ECB monetary operations
On January 5, the European Central Bank announced the seven-day Main Refinancing Operation (MRO). The operation was conducted on January 7 and attracted bids from euro area eligible counterparties of €10,941 million, €14,017 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 January 7, 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 $122 million, which were allotted in full at a fixed rate of 3.89%.
Domestic Treasury bill market
In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day and 273-day bills for settlement value January 8, maturing on April 9, and October 8, respectively.
Bids of €91.71 million were submitted for the 91-day bills, with the Treasury accepting €12.44 million, while bids of €32.08 million were submitted for the 273-day bills, with the Treasury accepting €1.54 million. Since €32.63 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €18.64 million, standing at €784.73 million.
The yield from the 91-day bill auction was 2.074%, decreasing by 2.50 basis points from bids with a similar tenor issued on December 31, 2025, representing a bid price of €99.4785 per €100 nominal. The yield from the 273-day bill auction was 2.046%, decreasing by 8.60 basis points from bids with a similar tenor issued on December 24, 2025, representing a bid price of €98.4722 per €100 nominal.
During the week, secondary market turnover in Malta Government Treasury bills amounted to €2,021,000 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 April 16 and July 16, respectively.
The report is prepared by the Monetary Operations and Collateral Management Office of the Central Bank of Malta.
