Attijari Global Research (AGR) indicates in its recent newsletter “Weekly Weekly Taux- Fixed Income” that the cumulative amount of treasury raises, at two sessions at the end of July, at 8.3 billion dirhams (MMDH).

At the end of this auction, the Treasury raised 2 MMDH in response to a request of 5.5 BMDH, explains the note, specifying that the satisfaction rate for the session thus stood at 36%.

The Confrontation between Supply and Demand in Treasury Bills (BDT) has had a visible impact on the part of the primary curve concerned by the lifting this week, the same source continues, specifying that the Rates of Return for the 26 weeks, 5 years and 15 years maturity are falling by 2, 32 and 25 PBS respectively, while the rest of the curve Primary remains stable.

Taking into account the announced monthly requirement of 12.3 billion dirhams, and the balance to be financed over the next two sessions, which amounts to 3.9 billion dirhams, AGR analysts anticipate slight pressures on the Treasury's BDT supply in the short term.