Financing the Economy: Morocco’s Capital Market Expands in 2025

In 2025, the Moroccan capital market confirmed its role in financing the economy. Beyond the solid performance of the stock market, the year stood out for a sharp rise in capital raising — particularly in the private debt segment.

According to data from the Moroccan Capital Market Authority (AMMC), total capital raised reached 143.6 billion dirhams (MMDH) in 2025, up from 109.9 MMDH in 2024 — a 30.6 % increase. In absolute terms, this represents an additional 33.7 MMDH raised on the market within a single year. 

Corporate bonds see significant growth

The most visible movement concerns bonds issued by companies. The amount rose from 23.7 MMDH in 2024 to 50.9 MMDH in 2025, a 115.2 % increase. 

This growth was mainly driven by private placements. Bond issuances through private placements reached 38.8 MMDH in 2025, compared with 11.8 MMDH the previous year — a 229.5 % surge. 

In contrast, bond issuances through public offerings remained almost stable at 12.1 MMDH, compared with 11.9 MMDH in 2024. 

Commercial paper remains dominant, despite a 2025 decline

Negotiable debt securities (NDS) remain the main segment for capital raising, with 66.2 MMDH issued in 2025. However, this amount fell by 14.6 % compared with 2024, when issuances reached 77.5 MMDH. 

Specifically, certificates of deposit — issued exclusively by banks — declined by 39.4 % to 29.6 MMDH. Conversely, commercial paper rose by 48.1 % to 19.4 MMDH, while treasury bills increased by 10.9 % to 17.2 MMDH. 

Despite the overall drop in NDS, their role remains central in short‑ and medium‑term financing for issuers, still accounting for nearly half of private debt issuances in 2025. 

FPCTs and securitization: significant growth

There was also a notable increase in bonds issued by collective investment funds in securitization (FPCTs). The amount rose from 2.4 MMDH in 2024 to 15.5 MMDH in 2025.

This growth highlights the expanding role of securitization in financing schemes. It enables issuers to mobilize assets or receivables to raise resources on the market while diversifying their funding sources.

The total assets under management of FPCTs also increased significantly, from 17.4 MMDH to 31.8 MMDH, an 83 % rise according to the AMMC’s summary.

REITs gaining prominence

Real estate collective investment vehicles (REITs) are another noteworthy development. Their net assets reached 134 MMDH by the end of 2025, a 22.5 % increase over one year. The number of legally established REITs stands at 65. 

However, the most interesting signal is the completion of a first fundraising through a REIT in December 2025, amounting to 500 million dirhams (MDH). Although limited in size compared with bond issuances or NDS, this operation marks an important step in expanding the range of financing instruments available on the market. 

A market still led by the financial sector

The sectoral breakdown of debt issuances reveals a clear dominance of the financial sector (53 %), followed by the mining sector (15 %). Overall, the amount of bonds increased by 16.6 % year‑on‑year to reach 212 billion dirhams by the end of 2025. 

At the same time, the outstanding amount of negotiable debt securities rose to 96 MMDH, mainly supported by certificates of deposit issued by banking institutions (50.4 MMDH).

Bourse de Casablanca : les petits porteurs reviennent en force