Attijari Global Research announced that the treasury raised more than 7 billion Dirhams (MMDH) during the first auction in January, marking the largest issuance since February 2024.

The Treasury raised more than 7 billion dirhams during the first auction session in January 2025. This operation was well received by the market, attracting demand in excess of 12 billion dirhams, a record over five months

Yields have shown a downward trend on 10-year, 20-year, and 30-year maturities, with declines of 5, 4, and 22 basis points respectively. However, the secondary curve showed an upward trend across all compartments

This strong demand shows increased investor confidence in the Treasury, although the funding requirement for January has not yet been announced. The Treasury seems to benefit from a favorable financing situation, with cash surpluses in excess of 12 billion dirhams and solid management of public finances

Analysts at Attijari Global Research (AGR) believe that the Treasury will be able to continue to fund itself without pressure on the auction market during the first quarter of 2025.

The state's public finances remain solid, with an estimated budget deficit of around 4% of GDP in 2024, allowing the Treasury to maintain a stable position in the bond market.