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Morocco's Treasury Raises 850 Million Dirhams in Oversubscribed Bond Auction on September 23

The Moroccan Treasury successfully raised 850 million dirhams during its bond auction held on September 23, 2026, after receiving total bids worth 5.28 billion dirhams—a staggering oversubscription ratio of over six times. The issuance consisted exclusively of 52-week Treasury bills, which were awarded at a fixed rate of 2.242%, signaling robust investor appetite for short-term Moroccan sovereign debt instruments.

September 24th, 2026
1 min read
By boursenews.ma

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Morocco's Treasury Successfully Completes Oversubscribed Bond Auction

The Direction du Trésor et des Finances Extérieures (DTFE) confirmed that it raised a total of 850 million dirhams during the government bond auction conducted on September 23, 2026. The operation attracted significant market interest, with total investor bids reaching an impressive 5.28 billion dirhams, representing an oversubscription ratio exceeding six times the amount on offer.

The auction focused solely on Treasury bills (bons du Trésor) with a maturity period of 52 weeks. These short-term instruments were awarded at a retention rate of 2.242%, as detailed in the official communiqué released by the DTFE.

Key Takeaways from the Auction

  • Amount Raised: 850 million dirhams
  • Total Demand: 5.28 billion dirhams (oversubscription ratio of ~6.2x)
  • Instrument Type: Treasury bills with a 52-week maturity
  • Winning Rate: 2.242%
  • Settlement Date: The following Monday (September 28, 2026)

The substantial oversubscription underscores the continued confidence of institutional and retail investors in Morocco's sovereign debt. The relatively modest yield of 2.242% reflects the stable interest rate environment that has characterized the domestic bond market in recent weeks. With settlement scheduled for the upcoming Monday, investors will have their positions formally recorded, completing another smooth issuance cycle for the Moroccan Treasury.

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