On March 19, the European Central Bank announced its weekly main refinancing operation (MRO). The operation was conducted on March 20 and attracted bids from euro area eligible counterparties of €1.54 billion, €0.52 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 March 21, 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 2.21 per cent.
In the domestic primary market for Treasury bills, the Treasury invited tenders 91-day and 182-day bills for settlement value March 22, maturing on June 21 and September 20, respectively. Bids of €30 million were submitted for the 91-day bills, with the Treasury accepting €12 million, while €35 million were submitted for the 182-day bills, with the Treasury accepting €5 million. Since €7 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €10 million, to stand at €246 million. The yield from the 91-day bill auction was -0.361 per cent, unchanged from bids with a similar tenor issued on March 15, representing a bid price of €100.0913 per €100 nominal. Similarly, yield from the 182-day bill auction was -0.361 per cent, unchanged from bids with a similar tenor also issued on March 15, representing a bid price of €100.1828 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 274-day bills maturing on June 28 and December 28, respectively.