Bond Market: Rise in Short and Medium-Term Primary Rates from October 2 to October 8

The Treasury raised 3.6 billion dirhams (MMDH) in its latest auction, which represents 61% of the proposed amount of 5.9 MMDH. This auction covered maturities of 52 weeks and 2 years, with respective limit rates of 2.1636% and 2.3597%. According to BKGR, these operations led to increases in the primary rates of 16.8 basis points (bps) for the 52-week line and 7.2 bps for the 2-year line. In the secondary market, a more or less downward trend was observed, characterized by contractions in the 26-week (-2.41 bps) and 52-week (-4.44 bps) maturities. Conversely, the 2-year and 10-year maturities showed increases of 2.25 bps and 2.1 bps, respectively. BKGR noted that the Moroccan bond market, facing significant Treasury repayments of nearly 20 MMDH this month, may continue to experience some tension in short and medium maturities, as evidenced by the movement of the 52-week lines last Tuesday.