Attijari Global Research (AGR) announced in its weekly note “Weekly Weekly Rate - Fixed Income” that the Treasury has met 77% of its needs initially announced in March on the public debt bond market.

According to the AGR, “the cumulative monthly raise amounts to 10.2 billion dirhams (MMDH) compared to an announced financing need of 13.3 billion dirhams over the same period.”
The last auction session in March was characterized by a slight fall in short-term rates from the primary curve. As a result, the 13-week maturity rate of return fell by 3.0 basis points in one week.
Investor demand was 3.4 billion dirhams compared to a Treasury subscription of 1.5 billion dirhams, representing a satisfaction rate of 44%. Taking into account the Treasury's moderate use of the internal market justified by a comfortable situation in public finances and the still significant demand from investors in BDT, AGR anticipates the continuation of the downward trend in primary bond rates