Acceleration of Sovereign Debt Repayment in February 2026
After a mild January, the pace of sovereign debt repayment is set to accelerate in February 2026.
Internal Debt
The calendar includes the following short-term Treasury bonds:
- BTCT 26 weeks, due on 02/06/2026: 115,800 million dirhams (Mtnd)
- BTCT 52 weeks, due on 02/10/2026: 21,818 Mtnd
- BTCT 26 weeks, due on 02/20/2026: 66,000 Mtnd
- BTCT 52 weeks, due on 02/26/2026: 155 Mtnd
- BTCT 52 weeks, due on 02/25/2026: 1,200 Mtnd
Additionally, there will be repayment of certain lines from the first tranche of the 2023 national bond issue:
- ENAT1 2023 9.8% B: 29,650 Mtnd
- ENAT1 2023 T+1.75% B: 82,479 Mtnd
- ENAT1 2023 9.95% C: 16,266 Mtnd
- ENAT1 2023 T+1.95% C: 2,687 Mtnd
- ENAT1 HASSAN 2023 B: 0.010 Mtnd
The total internal debt to be repaid amounts to 1,558,618 Mtnd.
External Debt
Regarding external debt, there is the first tranche of the Saudi Arabian loan for $40 million. There will also be one of the nine scheduled tranches for the repayment of the IMF loan via the Extended Credit Facility 2016-2019, amounting to $26 million. However, the exact dates for external debt repayment are not available.
Assessment
Although these amounts are significant, they should not concern the Treasury, which has managed more complicated periods in the past. In addition to the availability of liquidity in the market and the possibility of refinancing this debt at lower rates, there is the option to resort to the Central Bank to draw on the 11,000 Mtnd voted by the 2026 finance law. From a treasury perspective, the situation is comfortable compared to what it was a few years ago.
