphate producer, OCP Group, has successfully issued a $1.5 billion hybrid bond, marking the first such instrument by a corporate issuer in Africa. The transaction, which closed on April 15, 2026, was significantly oversubscribed, with order books exceeding $4.5 billion.
The bond is structured as a perpetual non-call 5.5-year instrument, offering a coupon of 7.125%. Proceeds are intended for general corporate purposes, which include funding the group's green investment program aimed at boosting renewable energy capacity and sustainable fertilizer production.
This landmark issuance is seen as a test of international investor confidence in African capital markets and major regional corporates. It provides OCP with flexible, equity-like capital that strengthens its balance sheet as it pursues its industrial and ecological transition strategy.
Lead managers for the deal included BNP Paribas, Citigroup, Deutsche Bank, and JPMorgan. The successful placement follows OCP's established presence in international debt markets, having issued several conventional bonds in recent years.
