Morocco-EU green partnership drives multisectoral economic transformation

OCP Group completes $1.5 billion international hybrid bond issuance, a first for an African corporate

OCP Group finalized its first international hybrid bond issuance on April 15, 2026, raising $1.5 billion from institutional investors. The offering was oversubscribed 4.6 times and marks OCP's entry into the dollar hybrid market, as well as being the first such issuance by an African company. The operation was structured in two tranches: $1 billion callable in 2031 with a 6.74% coupon, and $500 million due in 2036 with a 7.37% coupon. The issuance attracted 176 investors from 23 countries and was arranged by BNP Paribas, Citi, and JP Morgan. This move aims to optimize OCP's capital structure, allowing it to finance growth while maintaining financial ratios and its "investment grade" status, as the bonds are treated as 100% equity under IFRS standards and 50% by rating agencies. The issuance occurs amid a transforming global phosphate fertilizer market, with rising sulfur prices due to geopolitical tensions, leading to increased fertilizer prices and sustained global demand growth of 3% annually until 2030. OCP, with revenues of $12.2 billion and an EBITDA of $4.6 billion in 2025, benefits from its integrated model and ability to pass on costs. The group maintains a proactive strategy to manage input tensions, with diversified global sulfur supplies and industrial flexibility to adapt its production mix, including increasing TSP triple superphosphate production to over 50% of volumes in 2026. OCP holds nearly 70% of global accessible phosphate reserves and has multiplied its f