Clifford Chance has advised OCP on the first synthetic securitisation operation in Morocco and in Africa. The transaction involved the structuring and setting up of the “Fonds Damane Tamayouz“, a collective securitisation vehicle entirely subscribed to by OCP, which has been set up to facilitate access to credit for the suppliers that make up OCP’s industrial ecosystem.

This is an unprecedented operation in Africa.

The use of synthetic securitisation, which has established itself in international markets as a valuable tool for banks in their credit risk management activity, has started to develop in some emerging markets (such as Latin America). Morocco has an established and increasingly innovative legal and regulatory financial framework and is now the first African country to facilitate the setting up of guarantee funds that allow banks to transfer credit risk from their balance sheets and thus reduce their regulatory and capital requirements.

The Clifford Chance team was led by Mustapha Mourahib, Partner, Ouns Lemseffer, Counsel, and Meriem Komiha, Associate, based in Casablanca.

OCP was also advised by CDG Capital and Maghreb Titrisation on the arrangement and financial structuring of the fund.