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BMC: The Bond Market Sees a Downward Trend Amid Long-Term Stability
The research center “BMC Capital Global Research” reported that the secondary bond market experienced a downward trend from January 29 to February 5, 2026.
The center explained in its Fixed Income Weekly report that the decline affected the maturities of bonds with durations of two years, 52 weeks, and five years, recording decreases of 6.59 basis points, 5.60 basis points, and 1.11 basis points, respectively.
Conversely, the long end of the yield curve improved, with increases of 3.18 basis points for the 20-year term and 0.83 basis points for the 15-year term.
In the primary bond market, the treasury raised 1.9 billion dirhams, or 17 percent of the proposed amount, through two-year bonds with a maximum yield of 2.7609 percent, resulting in a decrease of 6.7 basis points.
The Bank of Morocco is expected to increase its interventions in the financial market, with its 7-day advances set at 60.6 billion dirhams compared to 50.4 billion previously.
The center concluded its analysis by noting that a potential announcement regarding the treasury’s foray into international markets before the end of the first half of the year could alleviate pressure on interest rates, while hopes remain that tensions will not extend to medium- to long-term maturities, pending official confirmation.
