“Two weeks before the end of the year 2022, the raising of the Treasury reached 12.4 billion dirhams (MMDH), or 84% of the need announced for the month of December estimated at 14.8 billion MAD. finance stands at 2.3 billion dirhams”, says AGR in its recent note “Weekly Hebdo Rate-Fixed Income”.
During this auction session in December, the amount awarded by the Treasury stood at 4.9 billion dirhams once morest a request of 5.9 billion dirhams, i.e. a satisfaction rate of 83%, one of the highest levels of the year 2022.
As expected, and faced with the significant need for the State treasurer during this month, the Treasury is continuing its strategy of issuing on the local market more in line with investors’ expectations, AGR observes.
To this end, the primary curve is continuing its upward trend this week. The yield rates for the 13-week and 5-year maturities (revisable at the 52-week maturity rate) increased in one week by 14 basis points (PBS) and 18 PBS respectively.
AGR’s analysts are thus maintaining their “bullish scenario for primary and secondary bond rates by the end of 2022, partly taking into account the Treasury’s high financing needs on the domestic market”.
