On November 20, 2017, the European Central Bank announced its weekly main refinancing operation. The operation was conducted on November 21 and attracted bids from euro area eligible counterparties of €2.98 billion, €0.13 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 November 22, 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 1.64 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 for settlement value November 23, maturing on December 21 and May 24, 2018, respectively. Bids of €35 million were submitted for the 28-day bills, with the Treasury accepting €8 million, while bids of €65 million were submitted for the 182-day bills, with the Treasury accepting €20 million. Since €22 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €6 million, to stand at €189.40 million. The yield from the 28-day bill auction was -0.375 per cent, up by one basis point from bids with a similar tenor issued on November 16, representing a bid price of €100.0292 per €100 nominal. The yield from the 182-day bill auction was -0.326 per cent, down by 0.1 basis point from bids with a similar tenor issued on October 19, representing a bid price of €100.1651 per €100 nominal.
During the week under review, there was no trading on the Malta Stock Exchange.
Today, the Treasury will invite tenders for 29-day and 91-day bills maturing on December 29 and March 1, 2018, respectively.