The Treasury satisfaction rate on the bond market has reached annual highs, according to the “Weekly Hebdo Rates – Fixed Income” note from Attijari Global Research (AGR), which covers the period from July 8 to 14.
During the penultimate auction session of this month, the Treasury raises 2 billion dirhams (MMDH) against a request of 2.7 billion dirhams, specifies AGR, noting that the satisfaction rate of the session stands at 76%, one of the highest of the year 2022.
The Supply/Ask confrontation in Treasury bills (BDT) had a visible impact on the part of the primary curve affected by this week's exercise.
The rate of return on the 26-week maturity rose by 1 basis point and that of the 52-week maturity rose by 4 basis points. The rest of the primary curve remains stable.
At the end of this auction session, the cumulative amount of Treasury levies stands at 3.6 billion dirhams. Taking into account the announced monthly need of 7.3 billion dirhams, the balance to be financed during the next session is 3.6 billion dirhams.
All in all, AGR analysts remain confident of low Treasury BDT supply pressures in the near term.
Originally, a comfortable situation of the finances of the Treasury at the beginning of this 3rd quarter was reflected in the greater investments of its cash surpluses on the money market.