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13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 27 NOVEMBER 2013 Money Market Report for the week ending 22 November 2013 ECB decisions On Friday, 22 November, the Governing Council of the European Central Bank (ECB) decided to suspend repayments of the three-year longer-term refinancing operations during the year-end period, in view of the expected low interest and the concentration of other operations owing to public holidays. Consequently, the last repayment of the year will be settled on 23 December 2013 and the amount of the repayment will be announced on 20 December. Repayment operations will resume in 2014 with a settlement on 15 January. The amount of this repayment will be announced on 10 January. The repayments that were tentatively scheduled for settlement on 30 December 2013 and 8 January 2014 will not take place. ECB Monetary Operations On Monday, 18 November, the ECB announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, 19 November, and attracted bids from euro area eligible counterparties of €86.88 billion, €0.86 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, 19 November, the ECB conducted an auction for a sevenday 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, 15 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 €218.12 billion, with the ECB allotting €184.0 billion, or 84.36%, of the total bid amount. The marginal rate on the Regular market closed – 26/11/2013 Symbol Code l Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap BOV 5600 2.600 2.600 2.600 0.000 2.600 14560.000 5 2.600 s GO 71889 117506.500 10 1.645 1.615 1.615 1.645 0.025 1.635 t HSB 27700 70735.000 8 2.570 2.550 2.570 2.550 -0.030 2.554 t LQS 1133 90.640 1 0.080 0.080 0.080 0.080 -0.020 MDS 2000 6700.000 1 3.350 3.350 3.350 3.350 0.000 Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day bills maturing on 20 December 2013. Bids of €65.5 million were submitted, with the Treasury www.maltatoday.com.mt 3.350 t MIA 615 1309.950 2 2.130 2.130 2.130 2.130 -0.015 2.130 t G14B 44260 46703.150 3 105.520 105.520 105.520 105.520 -0.010 105.520 t G14C 50888 52236.530 2 102.650 102.650 102.650 102.650 -0.050 102.650 t G15B 2330 2545.290 1 109.240 109.240 109.240 109.240 -0.220 109.240 t G15F 6000 6344.400 1 105.740 105.740 105.740 105.740 -0.220 105.740 t G16A 11677 13206.690 1 113.100 113.100 113.100 113.100 -0.260 113.100 t G16B 16306 18060.530 1 110.760 110.760 110.760 110.760 -0.050 110.760 t G17C 27500 30360.000 3 110.400 110.400 110.400 110.400 -0.020 110.400 s G19A 250000 309700.000 1 123.880 123.880 123.880 123.880 0.210 123.880 s G20B 20000 22606.000 1 113.030 113.030 113.030 113.030 0.040 113.030 s G21A 4659 5352.730 1 114.890 114.890 114.890 114.890 0.180 114.890 s G22A 13977 16101.500 1 115.200 115.200 115.200 115.200 0.090 115.200 s G28A 11000 11636.900 2 105.790 105.790 105.790 105.790 0.380 105.790 s G28B 151200 154971.500 4 102.500 102.330 102.500 102.500 0.270 102.490 s G29A 20000 21870.000 2 109.350 109.350 109.350 109.350 0.410 109.350 s G30A 20000 22128.000 1 110.640 110.640 110.640 110.640 0.100 110.640 s G31A 20000 21958.000 2 109.790 109.790 109.790 109.790 0.290 109.790 l G32AA 46000 47150.000 4 102.500 102.500 102.500 102.500 0.000 102.500 l BV19A 4100 4346.000 1 106.000 106.000 106.000 106.000 0.000 106.000 l BV20A 4700 4852.750 1 103.250 103.250 103.250 103.250 0.000 103.250 l GC16A 10500 9450.550 3 90.010 90.000 90.010 90.000 0.000 90.010 s MI17A 14800 15244.000 2 103.000 103.000 103.000 103.000 0.900 accepting €24.5 million. Since €38.0 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €13.5 million, to stand at €328.85 million. The yield from the 28-day bill auction was 0.401%, i.e. 1.9 basis points lower than on bills with a similar tenor issued on 15 November 2013, representing a bid price of 99.9688 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 91-day bills maturing on 27 December 2013 and 28 February 2014, respectively. YOUR FIRST CLICK OF THE DAY 0.080 l auction was set at 0.11%, with the weighted average rate at 0.09%. On Wednesday, 20 November, the ECB conducted an eight-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 0.58% and did not attract bids from euro area eligible counterparties. 103.000 The rates quoted above are against the EURO.

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