2023-10-13 14:08:44
Primary rates should continue to fall, particularly on long maturities, forecasts BMCE Capital Global Research (BKGR) in its “Fixed Income Weekly” note, covering the period from October 5 to 11.
“The downward marking of primary rates continues, particularly on long maturities, benefiting both from the relative reduction in deadlines and from the latest status quo of the Central Bank,” indicates BKGR.
During its last auction session, the Treasury raised funds on the 52-week, 5-year and 15-year lines for a total amount of 2.6 billion dirhams (MMDH) and at the limit rates of 3.333, 3.754% and 4.628%, recalls the note.
BKGR thus explains that these operations induced reductions in primary rates of 1.2 basis points (bps) for the 52-week maturity, 0.7 bps for the 5-year line and 3.8 bps for the 15-year line. .
As for secondary rates, the largest upward variations were recorded on the 5-year (+5.2% bps) and 52-week (+4.8 bps) lines.
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