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15 BUSINESS & FINANCE maltatoday, WEDNESDAY, 23 OCTOBER 2013 Money Market Report for the week ending 18 October 2013 ECB Monetary Operations On Monday, 14 October, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, 15 October, and attracted bids from euro area eligible counterparties of €91.23 billion, €2.13 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, 15 October, the ECB conducted an auction for a seven-day fixed-term deposit intended to absorb €188.0 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, 11 October. 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 €219.44 billion, with the ECB allotting €188.0 billion, or 85.67%, of the total bid amount. The marginal rate on the auction was set at 0.15%, with the weighted average rate at 0.09%. On Wednesday, 16 October, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.62% and did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Regular market closed – 22/10/2013 Symbol Code s s t t s s s l l s t t t t t s t t s s t s s t t t t t t l s l s Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap BOV CW GO HSB LOM MDI MDS MIA MLT RS2 SFC TML G14C G15A G15B G16A G16B G17C G18A G20A G21A G22B G23A G28A G28B G29A G30A G31A BV18A BV19B IH21A MI17A MS23A 30342 26000 2177 6600 12090 2000 1450 5500 114200 10112 10000 13900 2000 16306 9318 9318 57071 10000 8153 11647 69962 16000 26789 29000 47000 93000 118300 69500 1500 2000 3300 2000 49800 2.500 0.845 1.450 2.620 1.900 0.250 3.300 2.000 0.520 2.050 2.799 0.513 103.060 108.460 109.660 113.470 110.820 110.340 126.330 116.000 114.300 108.290 118.880 105.210 101.750 108.170 109.780 108.810 102.500 102.050 103.250 104.000 104.100 2.481 0.840 1.450 2.620 1.900 0.250 3.300 2.000 0.520 2.040 2.799 0.513 103.060 108.460 109.660 113.470 110.820 110.340 126.330 116.000 114.300 108.290 118.880 105.210 101.750 108.170 109.780 108.810 102.500 102.050 103.250 104.000 104.000 2.500 0.845 1.450 2.620 1.900 0.250 3.300 2.000 0.520 2.050 2.799 0.510 103.060 108.460 109.660 113.470 110.820 110.230 126.330 116.000 114.300 108.290 118.880 105.210 101.750 108.170 109.730 108.810 102.500 102.050 103.250 104.000 104.100 0.020 0.020 -0.030 -0.005 0.040 0.010 0.050 0.000 0.000 0.010 -0.001 -0.002 -0.010 -0.090 -0.010 -0.010 0.120 -0.010 -0.050 0.020 0.120 -0.030 0.340 0.040 -0.010 -0.010 -0.060 -0.010 -3.250 0.000 0.250 0.000 0.100 2.495 0.842 1.450 2.620 1.900 0.250 3.300 2.000 0.520 2.046 2.799 0.511 103.060 108.460 109.660 113.470 110.820 110.310 126.330 116.000 114.300 108.290 118.880 105.210 101.750 108.170 109.770 108.810 102.500 102.050 103.250 104.000 104.090 75697.150 21890.000 3156.650 17292.000 22971.000 500.000 4785.000 11000.000 59384.000 20684.690 27990.000 7108.500 2061.200 17685.490 10218.120 10573.140 63246.080 11030.700 10299.680 13510.520 79966.570 17326.400 31846.770 30510.900 47822.500 100598.100 129859.740 75622.950 1537.500 2041.000 3407.250 2080.000 51839.000 12 3 1 2 3 1 1 2 5 7 1 3 1 1 1 2 4 2 1 1 8 1 3 2 2 3 4 3 1 1 1 1 7 2.480 0.840 1.450 2.620 1.900 0.250 3.300 2.000 0.520 2.040 2.799 0.510 103.060 108.460 109.660 113.470 110.820 110.230 126.330 116.000 114.300 108.290 118.880 105.210 101.750 108.170 109.730 108.810 102.500 102.050 103.250 104.000 104.000 Treasury bills, the Treasury invited tenders for 28-day bills and 91-day bills maturing on 15 November 2013 and 17 January 2014, respectively. Bids of €30.0 million were submitted for the 28-day bills, with the Treasury accepting all bids, while bids of €53.7 million were submitted for the 91-day bills, with the Treasury accepting €17.2 million. Since €28.0 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €19.2 million, to stand at €434.95 million. The yield from the 28-day bill auction was 0.444%, i.e. 0.5 basis point lower than on bills with a similar tenor issued on 11 October 2013, representing a bid price of 99.9655 per 100 nominal. The yield from the 91-day bill auction was 0.466%, i.e. 3.3 basis points lower than on bills with a similar tenor issued on 27 September 2013, representing a bid price of 99.8823 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 273-day bills maturing on 22 November 2013 and 25 July 2014, respectively. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt The rates quoted above are against the EURO.

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