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Money market report for the week ending April 13

ECB monetary operations

On April 9, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on April 10 and attracted bids from euro area eligible counterparties of €1.67 billion, €0.63 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 April 11, 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 $0.08 billion, which were allotted in full at a fixed rate of 2.19 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day and 91-day bills for settlement value on April 12, maturing on May 10 and July 12, respectively. Bids of €23 million were submitted for the 28-day bills, with the Treasury accepting €3 million, while bids of €29 million were submitted for the 91-day bills, with the Treasury accepting €12 million. Since €8 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €7 million, to stand at €302 million.

The yield from the 28-day bill auction was -0.368 per cent, up by 0.7 basis point from bids with a similar tenor issued on February 22, representing a bid price of €100.0286 per €100 nominal. The yield from the 91-day bill auction was -0.353 per cent, down by 0.2 basis point from bids with a similar tenor issued on April 5, representing a bid price of €100.0893 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 July 19 and October 18, respectively.

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