On Monday, June 29, the European Central Bank announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, June 30, and attracted bids from euro area eligible counterparties of €76.41 billion, €11.82 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, July 1, 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 $0.16 billion, 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 90-day and 181-day bills maturing on October 1 and December 31, respectively.
Bids of €10 million were submitted for the 90-day bills, with the Treasury accepting €5 million, while bids of €20 million were submitted for the 181-day bills, which were all accepted. Since €33 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €8 million, to stand at €222.55 million.
The yield from the 90-day bill auction was -0.003 per cent, unchanged from bids with a similar tenor issued on June 26, representing a bid price of 100.0008 per 100 nominal. The yield from the 181-day bill auction was 0.00 per cent, also unchanged from bids with a similar tenor issued on June 19, representing a bid price of 100.000 per 100 nominal.
During the week under review, there was no trading on the Malta Stock Exchange.
Today, the Treasury will invite tenders for 90-day bills maturing on October 8.