On April 1, the European Central Bank (ECB) announced its weekly main refinancing operations (MRO). The operation was conducted on April 2 and attracted bids from euro area eligible counterparties of €5.38 billion, €0.72 billion lower than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of zero per cent, in accordance with current ECB policy.

On April 3, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $0.05 billion, which was allotted in full at a fixed rate of 2.91 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills for settlement value April 4, maturing on July 4. Bids of €35 million were submitted, with the Treasury accepting €25 million. Since €25 million worth of bills matured during the week, the outstanding balance of Treasury bills remained unchanged at €340.8 million.

The yield from the 91-day bill auction was -0.349 per cent, a decrease of 0.2 basis point from bids with a similar tenor issued on March 28, representing a bid price of €100.0883 per €100 nominal.

During the week under review, there was no trading on the Malta Stock Exchange.

Today the Treasury will invite tenders for 91-day bills maturing on July 11.