Issue link: https://maltatoday.uberflip.com/i/258814
maltatoday, WEDNESDAY, 12 FEBRUARY 2014 13 BUSINESS & FINANCE ECB decisions On Thursday, February 6, the Governing Council of the European Central Bank (ECB) decided to keep the interest rate on the main refinancing operations (MRO) unchanged at 0.25%. Interest rates on the marginal lending facility and on the deposit facility were also left unchanged at 0.75% and 0.00%, respectively. ECB Monetary Operations On Monday, February 3, the ECB announced its weekly MRO. The auction was conducted on Tuesday, February 4, and attracted bids from euro area eligible counterparties of €95.15 billion, €20.49 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. Also on Tuesday, February 4, the ECB conducted an auction for a seven- day fixed-term deposit intended to absorb €175.5 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, January 31. 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 €211.02 billion, with the ECB allotting €175.5 billion, or 83.17% of the total bid amount. The marginal rate on the auction was set at 0.25%, with the weighted average rate at 0.23%. On Wednesday, February 5, 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 0.58% 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 91-day and 182-day bills maturing on May 9 and August 8, 2014, respectively. Bids of €28.0 million were submitted for the 91- day bills, with the Treasury accepting €19.0 million, while bids of €39.0 million were submitted for the 182- day bills, with the Treasury accepting €27.0 million. Since €1.0 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €45.0 million, to stand at €330.67 million. The yield from the 91-day bill auction was 0.362%, i.e. 4.5 basis points higher than on bills with a similar tenor issued on January 24, 2014, representing a bid price of 99.9086 per 100 nominal. The yield from the 182-day bill auction was 0.636%, i.e. 9.2 basis points higher than on bills with a similar tenor issued on January 31, 2014, representing a bid price of 99.6795 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 181-day bills maturing on May 16 and August 14, 2014, respectively. Money Market Report for the week ending February 7, 2014 The rates quoted above are against the EURO. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt Regular market closed – 11/02/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap s BOV 13055 32252.860 13 2.475 2.470 2.470 2.470 0.010 2.471 s CW 2543 2085.260 1 0.820 0.820 0.820 0.820 0.010 0.820 s GO 21262 42508.690 6 2.000 1.995 2.000 1.995 0.015 1.999 l HSB 256 665.600 1 2.600 2.600 2.600 2.600 0.000 2.600 t IHI 3214 2828.320 1 0.880 0.880 0.880 0.880 -0.030 0.880 l LOM 1054 2002.600 1 1.900 1.900 1.900 1.900 0.000 1.900 l MIA 1500 3285.000 2 2.190 2.190 2.190 2.190 0.000 2.190 l MLT 14157 7644.780 3 0.540 0.540 0.540 0.540 0.000 0.540 l MSI 2376 2328.480 1 0.980 0.980 0.980 0.980 0.000 0.980 l MTP 1000 1100.000 1 1.100 1.100 1.100 1.100 0.000 1.100 t RS2 267 619.440 1 2.320 2.320 2.320 2.320 -0.015 2.320 s SFC 15868 46889.940 1 2.955 2.955 2.955 2.955 0.005 2.955 t G14A 65224 65687.090 1 100.710 100.710 100.710 100.710 -0.020 100.710 t G14B 22595 23577.880 1 104.350 104.350 104.350 104.350 -0.020 104.350 t G14C 122293 124420.900 1 101.740 101.740 101.740 101.740 -0.020 101.740 t G15A 123458 132075.370 1 106.980 106.980 106.980 106.980 -0.060 106.980 t G15B 103192 111818.850 3 108.360 108.360 108.360 108.360 -0.030 108.360 t G16A 34941 39144.400 1 112.030 112.030 112.030 112.030 -0.030 112.030 t G16B 13818 15220.530 2 110.150 110.150 110.150 110.150 -0.020 110.150 s G17C 15700 17284.130 3 110.090 110.090 110.090 110.090 0.010 110.090 t G18A 15000 18835.500 1 125.570 125.570 125.570 125.570 -0.030 125.570 t G21A 21327 24617.760 3 115.430 115.430 115.430 115.430 -0.060 115.430 t G22A 8619 10004.070 2 116.070 116.070 116.070 116.070 -0.260 116.070 t G22B 375800 412825.680 10 109.900 109.840 109.900 109.840 -0.110 109.850 t G28A 25000 26802.500 1 107.210 107.210 107.210 107.210 -0.090 107.210 t G28B 106000 109932.600 3 103.710 103.710 103.710 103.710 -0.140 103.710 t G29A 12000 13264.800 3 110.540 110.540 110.540 110.540 -0.120 110.540 t G30A 36600 41211.600 5 112.600 112.600 112.600 112.600 -0.390 112.600 t G31A 594000 665049.800 6 112.030 111.900 112.030 111.900 -0.550 111.960 t G32A 35000 36059.710 4 103.050 103.020 103.030 103.020 -0.440 103.030 l BV18A 5000 5275.000 1 105.500 105.500 105.500 105.500 0.000 105.500 t BV19B 8000 8201.300 2 102.520 102.500 102.520 102.500 -0.020 102.520 l GC16A 32300 27455.000 4 85.000 85.000 85.000 85.000 0.000 85.000