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23 February 2005 - Gide Loyrette Nouel Casablanca advises The International Finance Corporation on benchmark Moroccan "Atlas" bond issue:
The Casablanca office of Gide Loyrette Nouel has advised The International Finance Corporation (the "IFC"), the private sector arm of the World Bank Group, on the first issue of Moroccan Dirham ("MAD") denominated bonds by a non-Moroccan entity. The MAD 1,000,000,000 (approximately USD 117m) bond issue will be listed on the Casablanca Stock Exchange and sold to domestic institutional investors in Morocco via a Dutch auction system. This is the first domestic bond issue by a supranational institution in the whole of the Middle East and Africa. It is intended that the transaction will further develop the Moroccan domestic capital markets and will provide a benchmark for future issuers.
The lead manager for the issue is BNP Paribas subsidiary Banque Marocaine pour le Commerce et l'Industrie, with the syndicate being made up of co-lead managers Attijariwafa Bank and Caisse de Dépôt et de Gestion and several other domestic banks.
BNP Paribas acted as financial advisor to IFC on the transaction.
The IFC was advised on this transaction by Gide Loyrette Nouel partner Hicham Naciri and associate Julien David in close cooperation with Wolfram Fischer, IFC senior legal counsel. Hicham Naciri commented: "Our Casablanca finance team was delighted to work with The IFC on this benchmark transaction. We hope other borrowers will follow the example of this landmark Atlas bond and access the institutional investor base here in Morocco".
BNP Paribas was advised by Sullivan & Cromwell.
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