Global Economy
Moroccan Treasury Meets 74% of August Funding Goal as Bond Yields Hold Steady
During the week of August 7‑13, 2026, the Moroccan bond market exhibited largely stable yields, with the Treasury covering 74% of its monthly funding target. According to Attijari Global Research, primary and secondary market curves moved within a ±1 basis point range. The majority of fundraising came from the 5‑year maturity, whose yield fell by a single basis point to 2.9%. Investors remain cautious ahead of Bank Al‑Maghrib's policy decisions, which are expected to keep the benchmark rate at 2.25% through the end of 2026. In the latest auction, the Treasury raised 2.5 billion MAD against demand of 5.6 billion MAD, resulting in a 45% subscription rate. Cumulative August results stand at 3.9 billion MAD, leaving less than 1.5 billion MAD to be covered in the final two sessions.
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Market Overview
During the week of August 7‑13, 2026, the Moroccan bond market exhibited nearly unchanged yields across both primary and secondary segments, according to Attijari Global Research (AGR). The research note "Weekly Hebdo Taux – Fixed Income" highlights a general stability, with rate movements staying within a ±1 basis point range.
Treasury Auction Results
In the most recent auction, the Treasury raised 2.5 billion MAD against a total demand of 5.6 billion MAD, yielding a subscription rate of 45%. The bulk of the fundraising, 85%, was allocated to the 5‑year maturity, whose yield slipped by one basis point to 2.9%.
Cumulative Monthly Performance
Year‑to‑date, the Treasury has collected 3.9 billion MAD, meeting 74% of the announced monthly target of 5.3 billion MAD. With only two remaining adjudications in August, the outstanding amount to be raised is less than 1.5 billion MAD.
Market Outlook
Analysts at AGR interpret the calm as investor caution ahead of future monetary policy decisions by Bank Al‑Maghrib. The central bank is expected to maintain its policy rate at 2.25% through the end of 2026, pending clearer visibility on the impact of the recent energy shock on imported inflation.
- Primary and secondary curves stable (±1 pb).
- 5‑year yield at 2.9% (‑1 pb).
- Treasury subscription 45% in latest auction.
- Cumulative August collection 74% of target.
- Remaining issuance <1.5 billion MAD.