ECB monetary operations
On December 8, the European Central Bank announced the seven-day Main Refinancing Operation. The operation was conducted on December 9 and attracted bids from euro area eligible counterparties of €7,983.50 million, €932.50 million less 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 December 10, 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 $26 million, which were allotted in full at a fixed rate of 3.91%.
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 December 11, maturing on March 12 and June 11, 2026, respectively.
Bids of €38.58 million were submitted for the 91-day bills, with the Treasury accepting all bids, while bids of €11.73 million were submitted for the 182-day bills, with the Treasury accepting €9.73 million. Since €36.41 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €11.90 million, standing at €752.30 million.
The yield from the 91-day bill auction was 2.083%, increasing by 3.20 basis points from bids with a similar tenor issued on December 4, representing a bid price of €99.4762 per €100 nominal.
The yield from the 182-day bill auction was 2.122%, increasing by 7.50 basis points from bids with a similar tenor also issued on December 4, representing a bid price of €98.9386 per €100 nominal.
During the week, there was no trading on the Malta Stock Exchange.
Today, December 16, the Treasury will invite tenders for 90-day and 182-day bills maturing on March 18 and June 18, 2026, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
