The People’s Central Bank (BCP) proceeded on Wednesday with a perpetual bond issue with a loss absorption and coupon payment cancellation mechanism, for an amount of 500 million dirhams (MDH).
Of a total of 5,000 securities, this issue offers the possibility of early redemption from the 5th year, at the initiative of the borrower only, subject to a minimum notice period of five years and following agreement from Bank Al- Maghrib, the Bank said in a statement.
The issue was carried out as a private placement in accordance with the provisions of article 3 of law 44-12, notes the same source.
The rate is revisable annually, while the BDT Reference Rate on 23/12/2022 is 3.02% with reference to the full 52-week rate determined with reference to the reference rate curve of the secondary Treasury bill market as as published by Bank Al-Maghrib on December 23, for the first year.
The Facial Interest Rate corresponds to the Reference Rate plus the risk premium of 210 bps, the statement said, adding that for the first year, it is set at 5.12%.