Morocco Launches Sovereign Loan
Commerzbank and Sumitomo are in the process of lead-arranging Morocco's $200mn debut inthe international syndicated loan market. The five-year loan has been priced at 45bps overLIBOR and is being sold down in tranches of $25mn. Morocco is not currently rated byeither of the big credit rating agencies. The pricing and reception of the deal will actas a benchmark for the $1bn Jorf Lasfar power station project financing,...