ECB monetary operations
On April 4, the European Central Bank announced the seven-day main refinancing operation (MRO). The operation was conducted on April 5 and attracted bids from euro area eligible counterparties of €408 million, €35 million more than 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 6, the ECB conducted the seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $232.50 million, which was allotted in full at a fixed rate of 0.60 per cent.
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 April 7, maturing on July 7 and
October 6, respectively. Bids of €67 million were submitted for the 91-day bills, with the Treasury accepting €37 million, while bids of €54.50 million were submitted for the 182-day bills, with the Treasury accepting €19.50 million. Since €40.80 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €15.70 million, standing at €754.70 million.
The yield from the 91-day bill auction was -0.327 per cent, increasing by 1.7 basis points from bids with a similar tenor issued on March 30, representing a bid price of €100.0827 per €100 nominal. The yield from the 182-day bill auction was -0.326 per cent, increasing by 2.5 basis points from bids with a similar tenor issued on March 30, representing a bid price of €100.1651 per €100 nominal.
During this week, there was no trading on the Malta Stock Exchange.
Today, the Treasury will invite tenders for 91-day and 182-day bills maturing on July 14 and October 13, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.