The bond market stabilized following the decisions of Bank Al-Maghrib (BAM) at the end of its Board meeting, held last Tuesday, according to the note “Weekly Hebdo Rates – Fixed Income” by Attijari Global Research ( AGR) for the week of March 18 to 24.
“Taking into account the Treasury’s weak recourse to the domestic market and BAM’s decision to maintain the key rate at 1.5%, we remain confident of a stable bond rate environment in 2022,” said AGR analysts. At the end of the March levies, the Treasury had only met 35% of its initially announced needs, in view of the first installment of corporation tax (IS) scheduled for April.
The cumulative monthly fundraising stands at 2.7 billion dirhams (MMDH) once morest an announced financing requirement of 7.8 billion dirhams over the same period.
The last auction session of March 2022 was characterized by a general stagnation of rates on the primary market. Rates on the secondary market saw more movement, particularly the 10-year rate which depreciated by 9 basis points (bps) in one week to 2.41%.
Regarding the technical characteristics of the session, investor demand stands at 2.4 billion dirhams once morest a Treasury subscription of 400 million dirhams (MDH), representing a satisfaction rate of 17%.
With MAP
