The easing of bond rates that began in recent months appears to be part of a lasting dynamic. Driven by the recent drop in Bank Al-Maghrib's key rate and prudent management of the Treasury's needs, this trend could strengthen as an international issue scheduled for the first quarter of 2025 approaches.
Indeed, during the last auction, the Treasury carried out targeted fundraising totaling 500 MDH. On the 13-week maturity, the limit rate fell to 2.2800%, a drop of 11 bps compared to the previous session. For its part, the two-year line saw its rate rise to 2.6255%, a decrease of 6.4 bps. These adjustments were influenced by the reduction in Bank Al-Maghrib's key rate (-25 bps) on Tuesday.
On the secondary side, yields followed a downward trend, consistent with the adjustments in the key rate. The 13-week line thus recorded a decline of 23.8 bps, while long maturities, such as the 20-year line, lost 8.2 bps. This generalized easing reflects a gradual adjustment towards more balanced levels, in an environment where demand remains sustained.
All of these elements suggest a continuation of the fall in rates in the months to come. Preparing for an international issuance in early 2025 should reduce pressure on the domestic market, which should strengthen the current dynamic. In addition, the Treasury's budgetary situation, characterized by prudent management and limited needs, offers room for maneuver conducive to maintaining yields at low levels.
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