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Surge in Treasury Uptake Signals Robust Financial Activity in the Primary Market
In a recent report titled "Fixed Income Weekly" by BMCE Capital Global Research (BKGR), the primary market has experienced a significant surge in treasury uptake, totaling an impressive 7.2 billion dirhams (MMDH) from December 22nd to 28th.
During the final auction session of the year, the Treasury attracted remarkable interest, leading to substantial demand. These operations resulted in noteworthy drops in interest rates, with a decline of 5.8 basis points (bps) on the 2-year line, 20.1 bps on the 10-year line, 24.0 bps on the 20-year line, and 25.8 bps on the 30-year line. Among the secondary rates, the most notable increase was observed on the 30-year line (+9.5 bps), while the sharpest declines were witnessed on the 15-year line (-7.2 bps) and the 10-year line (-6.5 bps).
Given the substantial financial requirements anticipated in early 2024, the Treasury is set to maintain a robust presence in the market, concurrently aiming to reduce primary rates amid generally favorable conditions.