Issue link: https://maltatoday.uberflip.com/i/183948
13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 2 OCTOBER 2013 Money Market Report for the week ending 27 September 2013 ECB Monetary Operations On Monday, 23 September, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, 24 September, and attracted bids from euro area eligible counterparties of €97.03 billion, €0.78 billion higher 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, 24 September, the ECB conducted an auction for a sevenday 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, 20 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 €248.47 billion, with the ECB allotting €190.5 billion, or 76.67%, of the total bid amount. The marginal rate on the auction was set at 0.19%, with the weighted average rate at 0.11%. On Wednesday, 25 September, the ECB conducted a three-month longer- term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation. The auction attracted bids of €8.61 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, 25 September, the ECB conducted an eight-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation attracted bids of $0.33 billion, which was allotted in full at a fixed rate of 0.58%. Regular market closed – 30/09/2013 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap s BOV 2481 6021.120 3 2.430 2.420 2.420 2.430 0.010 2.427 s CW 6250 4812.500 1 0.770 0.770 0.770 0.770 0.030 GO 2014 2980.720 1 1.480 1.480 1.480 1.480 -0.009 1.480 s HSB 18735 47523.630 6 2.550 2.515 2.515 2.550 0.035 2.537 t MDS 1500 4875.000 1 3.250 3.250 3.250 3.250 -0.250 3.250 l MIA 27000 51840.000 3 1.920 1.920 1.920 1.920 0.000 1.920 s RS2 10600 20912.000 2 1.980 1.970 1.970 1.980 0.030 1.973 s G22A 18400 21073.520 1 114.530 114.530 114.530 114.530 0.250 114.530 s G22B 30100 32580.700 2 108.250 108.200 108.200 108.250 0.290 108.240 s G28A 50000 52960.000 1 105.920 105.920 105.920 105.920 0.050 105.920 s G28B 35000 35875.000 2 102.500 102.500 102.500 102.500 0.320 102.500 s G28BC 248600 254556.200 10 102.400 102.390 102.390 102.390 0.040 102.400 t G30A 7500 8277.000 1 110.360 110.360 110.360 110.360 -0.040 110.360 t G31A 67000 73304.700 3 109.410 109.410 109.410 109.410 -0.030 109.410 t BV18A 255000 269328.900 4 105.750 105.600 105.750 105.600 -0.150 105.620 l IG19A 15300 15789.600 2 103.200 103.200 103.200 103.200 0.000 103.200 s MD18A 10000 10450.000 1 104.500 104.500 104.500 104.500 0.500 104.500 l MO19A 5700 6046.250 2 106.250 106.000 106.250 106.000 0.000 106.070 t TI20A 23300 24236.000 2 104.020 104.000 104.020 104.000 -0.020 auction was 0.499%, i.e. 0.9 basis point higher than on bills with a similar tenor issued on 20 September 2013, representing a bid price of 99.8740 per 100 nominal. The yield from the 182-day bill auction was 0.550%, i.e. 0.1 basis point lower than on bills with a similar tenor issued on 30 August 2013, representing a bid price of 99.7227 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day bills and 182-day bills maturing on 1 November 2013 and 4 April 2014, respectively. YOUR FIRST CLICK OF THE DAY 0.770 t Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills and 182-day bills maturing on 27 December 2013 and 28 March 2014, respectively. Bids of €31.0 million were submitted for the 91-day bills, with the Treasury accepting €15.0 million, while bids of €25.0 million were submitted for the 182-day bills, with the Treasury accepting €0.5 million. Since €19.0 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €3.5 million, to stand at €422.65 million. The yield from the 91-day bill 104.020 www.maltatoday.com.mt The rates quoted above are against the EURO.