Morocco’s phosphate giant OCP Group raises $2 billion from bonds sale

Morocco’s state-owned phosphate giant OCP group has raised $2 billion from Eurobonds sale which attracted massive investor interest, exceeding $6.2 billion, or 3.1 times the amount offered. According to press reports, the world phosphate and fertilizer giant issued 10-year and 30 year-bonds with interest rates of 6.75% and 7.5% respectively. The raised money will help the OCP group carry out its $13 billion 2022-2027 investment plan seeking to increase fertilizer production to 20 million tons from 15 million currently and operate with renewables by 2027.