ECB Monetary Operations

On Monday, June 8, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, June 9, and attracted bids from euro area eligible counterparties of €90.39 billion, €2.13 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 0.05%, in accordance with current ECB policy.

On Wednesday, June 10, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve.  This operation attracted one bid of $0.11 billion, which was allotted in full at a fixed rate of 0.62%.

Domestic Treasury Bill Market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91- day bills maturing on September 11, 2015. Bids of €43.00 million were submitted, with the Treasury accepting €13.00 million. Since €1.00 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €12.00 million, to stand at €204.05 million.

The yield from the 91-day bill auction was -0.005%, unchanged from bids with a similar tenor issued on June 5, 2015, representing a bid price of 100.0013 per 100 nominal.   

During the week under review, there was no trading on the Malta Stock Exchange.

On Tuesday the Treasury invited tenders for 91-day and 181-day bills maturing on September 18 and December 17, 2015, respectively.