Morocco’s Treasury Launches 2026 Bond Auction: DH4.1 bn Issued at 2‑Year Yield of 2.53%

The Moroccan Treasury opened 2026 with a focused bond auction, allocating DH4.1 billion exclusively to the 2‑year maturity segment at a yield of 2.528%, a modest rise of 2.8 basis points. Short‑term issues for 13 and 52 weeks received no allocation despite a total investor demand of DH6.58 billion. Analysts from BMCE Capital Global Research and AGR expect the market to remain stable, with ample liquidity and no significant pressure on short‑ and medium‑term rates. The Treasury’s projected cash need for January stands at DH15‑15.5 billion, while its money‑market holdings exceed DH14 billion, providing a comfortable buffer for upcoming financing needs.

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