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Morocco Treasury Bills See Zero Allocation in March 3 Primary Market Auction
The Moroccan Treasury announced that none of the bids received for the primary‑market auction held on March 3, 2026 were accepted, even though total demand reached MAD 1.56 billion. The auction covered 13‑week, 52‑week and 2‑year Treasury bills, resulting in a "white session" with no allocation and the settlement date remaining unchanged.
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Overview
The Direction of the Treasury and External Finance (DTFE) published the results of the March 3, 2026 Treasury bill adjudication. No subscription was selected, turning the auction into a white session despite a total bid amount of MAD 1.56 billion.
Details of the Auction
- Instruments: Treasury bills with maturities of 13 weeks, 52 weeks, and 2 years.
- Total demand: MAD 1.56 billion.
- Outcome: Zero allocation – no bids accepted.
- Settlement: The payment date remains as originally scheduled by the DTFE.
Implications
A white session reflects a lack of sufficient demand at the prevailing conditions, which could influence short‑term interest rates and future Treasury issuance strategies.
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