The primary bond market stabilized during the last auction session of March 2023, following the meeting of the Board of Bank Al-Maghrib (BAM), notes Attijari Global Research (AGR) in its “Weekly Hebdo Rates – Fixed income” note covering the period from March 17 to 23. “This last auction session of March 2023 was thus characterized by a general stagnation of rates on the primary market”indicates AGR.
Rates on the secondary market saw an appreciation in LT (long-term) rates of more than 20 basis points (bps) on average in one week, also notes the analyst. At the close of fundraising in March, the Treasury raised only MAD 6.9 billion on the auction market, i.e. the lowest level since November 2022, on the sidelines of the last international fundraising carried out in beginning of the month and in view of the first installment of IS (corporate tax) scheduled for the month of April. In this wake, the treasurer of the State is absent from the auction market in the face of demand from investors which amounted to 5.4 billion DH.
