Stocks Market
Morocco Treasury Raises DH6 bn in 5‑Year Bond Auction, Yield Up 16.5 bps
The Moroccan Treasury conducted a focused 5‑year bond auction this week, receiving DH7.32 bn of investor demand and allocating DH6 bn at a yield of 2.771%, which is 16.5 bps higher than the previous marginal rate. No allocations were made for the shorter‑term bills or the 15‑year issue, and settlement is scheduled for 19 January 2026. The Treasury anticipates total financing needs of DH15‑15.5 bn in the coming months.
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Key details of the auction
The Moroccan Treasury conducted a single‑maturity auction this week, offering only 5‑year government bonds.
- Total investor demand: DH7.32 bn
- Accepted amount: DH6.0 bn (out of DH6.34 bn submissions)
- Yield: 2.771% (up 16.5 basis points from the previous marginal rate)
- Weighted average price: 98.71%
The settlement date is set for 19 January 2026.
Other maturities offered
In the same session the Treasury also floated:
- 26‑week bills – DH250 m (no allocation)
- 52‑week bills – DH380 m (no allocation)
- 15‑year bonds – DH350 m (no allocation)
These lines received no bids that met the allocation criteria.
Funding outlook
The Treasury has signaled projected financing needs of between DH15 bn and DH15.5 bn for the near term.