Treasury Raises Nearly 5 Billion Dirhams in Bond Market with Increased Two-Year Rate

Successful Bond Issuance

The Moroccan Treasury has successfully raised approximately 5 billion dirhams through a bond issuance focused solely on two-year maturities, set to mature on September 18, 2028.

Total bids for this bond line reached 4.94 billion dirhams, with 4.78 billion dirhams accepted at an interest rate of 2.743%. The weighted average price was recorded at 99.44%.

Interest Rate Increase

The interest rate for this two-year maturity reflects an increase of 21.5 basis points compared to the last marginal rate observed.

Market Trends

Since the beginning of the year, the primary market has experienced upward adjustments in the short and medium-term segments.

Analysts from AGR suggest that due to the improvement in the Treasury's cash surplus, a controlled supply of Treasury bonds is expected in the current quarter.

Liquidity Concerns

However, they caution that ongoing pressures on banking liquidity, linked to increased currency circulation, could weaken demand for Treasury bonds and lead to slight upward tensions on interest rates in the first quarter of 2026.

Other Maturities Offered

It is noteworthy that no bids were accepted for other maturities offered during this session, specifically the 13-week and 52-week bonds.

Settlement Date

The settlement for this auction is scheduled for January 26, 2026.