Money market report for week ending November 30
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Money market report for week ending November 30

ECB Monetary Operations

On November 26, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The operation was conducted on November 27 and attracted bids from euro area eligible counterparties of €6.54 billion, €0.18 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 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 €1.95 billion from euro area eligible counterparties. The amount was allotted in full in accordance with current ECB policy.

Also on November 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 $0.19 billion, which was allotted in full at a fixed rate of 2.72 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 29-day bills for settlement value November 29, maturing on December 28.

Bids of €70 million were submitted, with the Treasury accepting €17 million. Since €37 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €20 million, to stand at €290.10 million.

The yield from the 29-day bill auction was -0.356 per cent, a decrease of 0.1 basis point from bids with a similar tenor also issued on November 22, representing a bid price of €100.0287 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 March 7, and June 6, 2019, respectively.

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