Money market report for the week ended June 27, 2025
Information on ECB monetary operations and the domestic Treasury bill market
ECB monetary operations
On June 23, the European Central Bank announced the seven-day main refinancing operation. The operation was conducted on June 25, and attracted bids from euro area eligible counterparties of €13,074.70 million, €4,446.70 million more than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 2.15%, in accordance with current ECB policy.
Also on June 25, the ECB conducted the three-month, longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average MRO rate over the life of the operation. The operation attracted bids of €6,394.00 million from euro area eligible counterparties
On June 25, 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 $37.10 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 181-day bills for settlement value June 26, maturing on September 25 and December 24, respectively.
Bids of €29.96 million were submitted for the 91-day bills, with the Treasury accepting €29.81 million, while bids of €30.33 million were submitted for the 181-day bills, with the Treasury accepting €13.19 million.
Since €22.86 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €20.14 million, standing at €664.27 million.
The yield from the 91-day bill auction was 1.998%, increasing by 2.90 basis point from bids with a similar tenor issued on June 19, representing a bid price of €99.4975 per €100 nominal.
The yield from the 181-day bill auction was 1.947%, increasing by 1.60 basis points from bids with a similar tenor also issued on June 19, representing a bid price of €99.0306 per €100 nominal.
During the week, there was no trading on the Malta Stock Exchange.
Today, July 1, the Treasury will invite tenders for 91-day and 181-day bills maturing on October 2 and December 31, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.