Subscriptions on the Treasury securities auctions (MAVT) market stood at MAD 104.2 billion (billion dirhams) at the end of September 2021, down 9.7% compared to the same period of 2020, according to the Department of the Treasury and External Finances (DTFE).
Short-term subscriptions amounted to 52.1 billion dirhams against 59.3 billion dirhams, to represent 50% of the total against 51.4% a year earlier, while medium-term maturities increased to 28.3 billion dirhams against 27, 5 billion dirhams (27.2% of the total against 23.9% a year earlier), specifies the DTFE in its latest economic report.
Similarly, long-term maturities returned to 23.8 billion dirhams against 28.6 billion dirhams (22.8% of the total against 24.8% a year earlier, notes the same source.
For their part, repayments reached 70.6 billion dirhams, virtually stagnating compared to the level recorded a year earlier.
The DTFE also informs that taking into account these elements and the evolution of the redeemable debt, the outstanding domestic debt of the Treasury stood at 666.7 billion dirhams at the end of September 2021, an increase of +33, MAD 8 billion or + 5.6% compared to the end of December 2020, against + MAD 42.7 billion or + 7.3% a year earlier. In addition, at the end of the first nine months of the year 2021, the average duration of the domestic debt fell to stand at 6 years and 5 months, i.e. a shortening of 2 months compared to the level recorded at the end of 2020, specifies the DTFE.
As regards the rates applied on the primary market for Treasury bills (BdT), they have maintained their downward trend compared to the same period of the previous year. Thus, for short maturities, these declines reached -103 basis points (bps) for 2-year BoDs (1.76%), -11 bps for 52 weeks (1.56%), -19 bps for the 26 weeks (1.40%) and -17 bps for the 13 weeks (1.36%). For medium and long maturities, decreases were noted at the level of 5-year BdT (-4 bps to 2.06%), 10-year BdT (-3 bps to 2.37%) and for 20 years (-3 bps to 2.84%).