ECB monetary operations
On February 10, the European Central Bank announced the seven-day main refinancing operations (MRO).
The operation was conducted on February 11 and attracted bids from euro area eligible counterparties of €6,174 million, €776 million less than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 2.90%, in accordance with current ECB policy.
On February 12, 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 $85.60 million, which were allotted in full at a fixed rate of 4.58%.
Domestic Treasury bill market
In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 182-day bills for settlement value February 13, maturing on May 15 and August 14, respectively.
Bids of €84.76 million were submitted for the 91-day bills, with the Treasury accepting €24.74 million, while bids of €28.31 million were submitted for the 182-day bills, with the Treasury accepting €5.60 million. Since €48.01 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €17.67 million, standing at €735.47 million.
The yield from the 91-day bill auction was 2.618%, decreasing by 3.00 basis points from bids with a similar tenor issued on February 6, 2025, representing a bid price of €99.3426 per €100 nominal. The yield from the 182-day bill auction was 2.476%, decreasing by 4.80 basis points from bids with a similar tenor also issued on February 6, representing a bid price of €98.7637 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury bills amounted to €188,000, all executed on the On-exchange market of the Malta Stock Exchange.
Today, February 18, the Treasury will invite tenders for 91-day and 182-day bills maturing on May 22 and August 21, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.