| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | MTRL | PRCD | OCPMR | OCP SA | $1,500 | 2 | EMEA | Apr 15, 2026 |
OCP S.A. (OCP) exp instrument ratings Ba2/BB (Moody's/S&P - s/s), issuer ratings Baa3/BBB-/BB+ (s/s/s), US$1.5bn 144A/Reg S 2-pt subordinated notes (PerpNC5.25, 7/22/31 first reset and PerpNC10.25, 7/22/36 first reset). MWC then par call from first call date to first reset date and on any interest payment date thereafter (4/22/31 on PerpNC5.25 and 4/22/36 on PerpNC10.25). Special Event Redemptions: Withholding Tax Event, Change of Control Event (500bps step-up if not called) and Substantial Repurchase Event (≥75%) each at par; Tax Deductibility Event, Accounting Event and Rating Methodology Event each at 101% prior to first call date, at par on or after first call date. BNP/Citi/JPM (B&D) joint active books. Ranking: Direct, unsecured and subordinated and last-ranking obligations of the Issuer (senior to claims only in respect of Junior Obligations) and shall at all times rank pari passu and without any preference among themselves and with claims in respect of Parity Obligations. Expected Equity Credit: Basket M (50% equity credit) / Intermediate (50%) Equity Content until the First Reset Date. Optional Interest Deferral: Cumulative and compounding; mandatory restriction following non-payment of interest. Substitution and Variation: Following Tax Deductibility Event, Withholding Tax Event, Accounting Event or Rating Methodology Event, subject to customary conditions. Replacement Intention: Intention-based (non-binding) and subject to limited carve-outs. Events of Default: None. Governing Law: English Law (with subordination and relevant provisions relating to Noteholder rights governed by Moroccan law). Listing: Euronext Dublin (Global Exchange Market). Denominations: 200,000 x 1,000. Pricing 04/15. Settle 04/22 (T+5).
Announced overnight as benchmark, final size came in at $1.5bn with price progression as follows:
- PerpNC5.25 – IPT 7.375%a; GDNC 6.875%-7.00%; PXD $1bn PerpNC5.25, 6.75% at 100. Back-end reset: T+274.6.
- PerpNC10.25 – IPT 8000%a; GDNC 7.50%-7.625%; PXD $500m PerpNC10.25, 7.375% at 100. Back-end reset: T+296.5.
As for r/v, this is a debut hybrid from OCP, so CONCESSION IS N/A.
OCPMR seniors were quoted as follows:
OCPMR 6.700% due 03/01/36 T+174bp (G175; $104.88) - $1bn pxd APR 2025
OCPMR 6.100% due 04/30/30 T+130bp (G136; $103.19) - $750m pxd APR 2025
(FYI – CFR did not count the original senior bonds above, which were rated Baa3/BB+/BB+ when priced. However, S&P upgraded OCP to BBB- in October 2025. At Baa3/BBB-/BB+ OCP seniors now fall in the CFR IG bucket – and its HY-rated hybrid counts in IG).
FINAL BOOKS:
$1.00bn PerpNC5.25 - $2.80bn (2.80x) - PEAK $3.30bn
$500M PerpNC10.25 - $2.00bn (4.00x) - PEAK $3.10b