ECB monetary operations
On April 15, the European Central Bank (ECB) announced its weekly main refinancing operations (MRO). The operation was conducted on April 16, and attracted bids from euro area eligible counterparties of €5.40 billion, €0.07 billion higher than the bid amount of 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 17, 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 $0.05 billion, which was allotted in full at a fixed rate of 2.91 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 18, maturing on July 18, and October 17, respectively. Bids of €52 million were submitted for the 91-day bills, with the Treasury accepting €19 million, while bids of €48 million were submitted for the 182-day bills, with the Treasury accepting €3 million. Since €22 million worth of bills matured during the week, the outstanding balance of Treasury bills remained unchanged at €349.80 million.
The yield from the 91-day bill auction was -0.349 per cent, unchanged from bids with a similar tenor issued since April 4, 2019, representing a bid price of €100.0883 per €100 nominal. The yield from the 182-day bill auction was -0.300 per cent, a decrease of 0.4 basis point from bids with a similar tenor issued on February 14, representing a bid price of €100.1519 per €100 nominal. During the week under review, 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 25 and October 24, respectively.
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