The bond market is moving with almost stable rates before the central bank’s next monetary policy decision. During the auction session in June and as Bank Al Maghrib’s monetary policy decision approaches, the Treasury’s fundraising on the auction market is around 1.2 billion DH. This is facing a Demand exceeding 3.7 billion DH, i.e. a satisfaction rate of only 30%, according to Attijari Global Research (AGR). Under these conditions, the 15-year rate remained almost stable at 4.04%. At one session at the end of June 2024, the cumulative subscription of the Treasury reached 5.4 billion DH, against an announced monthly requirement of 10.3 billion DH, i.e. an achievement rate of 32%, note the AGR analysts.
“At the same time, we note a slight upward trend in Rates on the secondary compartment during this week. Indeed, the Rates of Return of the short and medium term segment experienced positive variations ranging from +1.0 PB to +4, 0 PBS”, they emphasize. Note that the almost stable trend in bond yields today confirms investors’ expectations regarding the status quo of BAM’s TD during its next monetary policy meeting. Moreover, AGR analysts remain “wait-and-see” for a probable next international lifting in view of its future external falls.
