Stocks Market
Morocco's Bond Market Shows Slight Rise in Secondary Yields Amid Low Treasury Demand
During the week of 31 July to 6 August, Morocco’s secondary bond market remained quiet but nudged yields higher, with moves limited to a maximum of two basis points. In the primary market, the second August auction raised only MAD 800 million against demand of MAD 4.6 billion, translating into a 17 % subscription rate and a modest 1‑bp uptick in the 52‑week Treasury yield.
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Overview
Secondary‑market activity stayed modest during the week of 31 July‑6 August, but yields edged higher. Across the week, bond yields moved up by no more than 2 basis points.
Primary market update
The second auction of August 2026 resulted in a marginal 1‑bp rise in the 52‑week Treasury paper yield. The State Treasury raised MAD 800 million against applications totalling MAD 4.6 billion, delivering a subscription rate of just 17 %.
Three weeks into the monthly programme, total subscriptions have reached MAD 1.4 billion, representing 26 % of the announced MAD 5.3 billion target for August.
Market sentiment
Attijari Global Research interprets the lull as investors waiting for the next policy move from Bank Al‑Maghrib. Analysts expect the central bank to maintain a prolonged policy‑rate pause through the end of 2026 while it gauges the impact of the energy shock on imported inflation.
Cash‑management operation
The Treasury and External Finance Directorate launched a one‑day repo for surplus cash worth MAD 500 million, priced at a weighted‑average rate of 1.8 %.