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Morocco Treasury Hits Mid‑January Funding Milestone as Rates Edge Higher
During the week of 2‑8 January, secondary‑market yields in Morocco rose across the board, with long‑term rates climbing up to five basis points. The Treasury’s 6 January auction raised 4.1 billion MAD against a total demand of 6.6 billion MAD, a 62 % allocation, with about 85 % of bids targeting the 2‑year maturity. With cumulative issuances now at 7.5 billion MAD, the Treasury is roughly halfway through its January funding plan of 15.3 billion MAD, while cash‑market placements have slipped to an average of 4 billion MAD per week.
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Secondary‑Market Yields Rise Across the Board
Attijari Global Research (AGR) reports that during the week of 2‑8 January, yields on Morocco’s secondary bond market moved higher overall. The research note “Weekly Hebdo Taux – Fixed Income” highlights a general upward trend, with long‑term segments gaining up to +5 basis points.
January 6 Auction: Demand Concentrated on the 2‑Year Issue
On 6 January, the Treasury auctioned 4.1 billion MAD of sovereign bonds. Total demand reached 6.6 billion MAD, yielding a 62 % allocation rate. Roughly 85 % of all bids were for the 2‑year maturity, underlining investors’ preference for short‑to‑medium‑term paper.
Primary yields also edged up at the close of the auction, with the 2‑year rate climbing by 4 basis points over the week.
Mid‑Month Funding Progress
Two weeks before the end of the month, cumulative Treasury issuances total 7.5 billion MAD, about **half** of the projected January funding need of 15.3 billion MAD.
Shift Away from the Money‑Market Segment
AGR notes a sharp decline in Treasury placements on the money‑market segment, averaging only 4 billion MAD per week. Coupled with a sizeable 2026 rollover of roughly 90 billion MAD, analysts warn of potential pressure on Treasury supply, especially in the first quarter of 2026.
- Key takeaway: rates are inching higher while demand centers on 2‑year bonds.
- Investors should watch Treasury supply dynamics as 2026 roll‑over volumes rise.