EBC monetary operations
On November 24, the European Central Bank announced the seven-day Main Refinancing Operation (MRO). The operation was conducted on November 25 and attracted bids from euro area eligible counterparties of €12,068.00 million, €538m 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.
Also on November 25, the ECB conducted the three-month, longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average MRO rate over the life of the operation.
The operation attracted bids of €3,576m from euro area eligible counterparties.
On November 26, the ECB conducted a six-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $26.50n, 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 27, maturing on February 26 and May 28, 2026, respectively.
Bids of €21.59m were submitted for the 91-day bills, with the Treasury accepting all bids, while bids of €23.29m were submitted for the 182-day bills, with the Treasury accepting €21.29m.
Since €20.97m worth of bills matured during the week, the outstanding balance of Treasury bills increased by €21.91m, standing at €713.81m.
The yield from the 91-day bill auction was 1.979%, decreasing by 1.00 basis point from bids with a similar tenor issued on November 20, representing a bid price of €99.5022 per €100 nominal.
The yield from the 182-day bill auction was 2.001%, decreasing by 2.50 basis points from bids with a similar tenor also issued on November 20, 2025, representing a bid price of €98.9985 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury bills amounted to €269,000 which were executed on the On-exchange market of the Malta Stock Exchange.
Today, December 2, the Treasury will invite tenders for 91-day and 182-day bills maturing on March 5 and June 4, 2026, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
