ECB monetary operations
On November 17, the European Central Bank announced the seven-day Main Refinancing Operation (MRO). The operation was conducted on November 18, and attracted bids from euro area eligible counterparties of €11,530 million, €1,682.50 million more than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 2.15%, in accordance with current ECB policy.
On November 19, the ECB conducted an eight-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $38.50 million, which were allotted in full at a fixed rate of 4.14%.
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 November 20, maturing on February 19 and May 21, 2026, respectively. Bids of €20.94 million were submitted for the 91-day bills, with the Treasury accepting all bids. Similarly, the Treasury accepted all bids submitted for the 182-day bills which amounted to €14.02 million. Since €44.33 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €9.38 million, standing at €691.90 million.
The yield from the 91-day bill auction was 1.989%, decreasing by 0.90 basis point from bids with a similar tenor issued on November 13, representing a bid price of €99.4997 per €100 nominal. The yield from the 182-day bill auction was 2.026%, increasing by 0.30 basis point from bids with a similar tenor also issued on November 13, representing a bid price of €98.9861 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury bills amounted to €455,000 which were executed on the On-exchange market of the Malta Stock Exchange.
Today, November 25, the Treasury will invite tenders for 91-day and 182-day bills maturing on February 26 and May 28, 2026, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
