The Treasury carried out a cumulative fundraising of 17 billion dirhams (MMDH) in April, according to the “Hebdo Rate-Fixed Income” note from Attijari Global Research (AGR) covering the week from April 14 to 20.
This is double the monthly requirement of the Treasury announced at the beginning of the month, indicates AGR in this note.
Concerning this last auction session, the treasurer of the State subscribed on the domestic market for 9.9 billion dirhams, faced with a demand from investors for 20.6 billion dirhams, informed the same source, noting that the rate of satisfaction of the session was thus established at 48%.
This significant fundraising is justified on the one hand by the desire of the State treasurer to take advantage of the strong demand from investors for the CMT segment (short and medium term). On the other hand, it should partially offset the significant Treasury inflows expected over the next three months, ie an average of 15 billion dirhams/month.
At the end of this auction, the primary yield rates for the 13-week, 52-week and 2-year maturities fell by 1, 8 and 5 basis points (bps) respectively. In addition, the Treasury organized this week a session of exchange of Treasury bills (BDT). At the end of this session, 7.3 billion dirhams of securities were exchanged, of which 90% on the 2-year maturity.
Current conditions in the auction market, characterized by a return of investors’ appetite for fixed income securities and a contained Supply in BDT, should contain the upward pressures on rates during Q2-2023.