ECB monetary operations
On April 2, the European Central Bank announced the seven-day Main Refinancing Operation (MRO). The operation was conducted on April 7 and attracted bids from euro area eligible counterparties of €11,895 million, €1,095 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 April 8, 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 $105 million, which were allotted in full at a fixed rate of 3.89%.
In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 273-day bills for settlement value April 9, maturing on July 9, 2026, and January 7, 2027, respectively.
Domestic Treasury bill market
Bids of €45.89 million were submitted for the 91-day bills, with the Treasury accepting all the bids. Similarly, the Treasury accepted all bids submitted for 273-day bills, which amounted to €4.28 million. Since €32.97 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €17.20 million, standing at €789.02 million.
The yield from the 91-day bill auction was 2.151%, increasing by 3.80 basis points from bids with a similar tenor issued on April 2, representing a bid price of €99.4592 per €100 nominal. The yield from the 273-day bill auction was 1.961%, increasing by 4.60 basis points from bids with a similar tenor issued on March 12, representing a bid price of €98.5347 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury Bills amounted to €249,000, which were executed on the On-exchange market of the Malta Stock Exchange.
Today, the Treasury will invite tenders for 91-day and 182-day bills maturing on July 16 and October 15, 2026, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
