Stocks Market
Morocco’s Bond Market Expected to Remain Stable Ahead of Bank Al-Maghrib Meeting
BMCE Capital Global Research (BKGR) projects a short‑term environment of relative stability for Moroccan sovereign bonds as liquidity improves and monetary conditions stay balanced ahead of the upcoming Bank Al‑Maghrib policy meeting. Recent Treasury auction data shows modest issuance and slight downward adjustments in primary yields, while the secondary market recorded modest gains across most maturities.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Short‑term outlook for Moroccan sovereign bonds
BMCE Capital Global Research (BKGR) expects the Moroccan bond market to stay on a relatively stable footing in the coming weeks, as liquidity improves and monetary conditions remain balanced ahead of the next Bank Al‑Maghrib policy meeting.
Recent Treasury auction results
- Primary issuance on the 52‑week and 5‑year maturities raised DH 1.53 billion, covering 52 % of the DH 2.97 billion target.
- Cap rates were set at 2.2897 % (52‑week) and 2.9808 % (5‑year), pushing primary yields down by 1.8 bps and 3.3 bps respectively.
Secondary‑market movements
- Yield increases: 10‑year +5.25 bps, 5‑year +3.61 bps, 30‑year +3.30 bps, 2‑year +2.66 bps.
- Only the 52‑week maturity slipped, down 0.40 bps.
BKGR notes that the Treasury is likely to keep an opportunistic approach to future issuances, while adjustments on the secondary curve are expected to stay limited in the short term.