Attijari Global Research (AGR) provides for a continuation of the doldrums on the bond market in the next two months. This forecast is based on a remarkable increase in treasure investments in the money market observed this week.
During the second auction meeting in April, the Ministry of Finance did not raise the bond market despite a demand of 1.4 billion dirhams. This was distributed in a balanced manner between the tires of 13 weeks, 52 weeks and 2 years, which reflected the desire of the authorities not to drive up the pressure on the rates.
The AGR underlines that this financial strategy is explained in particular by the expected positive effects of the latest international cancellation of 2 billion euros and the return of the first tranche of corporate tax for 2025. In this context, the principle of return remained stable compared to the previous week.
In addition, the secondary curve experienced a contrasting development with an increase in up to +3 basis points in short and medium ripeness, while the long -term segment achieved remarkable declines of -16 base points.
M.Ba.
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