Money market report for the week ended October 17, 2025
Information on ECB monetary operations and the domestic Treasury bill market
ECB monetary operations
On October 13, the European Central Bank (ECB) announced the seven-day main refinancing operation (MRO). The operation was conducted on October 14 and attracted bids from euro area eligible counterparties of €8,177.50 million, €286.50 million less 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.
On October 15, 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 $25.70 million, which were allotted in full at a fixed rate of 4.36%.
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 October 16, maturing on January 15 and April 16, 2026, respectively.
Bids of €55.59 million were submitted for the 91-day bills, with the Treasury accepting €40.59 million, while bids of €37.60 million were submitted for the 182-day bills, with the Treasury accepting €21.22 million. Since €33.62 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €28.19 million, standing at €610.44 million.
The yield from the 91-day bill auction was 1.919%, decreasing by 2.66 basis points from bids with a similar tenor issued on October 9, representing a bid price of €99.5173 per €100 nominal.
The yield from the 182-day bill auction was 1.971%, increasing by 11.10 basis points from bids with a similar tenor also issued on October 9, representing a bid price of €99.0134 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury bills amounted to €25,000, all executed on the On-exchange market of the Malta Stock Exchange.
Today, October 21, the Treasury will invite tenders for 91-day and 182-day bills maturing on January 22 and April 23, 2026, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.