Strong investor confidence as Moroccan treasury attracts $1.2 billion in demand

The Moroccan Treasury raised over $700 million in its first bond auction of 2025, achieving its largest issuance since February 2024. The operation attracted robust investor interest, with demand exceeding $1.2 billion, marking a five-month high.

Investor confidence was reflected in a decline in yields across 10, 20, and 30-year maturities, with respective drops of 5, 4, and 22 basis points. 

Despite this, the secondary market curve exhibited an upward shift across all maturities, indicating evolving demand for long-term debt and highlighting active market dynamics.

The success of the auction comes as Morocco’s fiscal management remains strong, with a budget deficit estimated at around 4% of GDP in 2024. This solid fiscal position has reinforced the Treasury’s credibility, enabling it to attract investors even in the absence of an official financing requirement for January.

The Treasury’s ability to secure significant funding amid global economic uncertainty underscores growing market confidence in Morocco’s public finances. 

The auction’s record-breaking demand and competitive pricing position Morocco as a reliable issuer, further bolstering its standing in the international bond market.