On Monday, May 11, the European Central Bank announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, May 12, and attracted bids from euro area eligible counterparties of €90.62 billion, €4.61 billion lower 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 0.05 per cent, in accordance with current ECB policy.

On Wednesday, May 13, the ECB conducted a six-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.63 per cent and did not attract bids from euro area eligible counterparties.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 181-day bills maturing on August 14 and November 12, respectively. Bids of €15.50 million were submitted for the 91-day bills, with the Treasury accepting €1.50 million, while bids of €15 million were submitted for the 181-day bills, with the Treasury accepting €3.50 million. Since €6 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €1 million, to stand at €191.55 million.

The yield from the 91-day bill auction was 0.00 per cent, unchanged from the bids with a similar tenor issued on April 30, representing a bid price of 100 per 100 nominal. The yield from the 181-day bill auction was 0.00 per cent, unchanged from the bids with a similar tenor issued on May 8, representing a bid price of 100.00 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 bills maturing on August 21.