Money Market Report for the week ending 22 April

ECB Monetary Operations

On 14 April, the European

Central Bank (ECB) announced the seven-day main refinancing operation (MRO). The operation was conducted on 19 April and attracted bids from euro area eligible counterparties of €474m, €66m less than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.00%, in accordance with current ECB policy.

On 20 April, the ECB conducted the seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $214m, which was allotted in

full at a fixed rate of 0.58%.

Domestic Treasury Bill Market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 182-day bills for settlement value 21 April, maturing on 21 July and 20 October, respectively. Bids of €45m were submitted for the 91-day bills, with the Treasury accepting €40m, while bids of €45m were also submitted for the 182-day bills, with the Treasury accepting €15m. Since €36.60m worth of bills matured during the week, the outstanding balance of Treasury bills increased by €18.40m, to stand at

€797.40m.

The yield from the 91-day bill auction was -0.296%, decreasing by 0.2 basis point from bids with a similar tenor issued on 14 April, representing a bid price of €100.0749 per €100 nominal. The yield from the 182-day bill auction was - 0.286%, increasing by 3.1 basis points from bids with a similar tenor also issued on 14 April, representing a bid price of €100.1448 per €100 nominal.

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

On Tuesday the Treasury invited tenders for 91-day and 182-day bills maturing on 28 July and 27 October, respectively.