2023-12-04 15:27:03
The easing of rates on the bond market should continue until the end of 2023, predicts Attijari Global Research (AGR) in its “Weekly Hebdo Taux – Fixed income” note for the period from November 24 to 30.
« Given the continuation of the comfortable situation of public finances and under the hypothesis of a significant materialization of the external financing provided for by the LF-2023 at 60 billion dirhams (billions of dirhams), we remain confident about the continuation of the relaxation rates by the end of 2023“, indicates AGR in its note.
Read also: The money market in balance from November 24 to 30, 2023 (AGR)
According to the same source, the 10-year Treasury bill (BdT), a benchmark on the bond market, experienced a clear easing during the last auction session, losing nearly 16 basis points (bps). This thus stood at 4.02%, a level not observed since the upward shock experienced by the primary bond curve in January 2023.
This relaxation of rates finds its origin mainly in the surplus cash situation of the Argentier de l’Etat, combined with a return of investors’ appetite towards BdT and mainly towards MLT maturities (medium and long term).
To this end, the demand for BdT exceeded 8 billion dirhams compared to a subscription of nearly 6 billion dirhams, i.e. a satisfaction rate for the session of 67%, specifies AGR, recalling that the Treasury has not yet announced its need. for the month of December 2023.
With M/AP
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