Moroccan phosphate producer OCP to raise $500 mln in domestic bond issue

RABAT, Nov 29 (Reuters) – Morocco’s Cherifien des Phosphates (OCP), one of the world’s biggest phosphate producers, plans to issue 5 billion dirhams ($495 million) of domestic perpetual bonds, the stock exchange regulator said on Tuesday.
State run OCP, a major earner of foreign currency for Morocco, has been increasing output to help offset a slide in prices and aims to produce 47 million tonnes of crude phosphate rock annually in coming years, up from about 30.3 million in 2