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Morocco is planning a series of meetings with European bond investors ahead of a potential euro-denominated bond sale, potentially setting the scene for a revival in Africa debt issuance.

The deal–which is subject to market conditions–would be Morocco’s first new international bond in about 18 months and the first new issue in euros since September 2010, Tradeweb data show.

BNP Paribas, Commerzbank and Natixis are the banks arranging the meetings, which are due to start Friday.


Morocco last visited global debt markets in May 2013 when it raised $750 million from reopening two existing dollar bonds.

International debt sales from African nations have stalled this year after a bumper 2013 that saw a record $11 billion of bonds issued, according to Dealogic. So far in 2014, just Zambia has issued bonds overseas, raising $1 billion from a 10-year deal.

The slowdown comes as the U.S. Federal Reserve continues to scale back its bond-buying program, raising concerns that much of the cash that had boosted riskier assets such as emerging-market debt would be withdrawn and invested somewhere safer.

Yet with U.S. Treasury rates still depressed, investors are returning to emerging-market bonds, pushing down yields–which move in the opposite direction to prices–and making it more attractive for developing countries to issue debt again.

Investors last week pumped $1.1 billion of cash into emerging-market debt funds, the ninth consecutive week of inflows, according to Bank of America Merrill Lynch.

Other African countries including Ghana, Kenya and Ivory Coast are all expected to issue bonds this year.

Write to Ben Edwards at Ben.Edwards@wsj.com