On May 22, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on May 23 and attracted bids from euro area eligible counterparties of €15.92 billion, €1.94 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 May 24, 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 $0.04 billion, which was allotted in full at a fixed rate of 1.40 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills for settlement value May 25, maturing on August 24.

Bids of €37 million were submitted, with the Treasury accepting €5 million. Since €30 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €25 million, to stand at €209 million.

The yield from the 91-day bill auction was -0.321 per cent, down by a 0.2 basis point from bids with a similar tenor issued on May 18, representing a bid price of €100.0812 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 August 31, and November 30, respectively.