Money and bond markets: the essentials of AGR’s note

Here is the essence of the “Weekly Hebdo Rate-Fixed Income” note, published by Attijari Global Research (AGR) for the period from September 2 to 8, 2022:

• Money Market :

– The money market maintained its balance, with a weighted average rate (TMP) in line with the key rate at 1.5%.

– MONIA rates stabilized at 1.44% compared to last week.

– With regard to BAM’s weekly tender, the issuing institution is lowering its injections of liquidity this week while satisfying all of the demand from the banking system.

– Outstanding BAM interventions through its main and longer-term operations amounted to 101 billion dirhams (MMDH), against 103 billion dirhams a week earlier. – On the side of Treasury investments, the outstanding amount with reverse repurchase agreements and unsecured stabilized at low levels, ie at 2 billion dirhams.

• Bond market:

– The Treasury meets 55% of its needs announced at the start of the period, at the end of the second auction session in September.

– This auction session is marked by the continued increase in the profitability requirements of investors in the CMT compartment.

– The 52-week and 2-year maturities appreciated in one week by 9 basis points (PBS) and 4 PBS respectively. – Investor demand remains low at 5.4 billion dirhams against a Treasury subscription of 4 billion dirhams, ie a satisfaction rate of 36%.

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