Issue link: https://maltatoday.uberflip.com/i/213780
13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 20 NOVEMBER 2013 Money Market Report for the week ending 15 November 2013 ECB Monetary Operations On Monday, 11 November, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, 12 November, and attracted bids from euro area eligible counterparties of €87.74 billion, €1.78 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 0.25%, in accordance with current ECB policy. On Tuesday, 12 November, the ECB conducted a special-term refinancing operation with a maturity of 28 days. This attracted bids of €3.19 billion, which was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.25%, also in accordance with the current ECB policy. Also on Tuesday, 12 November, the ECB conducted an auction for a seven-day fixed-term deposit intended to absorb €184.0 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, 8 November. 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 0.25%. It attracted bids amounting to €254.70 billion, with the ECB allotting €184.0 billion, or 72.24%, of the total bid amount. The marginal rate on the auction was set at 0.10%, with the weighted average rate at 0.09%. On Wednesday, 13 November, the ECB conducted a seven-day US dollar funding operation through Regular market closed – 19/11/2013 s t t s s l l l t t l s l t t t t t s t s s s l s s l l l t l l l l Symbol Code 6PM BOV CW FIM GO HSB LOM MIA MLT MSI MTP PZC RS2 SFC G14C G15A G16B G17C G21A G22B G23A G28A G28B G30A G31A G32AA AX16A CF19A IH19A IH20A IH21A MB15A MI17A PS17A Volume Traded 17000 45612 1857 7800 15000 4350 6566 1090 50000 2134 2000 500 8400 2800 6989 2330 6147 30000 1100 26200 32612 100000 131000 23600 10000 39000 1165 149000 4500 3300 3000 2000 21000 4660 Value Traded 11911.000 118649.230 1568.580 7370.410 23805.000 11571.000 12278.420 2335.550 26550.000 1771.220 2240.000 285.000 19320.000 7983.000 7180.500 2521.760 6812.110 33132.000 1262.910 28532.420 38948.510 105470.000 134006.600 26019.000 10963.000 40073.500 1199.950 154960.000 4648.950 3423.750 3097.500 2080.000 21440.880 4776.500 Trades 4 8 2 3 6 3 2 2 1 2 1 1 3 2 1 1 1 1 1 2 1 1 6 1 3 4 1 2 1 1 1 1 3 1 High Price 0.701 2.610 0.850 0.945 1.590 2.660 1.870 2.145 0.531 0.830 1.120 0.570 2.300 2.900 102.740 108.230 110.820 110.440 114.810 108.910 119.430 105.470 102.450 110.250 109.630 102.760 103.000 104.000 103.310 103.750 103.250 104.000 102.100 102.500 Low Price 0.700 2.600 0.840 0.944 1.580 2.660 1.870 2.140 0.531 0.830 1.120 0.570 2.300 2.850 102.740 108.230 110.820 110.440 114.810 108.900 119.430 105.470 102.100 110.250 109.630 102.750 103.000 104.000 103.310 103.750 103.250 104.000 102.090 102.500 Open Price 0.701 2.610 0.850 0.944 1.590 2.660 1.870 2.140 0.531 0.830 1.120 0.570 2.300 2.900 102.740 108.230 110.820 110.440 114.810 108.900 119.430 105.470 102.100 110.250 109.630 102.760 103.000 104.000 103.310 103.750 103.250 104.000 102.090 102.500 Close Price 0.701 2.600 0.840 0.945 1.590 2.660 1.870 2.145 0.531 0.830 1.120 0.570 2.300 2.850 102.740 108.230 110.820 110.440 114.810 108.910 119.430 105.470 102.450 110.250 109.630 102.750 103.000 104.000 103.310 103.750 103.250 104.000 102.100 102.500 Change 0.071 -0.009 -0.010 0.001 0.010 0.000 0.000 0.000 -0.001 -0.009 0.000 0.005 0.000 -0.050 -0.010 -0.100 -0.010 -0.040 0.110 -0.080 0.030 0.050 0.430 0.000 0.230 0.250 0.000 0.000 0.000 -0.250 0.000 0.000 0.000 0.000 Twap 0.701 2.601 0.845 0.945 1.587 2.660 1.870 2.143 0.531 0.830 1.120 0.570 2.300 2.851 102.740 108.230 110.820 110.440 114.810 108.900 119.430 105.470 102.300 110.250 109.630 102.750 103.000 104.000 103.310 103.750 103.250 104.000 102.100 102.500 collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.59% and did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 27-day bills maturing on 12 December 2013. Bids of €57.0 million were submitted, with the Treasury accepting €10.0 million. Since €69.4 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €59.4 million, to stand at €342.35 million. The yield from the 27-day bill auction was 0.420%, i.e. 9.0 basis points lower than on bills with a similar tenor issued on 8 November 2013, representing a bid price of 99.9685 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 maturing on 20 December 2013. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt The rates quoted above are against the EURO.