Zero Treasury Issuance in BDT Auction Signals Cautious Stance Ahead of Bank Al‑Maghrib’s Final December Meeting

The Moroccan Treasury refrained from drawing any amount in the BDT auction held on 9 December, despite a total demand of DH 4.39 billion across short‑ and long‑term maturities. The blank session reflects a wait‑and‑see approach as the authority finalises its December financing plan and investors anticipate the outcomes of Bank Al‑Maghrib’s last policy‑rate meeting on 16 December. While investors submitted sizeable bids for 26‑week, 52‑week, 5‑year and 15‑year issues, none were accepted, hinting that the Treasury may prefer to ease short‑term pressure before clarifying its funding needs.

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