The Treasury carried out this week a major lifting on the domestic market to 8.6 billion dirhams (MMDH), the highest level raised in a single session since the start of the health crisis in March 2020, according to Attijari Global Research (AGR).
In the absence of new external drawings, the Treasury is benefiting from strong demand of more than 14.6 billion dirhams, equivalent to a satisfaction rate of 59% for the session, explains AGR in its recent note “Weekly Hebdo Rates – Fixed Income”. Under these conditions and two weeks before the end of the January levies, the Treasury meets more than 90% of its needs announced at the start of the period, notes the same source.
Indeed, the cumulative fundraising at the end of the session amounted to 11.6 billion dirhams against an announced financing requirement of 12.8 billion dirhams for the same period, i.e. a remainder to be financed for the next two remaining sessions of the month. of 1.2 billion dirhams. For their part, the rates moved upwards.
To this end, the yields of the 5-year and 15-year maturities increased in one week by 8 basis points (PBS) and 7 PBS respectively, i.e. the largest increases observed since November 2020. Nevertheless, the Treasury’s financing requirement in According to AGR, 2022 should not induce structural upward pressure on short- and medium-term rates.