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13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 8 JANUARY 2014 Money Market Report for the week ending January 3, 2014 ECB Monetary Operations On Friday, December 27, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Monday, December 30, and attracted bids from euro area eligible counterparties of €168.66 billion, €35.08 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 0.25%, in accordance with current ECB policy. Also on Monday, December 30, the ECB conducted an auction for a nine- day fixed-term deposit intended to absorb €178.5 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, December 27. 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 €104.84 billion, with the ECB allotting the full amount. The marginal rate on the auction was set at 0.25%, with the weighted average rate at 0.24%. Again on Monday, December 30, the ECB conducted a six-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 0.59% and did not attract bids from euro area eligible counterparties Once more on Monday, December 30, the ECB, in conjunction with the US Federal Reserve, conducted an 83-day US dollar funding operation through collateralised lending. This attracted a total bid amount of $100 million, which was allotted in full at a fixed rate of 0.59%. Regular market closed – 07/01/2014 s s s s l l s s s l l s l l t l t t s s t s t s s s s s s s s s s t Symbol Code BOV FIM GHM GO HSB IHG LOM LQS MDS MIA MTP PZC RS2 TML G14B G14C G15B G16A G16B G17C G18A G19A G19C G20B G21A G22A G22B G28A G28B G29A G30A G31A G32AA BV19A Volume Traded 76235 10000 6195 9000 22800 2500 3000 16910 38000 1400 4699 24000 5000 135000 11647 73609 66854 58235 85721 10000 116469 30283 5000 3000 142857 9318 129100 1000 120000 55000 52600 97900 352300 10000 Value Traded 205569.960 9850.000 11460.750 16717.640 58938.000 2125.000 5550.000 1590.000 49423.000 3052.000 5401.600 14197.190 11500.000 69550.000 12222.360 75235.760 72656.920 65403.740 94344.530 10967.000 145924.010 37075.470 5172.000 3368.100 163899.830 10748.310 141038.230 1065.900 123696.800 60819.000 58570.100 108375.300 360579.490 10601.000 Trades 35 1 2 2 5 1 1 4 3 1 4 3 1 4 1 3 2 3 3 1 1 2 1 1 7 1 6 1 5 3 6 6 8 2 High Price 2.701 0.985 1.850 1.860 2.585 0.850 1.850 0.101 1.302 2.180 1.150 0.600 2.300 0.520 104.940 102.210 108.680 112.310 110.060 109.670 125.290 122.430 103.440 112.270 114.730 115.350 109.530 106.590 103.100 110.580 111.350 110.700 102.410 106.010 Low Price 2.680 0.985 1.850 1.855 2.585 0.850 1.850 0.090 1.300 2.180 1.149 0.589 2.300 0.515 104.940 102.210 108.680 112.310 110.060 109.670 125.290 122.430 103.440 112.270 114.730 115.350 109.150 106.590 103.020 110.580 111.350 110.700 102.320 106.010 Open Price 2.700 0.985 1.850 1.855 2.585 0.850 1.850 0.101 1.302 2.180 1.149 0.589 2.300 0.520 104.940 102.210 108.680 112.310 110.060 109.670 125.290 122.430 103.440 112.270 114.730 115.350 109.150 106.590 103.020 110.580 111.350 110.700 102.330 106.010 Close Price 2.700 0.985 1.850 1.860 2.585 0.850 1.850 0.090 1.300 2.180 1.150 0.600 2.300 0.515 104.940 102.210 108.680 112.310 110.060 109.670 125.290 122.430 103.440 112.270 114.730 115.350 109.280 106.590 103.100 110.580 111.350 110.700 102.400 106.010 Change 0.010 0.010 0.030 0.005 0.000 0.000 0.040 0.005 0.020 0.000 0.000 0.020 0.000 0.000 -0.010 0.000 -0.020 -0.010 0.100 0.030 -0.360 0.010 -0.200 0.070 0.120 0.160 0.520 0.140 0.100 0.410 0.280 0.170 0.070 -0.090 Twap 2.697 0.985 1.850 1.858 2.585 0.850 1.850 0.094 1.301 2.180 1.150 0.592 2.300 0.515 104.940 102.210 108.680 112.310 110.060 109.670 125.290 122.430 103.440 112.270 114.730 115.350 109.250 106.590 103.080 110.580 111.350 110.700 102.350 106.010 Domestic Treasury Bill Market In the domestic primary marketfor Treasury bills, the Treasury invited tenders for 28-day and 273-day bills maturing on January 31 and October 3, 2014, respectively. Bids of €12.0 million were submitted for the 28-day bills, with the Treasury accepting €2.0 million, while bids of €23.0 million were submitted for the 273-day bills, with the Treasury accepting €3.0 million. Since €20.0 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €15.0 million, to stand at €233.12 million. The yield from the 28-day bill auction was 0.349%, i.e. 4.1 basis points lower than on bills with a similar tenor issued on November 29, 2013, representing a bid price of 99.9729 per 100 nominal. The yield from the 273-day bill auction was 0.520%, i.e. 6.4 basis points lower than on bills with a similar tenor issued on December 12, 2013, representing a bid price of 99.6072 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 and 273-day bills maturing on April 11 and October 10, 2014, respectively. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt The rates quoted above are against the EURO.

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