Morocco’s state-owned fertiliser giant OCP Group has raised $1.5 billion through its first international hybrid bond issuance, marking a historic milestone as the first African company to issue a U.S. dollar-denominated hybrid instrument on global markets. The transaction, announced on April 16, 2026, comes amid renewed activity in global debt markets following a period of volatility linked to geopolitical tensions, as reported by Reuters.
The bond was structured in two tranches, with maturities in April 2031 and April 2036, offering coupons of 6.74 percent and 7.37 percent respectively. The issuance attracted strong investor demand, with orders reaching nearly $7 billion, representing a 4.6 times oversubscription and prompting the company to increase the size of the offering.
Arranged by major global banks including BNP Paribas, Citigroup, and JPMorgan, the deal drew participation from 176 investors across 23 countries, highlighting sustained global appetite for exposure to Africa’s resource-backed industries. The funding comes at a time of tightening fertiliser supply, driven by disruptions linked to Middle East tensions and export restrictions from key producers.
Proceeds from the hybrid bond are expected to support OCP’s long-term investment strategy, including capacity expansion and operational resilience. The successful issuance reinforces Morocco’s position in global agricultural supply chains while signalling growing investor confidence in African corporates accessing international capital markets amid shifting global economic dynamics.
