2023-08-12 02:01:58
The Treasury concentrated more than 90% of its fundraising on the 15-year maturity during the week from August 4 to 10, according to Attijari Global Research (AGR).
The corresponding rate of return thus fell by 8 basis points (bps) to 4.62%, its lowest since the end of March 2023, indicates AGR in its recent note “Weekly Hebdo Rates – Fixed income”, noting that a A downward trend was also observed on the secondary market, mainly on short and medium term (CMT) rates.
At the end of this auction session, the Treasury raises 2.6 billion dirhams (MMDH) once morest a bid exceeding 6 billion dirhams. Consequently, the satisfaction rate for the session stands at 43%, specifies the same source.
Thus, the cumulative amount of Treasury levies stands at 4 billion dirhams at the end of the same session. Taking into account the announced needs of the Treasury during the current month of 10.3 billion dirhams, the remainder to be financed by the end of the month stands at 6.2 billion dirhams.
On the outlook side, AGR analysts estimate that primary bond rates should continue their downward trend by the end of the 3rd quarter of 2023, explained by the forecast of a relatively controlled average gross financing requirement per month, at less than 12 MDH.
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