The record raising, since February 2024, carried out by the Treasury comes in a context where the Treasury’s financing requirement for the month of January has not yet been announced, indicates AGR.
In its recent note “Weekly Hebdo Taux – Fixed Income”, the research center dedicated to the African financial market underlines that this raising has generated strong demand from investors.
Said request exceeded 12 billion dirhams, reaching a 5-month record with a satisfaction rate of 58%, continues the same source.
However, the issuance led to a downward trend on the primary curve, with yields falling on 10, 20 and 30 year maturities of 5, 4 and 22 basis points respectively.
On the other hand, the secondary curve showed an upward trend across all compartments.
According to AGR analysts, the Treasury could finance itself without pressure on the auction market during the first quarter of 2025.
Originally, the level above MAD 12 billion of its cash surpluses, combined with the good performance of the State’s public finances with a maintained estimate of a budget deficit of around 4% of GDP in 2024.
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