Morocco has mandated banks for a potential euro-denominated bond sale, marking the kingdom’s first international debt market outing since 2023. The government plans to issue a benchmark dual-tranche offering of 4- and 10-year notes, subject to market conditions. The country holds the highest non-investment grade ratings from all three major rating agencies. Morocco last issued debt in euros five years ago and previously sold USD 2.5 bln in notes two years ago. The yield on longer-dated dollar notes from the 2023 deal is near 5.8%, close to the lowest level this year.