OCP’s successful raising of $1.75 billion, with favourable terms, marks the first Eurobond issuance of an emerging investment-grade corporate since early April, in a market that was virtually closed following the Trump administration’s tariff announcements.
The OCP Group successfully completed a $1.75 billion international bond offering, structured in two tranches: $750 million over 5 years and $1 billion over 10.8 years.
This transaction, carried out in a financial environment marked by significant instability, demonstrates the robustness of the group’s credit profile and the continued confidence of investors.
The issuance comes amid heightened volatility in emerging markets, fueled by geopolitical tensions, monetary uncertainties, and the tightening of US trade policies.
Despite these challenges, OCP was able to identify a favorable market window, benefiting from the maintenance of its investment-grade rating (Baa3, stable outlook) by Moody’s on April 16. Demand far exceeded expectations, with an order book reaching USD 7.1 billion, representing an oversubscription of more than four times – a record for the group.
The conversion rate between investors met during the roadshow and those who subscribed was 87 per cent, confirming the alignment between OCP’s strategy and market expectations.
OCP obtained advantageous terms, with an issue premium limited to 5 basis points on both tranches, well below recent standards (20-30 points). Coupons are set at 6.10 per cent for the 5-year tranche and 6.70 per cent for the 10-year tranche, levels lower than those of its previous issuance in 2024, despite a stiffer environment.
This transaction marks the first Eurobond issuance of an emerging investment-grade corporate since early April, in a market that was virtually closed following the Trump administration’s tariff announcements. By reopening access to international capital, OCP strengthens its status as a leading issuer and demonstrates its ability to raise funds under complex conditions.
The success of the transaction is based on a long-term financial dialogue between OCP and the markets, with a solid base of loyal institutional investors. The group’s strategy – focused on industrial integration, sustainable growth, and financial discipline – has consolidated its credibility, enabling it to raise capital even in turbulent times.
MK/ac/fss/gik/APA