Overview of Capital Raises
By the end of November 2025, the Moroccan capital markets recorded total capital raises exceeding 106.6 billion dirhams. This figure reflects a robust activity in the market, as detailed in the latest monthly indicators released by the Moroccan Capital Market Authority (AMMC).
Breakdown of Capital Raises
The majority of these capital raises were attributed to the issuance of negotiable debt securities (TCN), which accounted for 61.69 billion dirhams. Additionally, bond issuances contributed significantly, totaling 40.35 billion dirhams.
Furthermore, equity securities raised 4.57 billion dirhams, adding to the diverse funding sources within the capital markets.
Loan and Borrowing Operations
As of the end of November 2025, the outstanding balance of securities lending and borrowing operations reached 31 billion dirhams. This represents a 15% decline since the beginning of the year, although it shows a 2% increase compared to the same period last year.
November 2025 Capital Raises
In November alone, capital raises amounted to 8.79 billion dirhams. This included 5.55 billion dirhams from bond issuances and 3.24 billion dirhams from negotiable debt securities, highlighting a continued trend of strong market activity.