Kingdom
Bond Market: A Mixed Outlook for Interest Rates
During the latest auction session, the primary yield curve experienced a slight upward fluctuation, with the 26-week maturity advancing by 4 basis points in one week. A mixed direction was observed on the secondary curve, with variations ranging from -2 basis points to +1 basis point.
Bond market yields recorded a mixed trend during the week of December 26-31, 2025, according to Attijari Global Research (AGR).
This development follows the first auction session of January 2026, AGR indicates in its recent “Weekly Hebdo Taux – Fixed Income” note.
Concurrently, the Treasury raised over 3 billion dirhams (MMDH) on the primary market against a financing need not yet announced for the month. During this session, investor demand exceeded 9 billion dirhams, satisfied to a rate of 35%.
The primary yield curve experienced a slight upward fluctuation, with the 26-week maturity advancing by 4 basis points in one week. A mixed direction was observed on the secondary curve with variations ranging from -2 basis points to +1 basis point.
For AGR, the Treasury could finance itself without pressure on the auction market at the start of 2026, given its clearly surplus liquidity situation, justified by the level of its money market placements exceeding 14 billion dirhams.
