Issue link: https://maltatoday.uberflip.com/i/178572
13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 25 SEPTEMBER 2013 Money Market Report for the week ending 20 September 2013 ECB Monetary operations On Monday, 16 September, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, 17 September, and attracted bids from euro area eligible counterparties of €96.25 billion, €0.92 billion lower than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.50%, in accordance with current ECB policy. Also on Tuesday, 17 September, the ECB conducted an auction for a seven-day fixed-term deposit intended to absorb €190.5 billion. This operation was designed to sterilise the effect of purchases made under the Securities Markets Programme that were settled but had not yet matured by the previous Friday, 13 September. The auction was carried out at a variable rate, with euro area eligible counterparties allowed to place up to four bids at a maximum rate of 0.50%. It attracted bids amounting to €272.92 billion, with the ECB allotting €190.5 billion, or 69.80%, of the total bid amount. The marginal rate on the auction was set at 0.09%, with the weighted average rate at 0.08%. On Wednesday, 18 September, 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 $0.08 billion, which was allotted in full at Regular market closed – 22/09/2013 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap t BOV 4552 10785.600 5 2.370 2.350 2.370 2.350 -0.020 2.369 l CW 135000 99900.000 2 0.740 0.740 0.740 0.740 0.000 a fixed rate of 0.59%. Domestic Treasury Bill market In the domestic primary market for Treasury Bills, the Treasury invited tenders for 91-day bills maturing on 20 December 2013. Bids of €37.2 million were submitted, with the Treasury accepting €25.2 million. Since €10.45 million worth of bills matured during the week, the outstanding balance of Treasury Bills increased by €14.75 million, YOUR FIRST CLICK OF THE DAY 0.740 s HSB 13687 33858.960 7 2.480 2.469 2.475 2.480 0.005 MDS 1500 5250.000 1 3.500 3.500 3.500 3.500 -0.100 3.500 l MLT 40000 20000.000 1 0.500 0.500 0.500 0.500 0.000 0.500 s MSI 8756 7442.600 1 0.850 0.850 0.850 0.850 0.050 www.maltatoday.com.mt 2.474 t 0.850 l MTP 11000 12090.000 2 1.100 1.090 1.090 1.100 0.000 1.099 l PZC 44000 24640.000 1 0.560 0.560 0.560 0.560 0.000 0.560 s RS2 6110 11339.900 3 1.879 1.850 1.850 1.879 0.029 1.856 t G14C 127534 131872.370 2 103.420 103.400 103.420 103.400 -0.060 103.400 t G15B 28419 31286.480 1 110.090 110.090 110.090 110.090 -0.150 110.090 s G21A 25459 29051.260 3 114.110 114.110 114.110 114.110 0.070 114.110 t G22A 9550 10892.730 2 114.060 114.060 114.060 114.060 -0.400 114.060 l G31A 90000 98100.000 1 109.000 109.000 109.000 109.000 0.000 109.000 l BV19A 2000 2110.000 1 105.500 105.500 105.500 105.500 0.000 105.500 l BV19B 6000 6090.000 2 101.500 101.500 101.500 101.500 0.000 101.500 l BV20A 1000 1030.000 1 103.000 103.000 103.000 103.000 0.000 103.000 l FB13A 500000 499500.000 1 99.900 99.900 99.900 99.900 0.000 99.900 l MD18A 75000 78000.000 1 104.000 104.000 104.000 104.000 0.000 104.000 l MO19A 700 742.000 1 106.000 106.000 106.000 106.000 0.000 to stand at €426.15 million. The yield from the 91-day bill auction was 0.490%, that is, 0.1 basis points lower than on bills with a similar tenor issued on 13 September 2013, representing a bid price of 99.8763 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 91-day bills and 182-day bills maturing on 27 December 2013 and 28 March 2014, respectively. 106.000 The rates quoted above are against the EURO.