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Treasury: gross fundraising fell by more than 14%

Gross Treasury levies at the level of the auction market fell, year-on-year, by 14.4% to 79.3 billion dirhams (MMDH) at the end of August 2022, according to the Financial Studies and Forecasts Department (DEPF). ).

This decline concerned the subscribed volumes of medium (-32.9% to 37.6 billion dirhams) and long (-43.6% to 12.2 billion dirhams) maturities, respectively channeling 47.5% and 15.3% of fundraising after 60.6% and 23.3% a year earlier, specifies the DEPF in its economic note for the month of September 2022.

On the other hand, the volume raised in short maturities increased by 96.8% to reach 29.5 billion dirhams, representing 37.2% of the raised after 16.2% the previous year. Given the 16% increase in Treasury repayments, compared to the previous year, to reach 66.5 billion dirhams at the end of August 2022, net Treasury collections fell by 63.8% to 12.8 billion dirhams. In view of these developments, the outstanding amount of Treasury bonds issued by auction stood at 659.4 billion dirhams at the end of August 2022, recording a slight decrease of 0.3% compared to the end of July 2022, remaining however on the rise. by 2% compared to the end of December 2021. The structure of this outstanding remains dominated by long maturities, although their share fell by 1.2 points to stand at 56.4% after 57.6% at the end of December 2021, ahead of average maturities, the share of which fell by 0.4 points to 38.1%. On the other hand, the share of short maturities remained low and increased by 1.4 points to 5.4%.

For the month of August 2022, the Treasury’s gross levies increased, compared to the previous month, by 33.3% to reach 6.9 billion dirhams, i.e. a level lower than the forecast need announced by the Treasury, being between 12 and 12.5 billion dirhams. These exercises related to short and medium maturities up to 83.7% and 16.3% respectively, whereas the previous month the Treasury exercises concerned only short maturities.

For their part, Treasury reimbursements for the month of August 2022 increased compared to last month by 15.3% to reach 9 billion dirhams. As a result, the Treasury’s net fundraising was negative for the second consecutive month of 2.1 billion dirhams after -2.6 billion dirhams in July 2022. With regard to the volume of bids on the auction market for the month of August 2022, it increased compared to the previous month by 15.7% to reach 12.3 billion dirhams. Demand was mainly oriented towards short maturities at 64.8% after 71.4% in July 2022, ahead of medium maturities (18.6% after 23.9% in July) and long maturities ( 16.6% after 4.7% in July).

At the end of the first eight months of 2022, the volume of submissions fell, year-on-year, by 19.6% to stand at 168 billion dirhams. This withdrawal concerned volumes tendered for medium (-33.6% to 75.1 billion dirhams) and long (-19.7% to 27.8 billion dirhams) maturities, representing respectively 44.7% and 16.5% of the volume submissions after 54.1% and 16.5% the previous year. On the other hand, that of short maturities appreciated by 6.1% to 65.2 billion dirhams, channeling 38.8% of the volume of bids against 29.4% a year earlier.

With regard to the evolution of the primary weighted average rates of Treasury bond issues for the month of August 2022, compared to the rates of the last issues, these continued their upward trend, recording increases of between 17 and 31 basis points.


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