Forecasts from Attijari Global Research (AGR) reveal that primary bond yields should continue their stable trend during the remaining auction sessions of the third quarter of 2021.

The Attijariwafa Bank subsidiary explains in its "Weekly Hebdo Rates - Fixed income" note for the week of August 6 to 12 that at the end of this medium and long-term auction session, the Treasury raised 1.5 billion of dirhams (MMDH) in the face of a request not exceeding 4 billion dirhams, noting that the satisfaction rate for the session stands at 41%. It indicates that the stability is attributable to the lowering of the profitability requirements of investors and to a still comfortable situation of public finances. The continued balance between supply and moderate demand for treasury bills is keeping the primary curve virtually stable compared to last week, the same source points out, adding that only the rate of return on the 5-year maturity concerned by this exercise, appreciated by 1 basis point to 2.05%. At the end of this session, the cumulative amount of Treasury levies stands at 3 billion dirhams. Taking into account the announced needs of the Treasury during the current month of 5.8 billion dirhams, the remainder to be financed by the end of the month amounts to 2.7 billion dirhams.