In its “Hebdo Rates” for the week of July 2-8, Attijari Global Research (AGR) maintained its scenario of rate stability on the bond market by the third quarter of this year.

During this 2nd auction session of July, the Treasury subscribed on the bond market for 2.4 billion dirhams (MMDH) against a request amounting to 4.8 billion MAD, i.e. a satisfaction rate of 50%, specifies the same source, adding that the cumulative amount of monthly collections has thus been increased to 5 billion dirhams, which corresponds to 49% of the announced monthly need of 10.25 billion dirhams. “Taking into account the comfortable situation of public finances, reflected in satisfaction rates around 50% and significant Treasury cash surpluses, we are maintaining our scenario of rate stability by Q3-2021”, indicates AGR. In addition, AGR reports that yields on the primary curve remain stable compared to last week, while a slight movement in the secondary curve has been observed.