Money market report for week ending February 8
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Money market report for week ending February 8

ECB monetary operations

On February 4, the European Central Bank (ECB) announced its weekly main refinancing operations (MRO). The operation was conducted on February 5 and attracted bids from euro area eligible counterparties of €5.42 billion, €1.15 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 February 6, 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 $0.06 billion, which was allotted in full at a fixed rate of 2.90 per cent.

Domestic Treasury bill market

In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills and 182-day bills for settlement value February 7, maturing on May 9, and August 8, respectively. Bids of €42 million were submitted for the 91-day bills, with the Treasury accepting €23.10 million, while bids of €37 million were submitted for the 182-day bills, with the Treasury accepting €2 million. Since €19 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €6.10 million, to stand at €393.10 million.

The yield from the 91-day bill auction was -0.347 per cent, down by 0.4 basis point from bids with a similar tenor issued on January 31, representing a bid price of €100.0878 per €100 nominal. The yield from the 182-day bill auction was -0.320 per cent, a decrease of 3.1 basis points from bids with a similar tenor also issued on January 31, representing a bid price of €100.1620 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 181-day bills maturing on May 16, and August 14, respectively.

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