Money market report for week ending January 18
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Money market report for week ending January 18

ECB monetary operations

On January 14, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The operation was conducted on January 15, and attracted bids from euro area eligible counterparties of €6.31 billion, €1.02 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 zer per cent, in accordance with current ECB policy. 

On January 16, 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 was allotted in full at a fixed rate of 2.91 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills and 273-day bills for settlement value January 17, maturing on April 18, and October 17, respectively. Bids of €42 million were submitted for the 91-day bills, with the Treasury accepting €22 million, while bids of €43 million were submitted for the 273-day bills, with the Treasury accepting €2. Since €21 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €3 million, to stand at €329 million.

The yield from the 91-day bill auction was -0.343 per cent, down by 0.1 basis point from bids with a similar tenor issued on January 10, representing a bid price of €100.0868 per €100 nominal. The yield from the 273-day bill auction was -0.300 per cent, an increase of 5.0 basis points from bids with a similar tenor issued on December 28, 2018, representing a bid price of €100.2280 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 April 25, and July 25, respectively.

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