ECB monetary operations

On March 28, the European Central Bank announced the seven-day main refinancing operations. The operation was conducted on April 2 and attracted bids from euro area eligible counterparties of €2,195 million, €3,717 million less than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 4.50%, 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 $149.60 million, which were allotted in full at a fixed rate of 5.58%.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bill for settlement value April 4, maturing on July 4. Bids of €50.30 million were submitted for the 91-day bills, with the Treasury accepting €10.30 million.

Since €17.90 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €7.60 million, standing at €497.15 million. The yield from the 91-day bill auction was 2.998%, increasing by 7.50 basis points from bids with a similar tenor issued on March 28, representing a bid price of €99.2479 per €100 nominal. 

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

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

The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.