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Malta: money market report for the week ended April 22
ECB monetary operations
On April 14, the European Central Bank (ECB) announced the seven-day main refinancing operation (MRO).
The operation was conducted on April 19 and attracted bids from euro area eligible counterparties of €474 million, €66 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 April 20, 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 $214 million, which was allotted in full at a fixed rate of 0.58 percent.
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 21, maturing on July 21, and October 20, respectively.
Bids of €45 million were submitted for the 91-day bills, with the Treasury accepting €40 million, while bids of €45 million were also submitted for the 182-day bills, with the Treasury accepting €15 million. Since €36.60 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €18.40 million, standing at €797.40 million.
The yield from the 91-day bill auction was -0.296 percent, decreasing by 0.2 basis point from bids with a similar tenor issued on April 14, representing a bid price of €100.0749 per €100 nominal. The yield from the 182-day bill auction was -0.286 percent, increasing by 3.1 basis points from bids with a similar tenor also issued on April 14, representing a bid price of €100.1448 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 28 and October 27, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
ARTICLE WRITTEN BY TIMES MALTA.
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