Attijati Global Research (AGR) anticipates a certain doldrum on the bond market until the next decision of the central bank’s monetary policy (BAM). In fact, the analysts emphasize that the financing conditions of the Ministry of Finance on the internal market remain favorable on the domestic market after checking the Ministry of Finance. The prices for the primary market stabilize at the same level as last week. With regard to the characteristics of this 2nd session in March, the financial subscription was set up with 2.6 billion DH in view of the demand from investors of 5.1 billion DH, a satisfaction rate of 51%. Therefore, the previous cumulative cancellation of the previous March is 7.4 billion DH in view of an announced financing requirement of 10.3 billion DH, a production rate of 72%.
In this context, the rest in the next three sessions is 2.9 billion DH. For analysts, this balance should not exert a significant pressure on the offer of the treasure by the end of T1-25, despite the tightening of the levels of the placements after 9 months, less than 4 MMDH.
AGR analysts believe that the average monthly financing in 2025 is 9 billion DH (see budget focus – January 2025). Until the next decision on BAM’s monetary policy, they count on a certain lull in terms of interest rates in Morocco.
