Morocco's Treasury Raises Just 100 Million Dirhams as 14.6 Billion in Debt Maturities Loom

Morocco's Treasury conducted a drastically limited bond auction on September 29, accepting only 100 million dirhams from 3.575 billion in bids—a mere 2.8% acceptance rate. This conservative approach comes as the government faces its heaviest debt maturity schedule of the year, with 14.6 billion dirhams in redemptions due in October alone. Meanwhile, secondary market yields continue climbing across the curve, with long-term rates showing particular stress despite the central bank's accommodative stance.

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