The debt market has a central role in Morocco's financial industry. It is considered as a primordial financing tool, be it for the public or for the private sector.
The private debt market has developed considerably over this last year, to now take up, with Treasury bonds, more than ¾ of the assets held by the asset management companies.
The entry of private firms on the debt market permitted financial engineering to innovate and to propose sophisticated products that address the firms' needs (redeemable bonds, convertible bonds or bonds redeemable in shares, securitization, etc.).
Considering the success that these products benefit from, which present, of course, a higher return than Treasury bills, the fund managers should dispose of appropriate tools in order to analyze the opportunities, value products accurately and forecasting market trends.
Also, the interest rate curve is a critical item and building it with market data from the secondary Treasury market could create arbitrage caused by the lack of liquidity of certain tenors; hence the need to have proper models to build the interest rate curves.
After the difficulties that some companies have had reimbursing their debts, the actors on the market have become more careful on the quality of issuances and on the risk premiums and their estimations, thus, models for computing the risk premiums, default probabilities as well as default forecasting (such as Merton models) are critical.

MILLENIUM CAPITAL MARKETS offers the following services:
- Implementation of default probability models and spread models for Moroccan issuers
- Implementation of tools to follow and forecast issuer defaults
- Implementation of computation tools for Value-At-Risk for bond portfolios with respect to specific risk measure
- Help setting up internal models for regulatory requirements
- Implementation of an easy to use up to date database of financial statements of issuers
- Construction of the interest rate curve and of "Discount factors" as requested by the regulator
- Offering methodologies to build interest rate curve lacking liquidity
- Implementation of methods for curve interpolation
- Implementation and validation of pricers on all types of debt
- Implementation of stress and analysis tools for bonds' valuation
- Implementation and validation of pricers for Bonds (bonds convertible, etc.)
- Investment Advisory
- Help clients in their funds selection process through risk-return profiles
- Assist asset management firms in the setup of new investment strategies
- Help asset management companies with the launch of new investment funds
- Implementation of pricers for the valuation of Islamic financial products