Stocks Market
Morocco Treasury Launches 2026 Bond Buy‑Back to Smooth Debt Profile
The Moroccan Treasury is fine‑tuning its domestic debt strategy by opening a tender‑based buy‑back of Treasury bills that mature in 2026. The auction runs from 08:30 am to 11:00 am on Thursday, with settlement scheduled for 31 December 2025. By targeting a wide range of maturities—from one‑year notes to ten‑year bonds—the Treasury aims to smooth future repayments, lower short‑ and medium‑term refinancing peaks, and take advantage of the gradual easing of market yields.
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The Moroccan Treasury continues to optimise its domestic‑debt portfolio. The Directorate of Treasury and External Finance (DTFE) announced a tender‑based buy‑back that targets only securities maturing in 2026.
Key details of the auction
- Schedule: Thursday morning, opening at 08:30 am and closing at 11:00 am.
- Settlement date: 31 December 2025.
- Submission: Investors were invited to quote both the volume and price of the securities they wish to sell.
The move reflects an active management of the debt maturity profile amid a gradual easing of bond‑market rates. By concentrating on 2026 maturities, the Treasury aims to smooth out future cash‑flow requirements and avoid concentration of refinancing needs in the short‑ and medium‑term.
Securities covered
The tender includes a wide spectrum of instruments, ranging from 52‑week Treasury bills to 10‑year government bonds, with nominal yields between 2.00 % and 3.50 %.
- Two‑year bills issued in 2023 and 2024.
- Five‑year and ten‑year bonds previously issued, all due in 2026.
This operation complements the broader trend of a “year‑end rally” in Moroccan rates, as highlighted in recent market commentary.