According to Attijari Global Research (AGR), the 5-year rate appreciated by nearly 30 basis points (PBS) to 2.65% during this week’s auction session. This is its highest level since April 2019.
“The 5-year rate rose by nearly 30 PBS in one session to 2.65%, thus returning to its pre-health crisis levels. This is the highest it has been since April 2019,” AGR said in its recent “Rate-Fixed Income Weekly” note, covering the week from September 09 to September 15, 2022.
The upward trend in rates is confirmed on the bond market of the public debt of the State, underlines AGR. “Investors thus seem to already be integrating a scenario of a rise in the key rate at the next monetary policy meeting of Bank Al-Maghrib (BAM), and this in an inflationary context and a drop in demand for bonds. Treasure”, indicates the same source.
In terms of the characteristics of the session, investor demand stood at 6.4 billion dirhams (MMDH), against a Treasury subscription of 2 billion dirhams, representing a satisfaction rate of 31%.
For its part, the cumulative fundraising at the end of this session amounted to 6 billion dirhams against an announced financing requirement of 7.3 billion dirhams for the whole month, i.e. a remainder to be financed for the rest of the 1.3 billion dirhams.