Overview of Recent Bond Market Activity
The latest developments in the bond market come after the inaugural auction session of January 2026, as reported by AGR in their recent publication, 'Weekly Hebdo Taux – Fixed Income.'
Treasury's Fundraising Efforts
During this session, the Treasury successfully raised over 3 billion dirhams (MMDH) in the primary market, despite the absence of an announced financing need for the month.
Investor demand was robust, exceeding 9 MMDH, but only 35% of this demand was met.
Primary and Secondary Market Trends
The primary curve experienced a slight upward movement, with the 26-week maturity increasing by 4 basis points within a week.
In contrast, the secondary curve displayed mixed trends, with fluctuations ranging from a decrease of 2 basis points to an increase of 1 basis point.
Market Outlook for Early 2026
According to AGR, the Treasury is expected to navigate the auction market without significant pressure at the beginning of 2026, largely due to its substantially surplus liquidity, which is supported by over 14 MMDH in placements within the money market.