The short version
Morocco has twelve bonds outstanding in currencies other than its own: six in US dollars and six in euros. Our tracker records this as the complete outstanding hard-currency universe, reconciled against cbonds' count of twelve international issues, so nothing has been left out to keep the page tidy.
All twelve are what the market calls fixed-coupon bullets. A fixed coupon means the interest rate is set when the bond is sold and never changes. A bullet means the whole amount borrowed comes back in a single payment on the maturity date, rather than in instalments along the way. Our tracker is explicit that there are no amortisers (bonds that repay in instalments), no step-ups (bonds whose coupon rises on a set date), no floaters (bonds whose coupon moves with a reference rate) and no sukuk in this list.
That is the first thing a reader arriving from another country page on this site will get wrong. Several African sovereigns have been through a restructuring — a renegotiation in which existing bonds are cancelled and replaced with new ones, usually repaying in instalments and often with coupons that step up over time. Those pages are full of repayment ladders and schedule caveats. This page has none, because Morocco's bonds have none. Our tracker records Morocco as non-distressed, with all bonds serviced normally.
The second thing is the ratings. Our tracker records S&P at BBB-, upgraded to investment grade on 26 September 2025; Moody's at Ba1, on a Positive outlook from 6 March 2026; and Fitch at BB+, Stable. A credit rating is one agency's published opinion of how likely a borrower is to pay on time. Each agency uses its own ladder of letters, and investment grade is the name for the upper band of that ladder; the band below it is generally called speculative grade. What our tracker records is one of the three agencies moving Morocco into that upper band in September 2025; it does not record the other two doing the same. It describes the credit overall as strong, and as a crossover — the market's word for an issuer whose ratings do not all sit on the same side of that boundary. None of that is a statement about whether these bonds are a good idea to own, and nothing on this site is.
The third thing is that the size printed on a bond when it is sold is not always the size still outstanding. One of the dollar lines has been partly bought back — the government repurchased some of its own bonds in the market and retired them — so less is left to repay than was originally issued. It is flagged in the table below.
The twelve live bonds
Two tables, because the two currencies follow different conventions. The six dollar lines pay interest twice a year; the six euro lines pay once a year, on the anniversary of the maturity date. Every ISIN below is the Reg S identifier — Reg S is the version of a bond sold to investors outside the United States, and it usually has a twin sold inside it under a rule called 144A, carrying a different ISIN. For Morocco only the Reg S codes are public, so only those appear here.
The six dollar bonds
| Bond | ISIN (Reg S) | Maturity | Amount | Interest dates |
|---|---|---|---|---|
| 2.375% | XS2270576619 | 15 Dec 2027 | $750m | 15 Jun / 15 Dec |
| 5.95% | XS2595028452 | 8 Mar 2028 | $1.25bn | 8 Mar / 8 Sep |
| 3.00% | XS2270576965 | 15 Dec 2032 | ~$675m outstanding | 15 Jun / 15 Dec |
| 6.50% | XS2595028700 | 8 Sep 2033 | $1.25bn | 8 Mar / 8 Sep |
| 5.50% | XS0864259717 | 11 Dec 2042 | $750m | 11 Jun / 11 Dec |
| 4.00% | XS2270577344 | 15 Dec 2050 | $1.25bn | 15 Jun / 15 Dec |
Read the amounts carefully. The 3.00% due 2032 was issued at $1.0bn and our tracker records roughly $675m — $675.04m — still outstanding after a buyback; the figure we carry is the current amount, not the amount issued, and it comes from an exchange's outstanding-volume disclosure rather than from a debt-office statement, so we flag it. The other five amounts are the amounts issued. Of those, the $1.25bn on the 6.50% due 2033 is a residual calculation rather than a published figure, and the $750m on the 5.50% due 2042 is unconfirmed — our note is that it was probably $500m at issue plus a later tap, a second sale of more of the same bond. On interest dates, only the 5.95% due 2028 has its two payment dates confirmed from a document; the other five follow the ordinary convention of paying on the maturity date and six months before it, and are inferred, not confirmed.
The six euro bonds
| Bond | ISIN (Reg S) | Maturity | Amount | Interest date |
|---|---|---|---|---|
| 3.875% | XS3041270664 | 2 Apr 2029 | €900m | 2 Apr (annual) |
| 2.00% | XS2239829216 | 30 Sep 2030 | €500m | 30 Sep (annual) |
| 1.50% | XS2080771806 | 27 Nov 2031 | €1.0bn | 27 Nov (annual) |
| 4.75% | XS3387586004 | 26 May 2034 | €1.25bn | 26 May (annual) |
| 4.75% | XS3041322051 | 2 Apr 2035 | €1.1bn | 2 Apr (annual) |
| 5.125% | XS3385444990 | 26 May 2038 | €1.0bn | 26 May (annual) |
Euro bonds of this kind pay interest once a year rather than twice, which is why each euro line has a single interest date. All six amounts are confirmed. The two lines maturing on 26 May — the 4.75% due 2034 and the 5.125% due 2038 — carry an interest date we inferred from the maturity anniversary rather than read off a document, and their issue and settlement dates are inferred in the same way; see the open questions below.
An ISIN we got wrong, and corrected
An ISIN is the twelve-character code that identifies one specific bond. It is the key that ties a line on this site to everything else about that bond, so a wrong one is not a typo — it is a different security.
We previously carried XS2270576528 for the 2.375% dollar bond due 15 December 2027. That was wrong. The correct ISIN is XS2270576619, which is what the table above shows. We confirmed it against the Boerse Stuttgart listing under WKN A286KY and cross-checked it on finanzen.net. If you have seen the old code on this site, that is where it came from.
A euro bond that has already matured
Morocco also had a 1.375% euro bond, ISIN XS2239830222, that matured in 2026. It has been repaid, so it is not in the table and not in our count of twelve. We mention it because it still turns up in older lists, and a reader comparing counts should know why ours says twelve rather than thirteen.
Why the six euro lines are handled differently
The daily closing-quote feed this site ingests covers Morocco's dollar lines only. The six euro lines are not in it, so on the price page they are shown as model-only — unanchored to a market close — until a euro price source exists. This is the same treatment we give the euro lines of other issuers on the site. It changes nothing about the terms on this page, which come from listing and prospectus records either way.
Morocco is modelled as an oil importer
One modelling note, because it differs from most of the countries on this site. Our tracker records Morocco as a net oil and gas importer — a phosphate exporter through OCP, with tourism, cars and aeronautics alongside it, and a dirham managed against a basket of the euro and the dollar. It is therefore not modelled as an oil exporter, and its sensitivity to the oil price is set to zero. Our tracker also records a lower sensitivity to African sovereign risk premia and to market volatility than the distressed names on this site carry.
What we are not sure about
Five things our tracker carries as open. None of them changes a coupon or a maturity date; all of them are worth knowing before you rely on a number here.
Two of the dollar amounts
The $1.25bn on the 6.50% due 2033 is our residual calculation, not a figure we have read in a document. The $750m on the 5.50% due 2042 is unconfirmed as a single number — our working note is that it was likely $500m at issue with a tap added later. Both need checking against the pricing supplements.
The outstanding amount on the 3.00% due 2032
We carry roughly $675m outstanding after the buyback, taken from an exchange's outstanding-volume figure. We have not found an explicit line item from the debt office confirming it, so the figure is flagged in our audit record rather than treated as settled.
The May 2026 euro issue dates
For the two euro lines maturing on 26 May, we have inferred an issue and settlement date of 26 May 2026 from the maturity anniversary. The London Stock Exchange admission was 27 May 2026. The two are close enough to be consistent and far enough apart to be worth confirming against the pricing supplements, which we have not yet done.
The 144A twins
Only the Reg S ISINs are public for Morocco's dollar lines. The 144A codes — the identifiers for the version of each bond sold to US institutional investors — are not something we have found in a public record, so we do not list them. We have not assumed or reconstructed them.
Whether the dollar lines are in the close feed
Our tracker records it as still to be confirmed whether Morocco's six dollar lines appear in the daily closing-quote feed. If they do not, they would be shown model-only on the price page in the same way the euro lines are. Again, this affects how a price is derived, not the terms above.
Where every figure here comes from
Our tracker names its sources but does not record web addresses for them, so nothing in this table is linked. Everything below is a public or primary record.
| What it tells us | Source |
|---|---|
| The ISINs, coupons, maturity dates and amounts | Kingdom of Morocco listing records at the Luxembourg Stock Exchange, the London Stock Exchange and Boerse Stuttgart; the 2012, 2019, 2020, 2023, 2025 and 2026 prospectuses; deal notes from Baker Botts and Jones Day; and FCA admission notices |
| That twelve is the complete list, and the reduced amount outstanding on the 3.00% due 2032 | cbonds — universe reconciliation against its twelve international issues, and the outstanding-volume figure behind the buyback |
| The corrected ISIN on the 2.375% due 2027 | Boerse Stuttgart listing under WKN A286KY, cross-checked against finanzen.net |
| The three credit ratings and the September 2025 upgrade to investment grade | S&P, Moody's and Fitch rating releases |
| What is not here | No vendor or provider price feed underlies any term on this page. Every figure comes from the public records listed above. |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
What the two have to do with each other is this. On a normal trading day a closing quote for these bonds reaches us from the market, and that anchors what the price page shows. Between closes the price moves with the things that move this market: US Treasury yields, how much extra return investors demand for African sovereign risk, market volatility and, for commodity exporters, commodity prices. Where a bond repays in instalments rather than in one go, the calculation also has to know how much of it is left on any given day — which is what the repayment schedules above are for. Get a schedule wrong and the published price is wrong.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
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