LONDON, 27 May 2026 – Baker Botts L.L.P. advised the Kingdom of Morocco on a €2.25 Billion dual‑tranche sovereign note issuance in the international capital markets, the team’s fourth sovereign transaction completed in May 2026.

The issuance comprised €1,250,000,000 4.750% Notes due 2034 and €1,000,000,000 5.125% Notes due 2038.

The Notes were priced at yields of 4.842% and 5.289%, respectively, and issued at 99.402% and 98.570% of their nominal amounts. The Notes are expected to be listed on the main market of the London Stock Exchange, with settlement through Euroclear and Clearstream.

Proceeds from the issuance will be used for general government purposes.

BNP Paribas, Citi, Deutsche Bank and J.P. Morgan acted as joint bookrunners and joint lead managers on the transaction, with Lazard acting as financial advisor.

Baker Botts’ London capital markets team included Patrick Lyons, Jennifer Rees and Amy Rees.

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