Secondary rates on the bond market showed an overall downward trend during the period from October 10 to 16, according to BMCE Capital Global Research (BKGR).
The largest declines concern the 30-year line (-4.2 basis points) and the 2-year line (-3.5 bps), specifies BKGR in its recent “Fixed Income Weekly” note.
Conversely, the secondary yields of the 13-week and 10-year lines are up slightly by 0.8 bps and 1 bps, respectively, reports the same source.
On the primary market, a single raising was carried out, during the last auction session, on the 2-year line for an amount of 500 million dirhams (MDH) and at the limit rate of 2.7952%, i.e. a rate satisfaction of 14%. Following this operation, the primary rate for this maturity contracted by 3.9 bps to +2.79%.
As for bond forecasts, BKGR anticipates a continuation of the downward marking of rates by the Treasury in a context of confirmation of its financial ease due to the low falls of less than 10 billion dirhams (MMDH) expected over the months November (concentrating the bulk of reimbursements) and December.
And to note: “Investor speculation relating to a reduction in the key rate to take place at the end of the year seems to reinforce this orientation”.
Related News :