LONDON, May 22 (IFR) - The Kingdom of Morocco has set a final spread on a tap of its 2022 and 2042 US dollar bonds.
The sovereign, rated BBB-/BBB-, has set a final level of 220bp over US Treasuries for a tap of its USD1bn 4.25% December 2022 note and of 237.5bp over US Treasuries for a tap of its USD500m 5.50% December 2042 note.
Initial guidance levels were 220bp area and 237.5bp area over US Treasuries respectively.
The size of the reopening is still to be determined.
Barclays, BNP Paribas, Citigroup and Natixis are the leads on the 144A/Reg S transaction, which is expected to price Wednesday. (Reporting By Abhinav Ramnarayan, Editing by Sudip Roy)