Morocco's Bond Market Faces Sustained Rate Pressure as Investors Turn Cautious

BMCE Capital Global Research warns that Morocco's bond market is likely to experience continued upward pressure on interest rates, driven by investor caution and significant redemption deadlines approaching in October. Despite Bank Al-Maghrib maintaining its monetary policy stance, secondary market yields have climbed sharply across most maturities, with the 30-year rate surging 15.51 basis points to 4.35%. Primary market demand remains weak, with the Treasury's latest auction seeing only a 16% satisfaction rate, underscoring persistent institutional investor hesitancy.

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