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Money market report for the week ended November 16

ECB monetary operations

On Monday, November 21, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on Tuesday, November 22, and attracted bids from euro area eligible counterparties of €33.72 billion, €1.08 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 Wednesday, November 23, the ECB conducted a six-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $1.34 billion, which was allotted in full at a fixed rate of 0.89 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day and 182-day bills maturing on December 22 and May 25, 2017, respectively.

Bids of €40 million were submitted for the 28-day bills, with the Treasury accepting €3 million, while bids of €60 million were submitted for the 182-day bills, with the Treasury accepting €30 million. Since €12 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €21 million, to stand at €271 million.

The yield from the 28-day bill auction was -0.394 per cent, down by 0.1 basis point from bids with a similar tenor issued on November 17, representing a bid price of 100.0307 per 100 nominal. The yield from the 182-day bill auction was 0.386 per cent, down by 0.7 basis point from bids with a similar tenor issued on October 27, representing a bid price of 100.1955 per 100 nominal.

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

Today, the Treasury will invite tenders for 28-day and 91-day bills maturing on December 29 and March 2, 2017, respectively.

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