The Treasury raised more than 7 billion dirhams (MMDH) during the first auction session of January, marking the largest issuance since February 202.
This lifting comes in a context where the Treasury’s financing requirement for the month of January has not yet been announced, indicates Attijari Global Research (AGR).
The operation generated “strong demand” from investors, whose demand exceeded MAD 12 billion to reach a 5-month record with a satisfaction rate of 58%. However, the issuance led to a downward trend on the primary curve, leading to declines in yields on 10, 20 and 30 year maturities of 5, 4 and 22 basis points respectively.
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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.
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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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