“The upward trend in rates on the bond market continues this week with an appreciation of the yield on the 2-year maturity of more than 5 basis points (bps), thus carrying the cumulative increase since the beginning of 2022. at 20 bps”, indicates AGR in its last note “Weekly Hebdo Rates”.
On the secondary compartment, the 2-year rate exceeds the 2.0% threshold for the first time since the lowering of the key rate in June 2020, underline AGR analysts, also noting a slight appreciation in the 13-week maturity of 1 bp.
During this week’s session, the Treasury subscribed 4.1 billion dirhams (MMDH) on the auction market in the face of moderate demand of 7.1 billion dirhams, representing a satisfaction rate of 58%.
The cumulative amount of fundraising thus stands at 8.2 billion dirhams in the face of a significant need for the announced Treasury of 13.3 billion dirhams, i.e. the highest since March 2021, said the subsidiary of Attijariwafa Bank, noting that the balance to be financed from by the end of the month thus amounts to 5.1 billion dirhams.
“The materialization of external financing is now essential to curb the upward pressure on domestic rates. Especially since the Treasury should face a fall on the international market of $1.0bn next December” , emphasizes AGR.
