Treasury collections reached 10.9 billion dirhams (billion dirhams) two weeks before the end of January 2025, thus achieving 79% of its significant need announced for the month of January 2024 at 13.8 billion dirhams, according to Attijari Global Research (AGR).
During the auction session on January 7, the amount raised stood at 3 billion dirhams against an investor demand of 6.4 billion dirhams, of which almost 80% was for the 2-year maturity, i.e. a satisfaction rate of 47 %, indicates AGR in its recent “Weekly Hebdo Taux – Fixed Income” note.
Despite the high level of demand, primary rates experienced a slight downward movement on the primary market. In fact, the primary rate for the 2-year maturity fell by only 1 basis point in one week.
On the secondary market, the declines were more significant, varying between –1 basis point and -14 basis points.
In view of the sharp decline in Treasury investments on the money market, i.e. less than 7 billion dirhams on average during the week of January 3 to 9, as well as an increase in Treasury deposits estimated for the year 2025 at more than 100 billion dirhams, compared to 62.9 billion dirhams in 2024, AGR remains attentive to possible pressures on the Treasury Supply during the first quarter of 2025.
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