ECB monetary operations

On July 4, 2022, the European Central Bank announced the seven-day main refinancing operation (MRO). The operation was conducted on July 5 and attracted bids from euro area eligible counterparties of €1,040.50 million, €442.00 million less 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 July 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 $184.50 million, which was allotted in full at a fixed rate of 1.83 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 July 7, maturing on October 6, 2022 and January 5, 2023, respectively. Bids of €55 million were submitted for the 91-day bills, with the Treasury accepting €42 million, while bids of €20 million were submitted for the 182-day bills, with the Treasury accepting €18 million. Since €54.70 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €5.30 million, standing at €867.40 million.

The yield from the 91-day bill auction was 0.093 per cent, increasing by 5.3 basis points from bids with a similar tenor issued on June 30, representing a bid price of €99.9765 per €100 nominal. The yield from the 182-day bill auction was 0.431 per cent, increasing by 3.1 basis points from bids with a similar tenor also issued on June 30, representing a bid price of €99.7826 per €100 nominal.

During this week, there was no trading on the Malta Stock Exchange.

Today, July 12, the Treasury will invite tenders for 91-day and 273-day bills maturing on October 13, 2022 and April 13, 2023, respectively.