Stocks Market
Moroccan Treasury Executes 11 Billion Dirham Treasury Bill Buyback, Signaling Softer Bond Yields
On December 25, 2025, the Moroccan Treasury completed an 11‑billion‑dirham buy‑back of Treasury Bills (BDT). The transaction, which spanned several maturities from one year to ten years, came amid a gradual easing of yields on the domestic bond market. By repurchasing securities that offered rates between 2 % and 3.5 %, the Treasury aims to fine‑tune its debt profile and reinforce market confidence as macro‑economic conditions improve. The operation has been widely anticipated by market participants and is seen as a positive signal for future monetary‑policy outlooks, providing clearer price signals and supporting a more stable yield curve ahead of 2026.
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Operation Overview
On December 25, 2025, Morocco’s Treasury concluded a large‑scale repurchase of Treasury Bills (BDT) amounting to 11 billion dirhams. The buy‑back covered multiple series with different maturities, including 52‑week, 2‑year, 5‑year and 10‑year notes, most of which are set to mature in 2026.
Key Details
- Total amount repurchased: 11 billion MAD
- Maturities involved: 52 weeks, 2 years, 5 years, 10 years
- Yield range of the bought‑back securities: 2 % – 3.5 %
- Primary maturity year: 2026
Market Context
The transaction comes at a time when yields on the Moroccan bond market have been easing over the past few sessions. By removing a sizable block of securities from circulation, the Treasury aims to tighten the supply curve, improve debt‑management flexibility, and reinforce market confidence as the macro‑economic environment continues to improve.
Implications for Investors
Market participants had anticipated the Treasury’s move, which helped to sharpen price discovery and provide clearer guidance on future interest‑rate trends. The buy‑back is expected to support a more orderly yield curve heading into 2026, potentially easing financing costs for both the public and private sectors.
For further updates on Morocco’s sovereign debt strategy and bond market developments, stay tuned to our finance desk.