Gross Treasury collections on the auction market more than doubled in the fourth quarter of 2022 (Q4-2022) to 41.5 billion dirhams (MMDH), according to the Financial Studies and Forecasts Department (DEPF).
These fundraisings were predominated for the third consecutive quarter by short maturities at 76.7% after 70.1% in Q3-2022, followed by medium maturities whose share fell to 22.9% after 29, 9% in Q3-2022, indicates the DEPF in its January 2023 economic note.
Long maturities only represented 0.4% of fundraising for the quarter, as the Treasury has not used these maturities since March 2022, specifies the same source.
Similarly, Treasury reimbursements for Q4-2022 increased by 68.6% compared to Q3-2022 to stand at 37.6 billion dirhams. Thus, net treasury withdrawals stood at a positive level equivalent to 3.9 billion dirhams, after negative levels of -2.2 billion dirhams in Q3-2022 and -428.4 million dirhams (MDH) in Q2-2022 .
However, at the end of 2022, gross Treasury levies fell for the second consecutive year by 10.9% to stand at 128.8 billion dirhams after a decline of 5.4% in 2021. The drop recorded in for the year 2022 concerned the subscribed volumes of medium (-37.7% to 52 billion dirhams) and long (-66.2% to 12.3 billion dirhams) maturities, channeling respectively 40.4% and 9.6% lifts after 57.8% and 25.2% a year earlier.
On the other hand, the volume raised in short maturities recorded a notable strengthening, going from 24.6 billion dirhams in 2021 to 64.5 billion dirhams in 2022, thus predominating the liftings of the Treasury for the first time since 2014 up to 50% after 17 % the previous year.
Given the increase in Treasury repayments, compared to the previous year, by 11.2% to reach 109.7 billion dirhams at the end of 2022, net Treasury collections fell by 58.3% to set at 19.1 billion dirhams. In view of these developments, the outstanding amount of Treasury bonds issued by auction stood at 665.8 billion dirhams at the end of 2022, recording an increase of 0.6% compared to the end of September 2022 and 3 % compared to the end of December 2021.
And to continue that the structure of this outstanding remains dominated by long maturities although their share fell slightly by 1.7 points to stand at 55.9% after 57.6% at the end of December 2021, ahead of the average maturities whose share also fell by 1.6 points to 36.9%.
On the other hand, the share of short maturities, although still low, rose by 3.1 points to 7.1%.
As for the volume of bids on the auction market for Q4-2022, it increased compared to the previous quarter by 69.8% to reach 70.2 billion dirhams. Demand was mainly oriented towards short maturities at 76.9% after 62.5% in Q3-2022, ahead of medium maturities (21% after 27% in Q3-2022) and long maturities (2 .1% after 10.5% in Q3-2022). However, at the end of 2022, the volume of submissions fell, year-on-year, by 18% to 256.7 billion dirhams.
This decline concerns the volumes tendered for medium (-44.6% to 96.2 billion dirhams) and long (-42.7% to 31.1 billion dirhams) maturities, representing respectively 37.5% and 12.1% of the volume of submissions after 55.5% and 17.3% the previous year.
Conversely, that of short maturities increased by 52% to 129.5 billion dirhams, channeling 50.4% of the volume of bids against 27.2% a year earlier, notes the DEPF.
With regard to the primary weighted average rates of Treasury bill issues for Q4-2022, they continued their rise started in Q1-2022, recording increases, compared to the previous quarter, of between 11 and 117 basis points. .
As an annual average, after a downward trend, Treasury bond rates for 2022 moved upwards, recording increases compared to 2021 of between 6 and 63 basis points, at exception of the 30-year bond rate which has virtually stagnated.