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OCP Targets Up to 5 Billion Dirhams in New Perpetual Subordinated Bond Offering
The Moroccan Capital Market Authority (AMMC) approved OCP SA’s prospectus on June 4, 2026 for a perpetual subordinated bond program worth up to 5 billion dirhams. The issuance is split into four non‑listed tranches of 1.25 billion dirhams each, with varying reset periods, coupon rates and risk premiums, and includes early‑redemption and step‑up features. Subscription runs from June 11‑15, 2026, with allocation on a pro‑rata basis and the possibility to raise tranche caps in 250‑million‑dirham increments.
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Regulatory Approval
The Moroccan Capital Market Authority (AMMC) granted a prospectus on June 4, 2026 for OCP SA's perpetual subordinated bond issuance, with a maximum aggregate size of 5 billion dirhams.
Structure of the Deal
The approval (reference VI/EM/011/2026) covers a structured operation split into four non‑listed tranches, each equipped with early‑repayment and interest‑payment deferral options. The prospectus includes OCP SA’s 2025 reference document (registered under EN/EM/007/2026) and the transaction note.
Tranche Details
- Each tranche is 1.25 billion dirhams, allowing issuance of up to 12,500 perpetual subordinated bonds per tranche. Trading will be over‑the‑counter.
- Tranche A: annual reset, nominal rate 2.87 % for the first year, risk premium 60 basis points.
- Tranche B: reset every six years, initial nominal 3.64 % for the first six years, risk premium 70 basis points.
- Tranche C: reset every twelve years, initial nominal 4.18 % for the first twelve years, risk premium 80 basis points.
- Tranche D: reset every twenty years, initial nominal 4.82 % for the first twenty years, risk premium 110 basis points.
Early‑Redemption Options & Step‑Up
First optional redemption dates are set for 22 June 2032 (Tranche B), 22 June 2038 (Tranche C) and 22 June 2046 (Tranche D). These three tranches also include a step‑up mechanism: a 25‑basis‑point increase after the first redemption option, followed by an additional 75‑basis‑point increase twenty years later.
Subscription Window
Investors can subscribe from 11 June to 15 June 2026 inclusive. Allocation will be pro‑rated per tranche, with the possibility to lift initial caps in 250‑million‑dirham increments. The priority order for increasing caps is D → C → B → A until the total 5 billion dirhams is reached.
Broader Context
The issuance strengthens OCP’s balance‑sheet flexibility and adds a new instrument to Morocco’s developing capital‑market landscape.