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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Must ReadFollowing an attack near Es-Smara prison, the United States Mission to the United Nations released a statement on May 6, denouncing the violence and asserting that the status quo cannot continue. France, through its UN representation, reiterated on May 7 that the autonomy initiative under Moroccan sovereignty is the only basis for a just and lasting peace, urging the Polisario to respect the ceasefire and UN resolutions. On May 8, during the 70th anniversary of diplomatic relations, Japan explicitly endorsed the concept of "autonomy under Moroccan sovereignty" in a joint communiqué signed by Nasser Bourita and his Japanese counterpart, Toshimitsu Motegi. Japan also committed to diplomatic and economic action based on Security Council Resolution 2797 and called for all parties to participate in discussions without preconditions, aligning with the Moroccan plan. This follows Japan's previous stance at the 9th Tokyo International Conference on African Development, where it clarified that the presence of an unrecognized entity would not affect its position. This shift is part of a broader trend, including Mali's withdrawal of recognition for the SADR on April 10, with its Minister Abdoulaye Diop calling the Moroccan plan the only serious and credible basis for resolution. Bolivia had also suspended its recognition of the SADR weeks prior. Switzerland, the European Union, Canada, and Zambia have also adopted positions supporting the autonomy plan, citing the same UN resolution. Th
Morocco and Japan recently commemorated 70 years of diplomatic relations, reaffirming the strong bilateral ties between His Majesty King Mohammed VI and His Imperial Highness Emperor Naruhito. This milestone underscores a shared ambition to establish Rabat-Tokyo as a pillar of stability and growth, addressing global challenges with agility and solidarity. The two nations' ministers signed a joint communiqué, serving as an operational roadmap for the "Cooperation Memorandum for a Strengthened Partnership" signed in Tokyo in 2024. This communiqué institutionalizes strategic dialogue through regular political consultations to enhance coordination between their ministries. Both ministers expressed a firm determination to intensify high-level exchanges and promote cooperation across various sectors via the Morocco-Japan Joint Committee. This qualitative leap in relations structures bilateral priorities around robust, diversified, and multidimensional cooperation. Special attention will be given to cultural cooperation and people-to-people exchanges. In development cooperation, opportunities for triangular collaboration between Morocco, Japan, and partner African countries were explored, with a commitment to sustained high-level visits for follow-up. To celebrate this jubilee and in anticipation of the 2026 World Cup, in which both countries will participate, the ministers symbolically exchanged national football team jerseys, each bearing the number 70. Japan's minister congratula
Must ReadThe European Union's Ambassador to Morocco, Dimiter Tzantchev, stated on Friday that "it is not time to escalate, but to negotiate," referencing UN Security Council Resolution 2797. He emphasized that Morocco's autonomy plan should form the basis for achieving "a just, lasting and mutually acceptable solution" to the Western Sahara dispute. This statement follows several international condemnations of attacks targeting Smara and calls to preserve diplomatic efforts under the United Nations.
Ghizlaine Chraibi, an author, psychotherapist, and painter, presented her book "Toujours Hot!" at the International Publishing and Book Fair 2026, during an event organized by the "Book Club Le Matin." Her graphic novel aims to dismantle clichés surrounding menopause, portraying it not as an end but as a new beginning. The book, published by Onze editions, uses a narrative of two women sharing experiences, wounds, and desires to explore deeper themes beyond hormonal changes, such as self-esteem, societal perceptions of women, and social pressures shaping female lives. Chraibi emphasized her goal to "normalize" this life stage, which she notes is often experienced in silence, unlike other life events like baby blues or divorce. She critiques a society that links a woman's value to her reproductive capacity, suggesting menopause can be a time for self-reappropriation and redefining priorities. The author also discussed the position of women in Arab-Muslim societies, body image, seduction, and external judgment. She believes true freedom comes from within, stating, "Free is not making a revolution against others. Free is starting by working on oneself." "Toujours Hot!" advocates for self-reconciliation, encouraging women to overcome self-censorship, embrace transformations, and view each life stage as an opportunity for renewal. Chraibi summarized her work by saying, "The book talks about menopause, but that's just a pretext. It's mainly about the desire to live again, to love a