Bond fund (UCITS)
Bond UCITS invest in Treasury bonds and medium/long-term corporate bonds. They offer higher yields than money market UCITS (3.5 to 5%) but with volatility sensitive to interest rates.
Key characteristics
Annual yield
3.5-5%
Entry ticket
1 000 MAD
Horizon
2 to 5 years
Risk
2/5
Liquidity
Short (days)
How it works
Same mechanism as money market UCITS: buy/sell units via management company. NAV fluctuates with rate evolution: rate decrease = bond value increase (and vice versa).
Advantages
- Attractive yield vs passbook/DAT
- 15% taxation (discharge withholding)
- Liquidity within 2-5 days
- Diversification across many securities
Disadvantages
- Sensitive to interest rate changes
- Capital not guaranteed
- Management fees 0.8 to 1.5%
- Minimum 2-year horizon
2026 taxation
15% TPPRF on capital gains. Discharge withholding.
For whom?
Savers with medium-term horizon (2-5 years) accepting moderate volatility for higher returns.
Recommended institutions
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CIH BankBanque PopulaireBank of Africa