The bond market, also known as debt market, is a financial market where the

participants can put up debts securities for sale, known as the secondary market, or
issue new debts considered as the primary market. The main goal of bond market is
to provide long-term funding for both public and private institutions, besides this
financial market insure a certain return to the participant. Although this market is
less popular than the stock market, it still a fundamental component of the
Moroccan financial market. Thus, the bond market (known also as march des
taux), as a funding tool for government and private organizations, contributed with
more than 432 Milliards Dirham as a funding tool during the last decade.
Since the first emission of bonds which was realized by Credit Immobilier et
Hotelier- CIHin 1997, the debt market in Morocco flourished continuously. However,
this market is now facing numerous challenges such as lack of liquid assets, risk
aversion among investors and the slow dynamism of the bond market. Bonds are
considered as a mandatory financial instrument that fits the interest rate. One of
the most important type of bonds is the government bond, this one is mostly used
to measure credit risk and the cost of funding.
Traditionally, we distinguish between two bond categories, the ones issued by the
government or the public organizations (example: bon du trsor), and the others
that are issued from the private organizations (example: bon de socit de
financement). As each market, the debt market has its major actors, and here we
have to consider four types of actors: we have first government composed of
Ministre des Finances, Trsor, and lAutorit des Marchs Financirs AMF,
second there are issuers from the state, administrations, financial institutions and
finally non-financial companies. In order to complete a market, we need to consider
also the role of investors: OPCVM, private individuals, insurances and mutual funds,
Caisse dpargn CDC, and finally foreign investors. In addition to investors, there
are financial intermediaries such as credit institutions and investment firms.