Morocco’s debt market grew by nearly MAD 11 billion during the first four months of 2026, with total outstanding debt rising to MAD 1.144 trillion at the end of April from MAD 1.133 trillion at the end of December 2025.
According to the 14th edition of the Moroccan Capital Market Authority’s (AMMC) Capital Market Review, issuances reached MAD 83.06 billion during the period, compared with MAD 72.32 billion in repayments.
The resulting net increase of MAD 10.74 billion reflects steady growth in borrowing through the capital market. New financing exceeded maturing debt without significantly altering the overall trajectory of outstanding debt, with Treasury securities continuing to account for the largest share of the market.
Outstanding Treasury securities totaled MAD 805.69 billion, representing 70.4% of Morocco’s debt market. Bonds accounted for 19%, while negotiable debt instruments represented 8.5%. The remainder consisted of securities issued by securitization funds.
This distribution underscores the central role of sovereign debt while highlighting complementary financing instruments designed to meet different funding needs.
Treasury borrowings reached MAD 47.75 billion between January and April 2026, while repayments totaled MAD 43.51 billion, increasing the stock of Treasury securities by MAD 4.23 billion since the start of the year, according to the review.
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The maturity profile of new issuances also sheds light on the government’s financing strategy. Medium-term securities accounted for 79.3% of total borrowings, compared with 15.1% for short-term maturities and just 5.6% for long-term debt.
This suggests the Treasury sought to strike a balance between borrowing costs and spreading repayments over time.
A heavier reliance on short-term borrowing would have increased refinancing needs and required more frequent returns to the market. By favoring medium-term maturities, the Treasury was able to spread repayment obligations over several years while maintaining activity across the most liquid segments of the yield curve.
Yields on Treasury issuances ranged between 2.15% and 2.9%. According to the review, the Treasury raised nearly MAD 48 billion over four months within this relatively narrow range. These issuances also serve as pricing benchmarks for other borrowers, as sovereign yields form the basis for pricing private-sector bond financing.
Bonds support long-term financing
The bond market followed a different pattern, with all issuances during the first four months of 2026 focused exclusively on long-term maturities.
Bond issuances totaled MAD 6.5 billion during the period, with yields ranging from 2.75% to 4.37%, depending on the characteristics of each transaction and the issuer’s credit profile.
Repayments amounted to just MAD 1.83 billion, allowing outstanding bonds to increase by MAD 4.67 billion to reach MAD 216.81 billion. Although bonds still represent a much smaller share of the market than Treasury securities, their net growth slightly outpaced that of sovereign debt over the same period.
Unlike short-term instruments designed to address temporary liquidity needs, bonds provide issuers with long-term financing, broadening funding options beyond traditional bank lending.
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Negotiable debt instruments make up a third segment of the market, primarily serving short-term financing needs. Issuances reached MAD 27.7 billion, with banks accounting for 52.6% of the total, reflecting the sector’s reliance on these instruments to manage liquidity and funding.
Certificates of deposit represented the largest category, with outstanding debt of MAD 50.02 billion. They were followed by finance company notes at MAD 36.93 billion and commercial paper at MAD 10.76 billion.
Each instrument serves a specific type of issuer and financing horizon, allowing the market to meet needs ranging from day-to-day liquidity management to longer-term funding.
The review also highlighted the continued dominance of sovereign debt in securities lending. Lending transactions totaled MAD 163 billion between January and April 2026, up 36.6% year-on-year, with Treasury securities accounting for 97.9% of all traded volumes.
