On June 26, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on June 27 and attracted bids from euro area eligible counterparties of €11.64 billion, €0.12 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 June 28, the ECB conducted a three-month, longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation.

The operation attracted bids of €2.67 billion from euro area eligible counterparties. The amount was allotted in full in accordance with current ECB policy.

Also on June 28, 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 $3.06 billion, which was allotted in full at a fixed rate of 1.62 per cent.

Domestic Treasury Bill Market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 92-day and 184-day bills for settlement value June 28, maturing on September 28 and December 29, respectively. Bids of €12 million were submitted for the 92-day bills, with the Treasury accepting €2 million, while no bids were submitted for the 184-day bills.

Since no bills matured during the week, the outstanding balance of Treasury bills increased by €2 million, to stand at €186.40 million.

The yield from the 92-day bill auction was -0.339 per cent, up by 0.1 basis point from bids with a similar tenor issued on June 22, representing a bid price of €100.0867 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 October 5.