Stocks Market
Moroccan Treasury Announces T‑Bill Swap on Jan 29 – Details on Rates, Maturities and Investor Options
The Moroccan Treasury will conduct a tender‑based exchange of Treasury Bills on Thursday, 29 January 2026, with settlement scheduled for 3 February. The swap targets two maturing issues (Feb 16 2026 at 3.45% and Mar 16 2026 at 2.60%) and offers investors three longer‑dated replacement lines (2‑year, 5‑year and 10‑year maturities). Prices for the withdrawn securities are pre‑set using the 27 January yield curve, while bidders must quote both the amount and price for the new issues. This operation provides market participants a chance to reshape their short‑term exposure and lock in yields on longer‑term government securities amid the current macro‑environment.
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Operation Overview
The Moroccan Treasury announced a tender‑based exchange of Treasury Bills that will take place on Thursday, 29 January 2026. The settlement date is set for 3 February 2026. Investors will be invited to submit bids to swap existing short‑term securities for longer‑dated alternatives.
Bonds Targeted for Redemption
- 16 Feb 2026 – nominal rate 3.45 %
- 16 Mar 2026 – nominal rate 2.60 %
These two lines are reaching maturity in February and March 2026 and will be repurchased by the Treasury.
Replacement Options Offered to Investors
Participants may propose exchanges into any of the following three new Treasury lines:
- 2‑year maturity – due in September 2028
- 5‑year maturity – due in October 2031
- 10‑year maturity – due in May 2035
Pricing Methodology
The buy‑back prices for the two maturing bills are predetermined based on the yield curve published on 27 January 2026. Bidders must therefore provide the amount they wish to exchange and the price they are willing to pay for the replacement securities.