Stocks Market
Moroccan Bond Market Stays Steady as Treasury Raises 74% of August Funding
The Moroccan bond market posted near‑stable yields during the week of 7‑13 August 2026, with primary and secondary curves moving only within a ±1‑basis‑point range, according to Attijari Global Research. In the latest auction on 19 August, the Treasury raised DHS 2.5 bn against a demand of DHS 5.6 bn, meeting just 45 % of investor orders. For the whole month, the Treasury’s cumulative issuance reached DHS 3.9 bn out of a 5.3 bn requirement, covering 74 % of its funding need and leaving less than DHS 1.5 bn to be raised in the two remaining auctions.
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Market Overview
Wednesday, 19 August 2026
The bond market remained virtually flat last week, with yields barely moving, notes Attijari Global Research (AGR).
Key Findings
- Both primary and secondary curves were almost unchanged this week, according to AGR’s latest “Weekly Hebdo Taux - Fixed Income” note.
- During the most recent auction, rate fluctuations on both segments stayed within +/- 1 basis point.
- Nearly 85 % of the Treasury’s borrowing was placed at the 5‑year maturity, where the yield fell by 1 bp to 2.9 %.
The calm in the bond market reflects investors’ wait‑and‑see attitude ahead of Bank Al‑Maghrib’s next monetary policy decision. AGR still expects the policy rate to remain at 2.25 % through the end of 2026, pending clearer data on the impact of energy shocks on imported inflation.
In two auction sessions to close August 2026, the Treasury conducted a mid‑ and long‑term operation, raising Dhs 2.5 bn against a demand of Dhs 5.6 bn – a modest 45 % coverage.
Consequently, cumulative Treasury subscriptions for August reached Dhs 3.9 bn out of an announced monthly need of Dhs 5.3 bn, equating to a 74 % realisation rate. The remaining amount to be raised in the two forthcoming auctions is low, under Dhs 1.5 bn.
Source: Attijari Global Research