OCP Group completes $1.5 billion international hybrid bond issuance, a first for an African corporate
via Le Matin3 min read
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
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The governments of the Kingdom of Morocco and the French Republic will hold the 15th session of the Morocco-France High-Level Meeting on Thursday in Rabat. This session reinforces the exceptional and strengthened partnership between Morocco and France, guided by the two heads of state, King Mohammed VI and French President Emmanuel Macron, according to a statement from the Department of the Head of Government.
National coach Mohamed Ouahbi addressed recent comments from Sofyan Amrabat's family regarding the player's lack of playing time, adopting a calm and educational approach during a press conference. Ouahbi dismissed any notion of a major issue, attributing the frustration to a player eager for more time on the field and a family concerned about seeing him on the bench. He drew on his experience working with youth players and their parents, stating he understands the emotions involved. Ouahbi praised Amrabat's character and commitment, noting that despite his disappointment about not playing, Amrabat consistently trained hard. He explained that Amrabat's reduced playing time was due to strong competition from other emerging talents like Bouaddi, El Aynaoui, and El Mourabet. By handling the situation with detachment and avoiding direct confrontation, Ouahbi preserved team unity and left the door open for Amrabat, an essential figure in the locker room, to continue contributing to the National Team.
Must ReadMorocco is increasingly recognized as a credible and ambitious player in the energy transition, according to Samir Rachidi, Director General of the Institute for Research in Solar Energy and New Energies IRESEN. A new 146-page collective work, "Moroccan Energy Diplomacy in the Euro-Mediterranean and Atlantic Space," published by Konrad-Adenauer-Stiftung and edited by Steven H枚fner and Rabii El Bacha, highlights how energy has become a foreign policy instrument for Morocco over the past decade. The book, featuring eight Moroccan legal experts and researchers, examines the intersection of law, geopolitics, and engineering. The publication traces this strategic shift back to the 2014 Morocco-European Union summit, where King Mohammed VI advocated for a controlled, secure, and sustainable Euro-Mediterranean energy policy. Morocco is now evolving into an energy integration platform to strengthen regional cooperation. Key infrastructure projects underscore this ambition. Morocco is the first African country physically connected to the European electricity grid, with the initial Morocco-Spain link established in 1997. A second circuit doubled its capacity to 1,400 MW, jointly financed by Spain's Red Electrica and Morocco's ONEE. A third interconnection is under study. The Sila Atlantik project, backed by Berlin and Xlinks, aims to deliver 3.6 GW of renewable electricity to Germany via two 4,800-kilometer subsea cables, supported by 15 GW of solar and wind capacity in Morocco. This p