Treasury issuances are not expected to exceed 7.5 billion dirhams in December

The Treasury and External Finance Directorate has informed investors that the upcoming bond issuances for December 2025 will be between 7 and 7.5 billion dirhams. This amount is lower than the 10 billion dirhams announced for November. The Treasury had delayed communicating its monthly needs but has recently sent positive signals to the market by limiting its issuances. On Wednesday, following the Bank Al-Maghrib Council meeting, it raised only 100 million dirhams for a 2-year maturity, despite receiving over 2 billion dirhams in offers from investors. This resulted in a 7 basis point decrease in rates. Additionally, the secondary market has shown signs of easing over the past two weeks, following a technical correction observed in November, which market operators deemed temporary. Moreover, Bank Al-Maghrib raised its growth forecast to 5% for the current year on Tuesday. This growth is expected to support tax revenues in 2026, especially as inflation remains contained at below 1%. This situation is considered ideal by the bond market, which hopes to continue operating under favorable financial conditions in the short and medium term.