Overview of the Treasury Bill Program
On February 9, 2026, the Moroccan Capital Market Authority (AMMC) announced the approval of OCP SA's annual update to its treasury bill issuance program, referenced as VI/EM/002/2026.
The program maintains a maximum issuance limit of 7.5 billion dirhams, with each treasury bill having a nominal value of 100,000 dirhams.
Key Features of the Program
The treasury bills can have maturities ranging from 10 days to 12 months. The interest rates for each issuance will be fixed and determined based on prevailing market conditions.
Historical Context and Objectives
This treasury bill program was initially established on September 21, 2022. OCP SA aims to utilize this program to meet short-term cash flow requirements arising from fluctuations in working capital throughout the year.
Additionally, the program seeks to optimize financing costs and diversify the company's funding sources.
