Attijari Global Research (AGR) notes that the downward movement in the bond market continues. The combination of excess investor demand and a still moderate supply of Treasury Bills (BDT) during the auction session on 9 February exerted downward pressure on the primary curve, mainly in terms of the maturities affected by the levy

The rates of return for 26 weeks, 5 years and 15 years of maturity fell by 2 basis points (bbs), 7 bbs and 5 bbs respectively.
AGR indicates in its latest Weekly Rate, that at a session at the end of February, the Treasury raised 59% of its demand announced at the beginning of the month, equivalent to 6 billion dirhams (MMDH) on the domestic market. The balance to be financed for the next auction session is approximately 4.2 billion dirhams (MMDH).
According to AGR analysts, “the still comfortable state of public finances, combined with excess liquidity among investors, should, according to our forecasts, maintain the downward trend in primary rates during the rest of