ECB monetary operations
On July 6, the European Central Bank (ECB) announced the seven-day Main Refinancing Operation (MRO). The operation was conducted on July 7 and attracted bids from euro area eligible counterparties of €12,498.90 million, €674.40 million more than the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 2.40%, in accordance with current ECB policy.
On July 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 $128 million, which were allotted in full at a fixed rate of 3.88%.
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 July 9, maturing on October 8, and January 7, 2027, respectively.
Bids of €96.89 million were submitted for the 91-day bills, with the Treasury accepting €68.89 million, while bids of €46.67 million were submitted for the 182-day bills, with the Treasury
accepting €11.67 million. Since €45.89 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €34.67 million, standing at €849.37 million.
The yield from the 91-day bill auction was 2.316%, increasing by 1.50 basis points from bids with a similar tenor issued on July 2, representing a bid price of €99.4180 per €100 nominal. The yield from the 182-day bill auction was 2.258%, decreasing by 9.80 basis points from bids with a similar tenor also issued on July 2, representing a bid price of €98.8713 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury Bills amounted to €61,000, 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 October 15, 2026, and January 14, 2027, respectively.
This report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
