The essentials of the AGR note

Here is the essence of the “Weekly Hebdo Rate-Fixed Income” note from Attijari Global Research (AGR) which covers the period from June 10 to 16, 2022:

Money Market:

– Heading into the Q2-22 monetary policy meeting, the money market experienced mild volatility.

– Interbank rates this week reached their highest since June 2020, at 1.53%.

– The weekly average of MONIA rates rose this week to 1.46%, against 1.45% a week earlier.

– Monetary injections from the Central Bank through 7-day advances reached 44.9 billion dirhams (MMDH) against 34.7 billion dirhams a week earlier. At the same time, BAM provided 51.6 billion dirhams via guaranteed loans, repurchase agreements and currency swaps.

– On the side of Treasury investments, the average daily outstanding amount with reverse repo and blank is stable compared to last week.

Bond market:

– At a session at the end of June, the Treasury satisfied 64% of its need announced at the beginning of the month of 10.3 billion dirhams, or 6.6 billion dirhams.

– During this auction session, the treasurer of the State raises 2.9 billion dirhams, including 1.9 billion dirhams on the 26-week maturity. Taking into account a moderate demand which amounts to 3.3 billion dirhams, the completion rate for the session stands at 88%, ie a historic high.

– AGR anticipates the continuation of the Treasury’s moderate recourse to domestic debt over the next month.

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