On February 6, 2017, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on February 7, 2017, and attracted bids from euro area eligible counterparties of €29.60 billion, €2.05 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 zero per cent, in accordance with current ECB policy.

On February 8, 2017, 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 $0.24 billion, which was allotted in full at a fixed rate of 1.16 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 273-day bills for settlement value on February 9, maturing on May 11 and November 9, respectively. Bids of €15 million were submitted for the 91-day bills, with the Treasury accepting €2 million, while bids of €10 million were submitted for the 273-day bills, with the Treasury accepting €3 million. Since no bills matured during the week, the outstanding balance of Treasury bills increased by €5 million, to stand at €286.20 million.

The yield from the 91-day bill auction was -0.350 per cent, up by 4.3 basis points from bids with a similar tenor issued on February 2, representing a bid price of €100.0886 per €100 nominal.

The yield from the 273-day bill auction was -0.387 per cent, unchanged from bids with a similar tenor issued on January 5, representing a bid price of €100.2943 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 and 182-day bills maturing on May 18, and August 17, respectively.