BMCE Capital Global Research: Strong Raising of Treasury in Primary Market – Weekly Market Update

2023-12-29 11:22:16

According to the “Fixed Income Weekly” note from BMCE Capital Global Research (BKGR), the primary market recorded a strong raising of the treasury, totaling 7.2 billion dirhams (billion dirhams) from December 22 to 28.

During the last auction session of the year, the Treasury attracted strong interest with significant demand. These operations resulted in significant rate reductions, notably -5.8 basis points (bps) on the 2-year line, -20.1 bps for the 10-year line, -24.0 bps for the 20-year line, and -25 .8 bps on the 30 year line. In secondary rates, the largest increase was recorded on the 30-year line (+9.5 bps), while the most pronounced declines were recorded on the 15-year lines (-7.2 bps) and 10 years (-6.5 bps).

Faced with significant needs at the start of 2024, the Treasury should maintain its strong presence on the market, while seeking to lower primary rates under generally favorable conditions.

M.Ba

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