Morocco’s Capital Markets: Fundraisings Surpass MAD 83.7 Billion Through September 2025, Signaling Robust Debt Momentum

Moroccan debt markets | capital raising trends | emerging market fixed-income depth | institutional liquidity opportunities

Morocco’s capital markets recorded aggregate fundraisings of MAD 83.730 billion as of end-September 2025, advancing 8.6% year-over-year from MAD 77.129 billion, according to the Autorité Marocaine du Marché des Capitaux (AMMC)—a testament to sustained issuer confidence and deepening liquidity that enhances yield discovery for global fixed-income allocators amid the Casablanca Stock Exchange’s +34% YTD MASI trajectory.

September’s standalone activity reached MAD 6.677 billion, extending August’s MAD 77.053 billion base and underscoring resilient corporate and sovereign access in a low-rate environment (BAM interbank at 2.25%), with implications for EM debt satellites seeking 4-5% real yields buffered by MAD 429 billion reserves and 0.4% inflation.

Composition: Debt Instruments Drive the Expansion

•  Negotiable Debt Securities (TCN): MAD 50.160 billion, comprising short-to-medium-term paper that bolsters working capital for CSE-listed industrials and banks.

•  Bond Issuances: MAD 29.400 billion, reflecting longer-duration commitments from corporates and quasi-sovereigns, aligning with the MAD 114.8 billion 2026 capex pipeline.

Complementing this, securities lending-borrowing outstanding climbed to MAD 37.800 billion, up 4% YoY and 11% year-to-date—facilitating repo efficiencies and short-selling depth for sophisticated strategies.

Implications for Institutional Allocators: Yield Efficiency in a Scaling Market

This 8.6% YoY uptick—fueled by TCN and bonds—affirms Morocco’s maturation as a North African debt hub, where AMMC oversight ensures transparency and investor protections, inviting pension and SWF inflows into dirham-denominated curves trading at modest spreads to U.S. Treasuries. Amid OPCVM reforms ushering ETFs and UN de-risking, these dynamics offer tactical entry for carry trades, with September’s MAD 6.677 billion underscoring seasonal momentum ahead of year-end tenders—positioning EM fixed-income mandates for 7-9% total returns in a sub-3% deficit framework.