Moroccan Bonds Rise After S&P Awards Coveted Investment Grade

Morocco’s sovereign bonds rose after S&P Global Ratings awarded the kingdom the only investment-grade rating for a Eurobond issuer in Africa, boosting its fundraising power ahead of the 2030 soccer World Cup.

The North African nation’s December 2042 dollar bond gained 0.7% as of 11:44 a.m. in Rabat on Monday, having briefly traded among the top 15 best performers in emerging markets, according to the Bloomberg EM Sovereign Total Return Index. The April 2044 bonds of the government-owned phosphate giant, OCP SA, also rose.