Here are the main points of the “Weekly Hebdo Rate-Fixed Income” note, from Attijari Global Research (AGR), relating to the period from February 10 to 16, 2023:
Money Market :
– Treasury investments on the money market continue to accelerate to reach historic highs this week, with an average unsecured outstanding amount and with repurchase agreement of 47 billion dirhams (MMDH).
– The equilibrium of the money market is maintained. Interbank rates remain in line with the key rate at 2.50% and MONIA rates are hovering around their annual average at 2.42%.
– BAM increased its interventions this week to 90.8 billion dirhams.
– The bank liquidity deficit widened to 87.3 billion dirhams at the end of January 2023, once morest 62.9 billion dirhams a year earlier.
Bond market:
– The upward pressure on bond rates in the medium and long term segment should continue in the first half of this year (H1-2023). Originally, a significant supply on the primary market due to significant Treasury falls in the coming months.
– The Treasury subscribed on the public debt bond market for 1.8 billion dirhams, bringing the cumulative amount of its monthly collections to more than 28 billion dirhams.
– The rate of return on the 5-year maturity, 35% affected by the exercise, posted an appreciation of 18 basis points in one week to 4.08%.
– The 52-week maturity fell by 5 basis points over the same period.
