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maltatoday, WEDNESDAY, 18 JUNE 2014 13 Business Today Money Market Report for the week ending June 13, 2014 The rates quoted above are against the EURO. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt Regular market closed – 17/06/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap t 6PM 500 355.000 1 0.710 0.710 0.710 0.710 -0.045 0.710 t BOV 52440 112145.140 25 2.181 2.110 2.170 2.140 -0.030 2.139 l GO 5000 10050.000 2 2.010 2.010 2.010 2.010 0.000 2.010 t HSB 43072 89561.210 9 2.100 2.070 2.100 2.070 -0.020 2.079 t IHI 931 713.120 2 0.780 0.760 0.780 0.760 -0.021 0.766 l MDS 8340 10008.000 3 1.200 1.200 1.200 1.200 0.000 1.200 t G14B 3495 3583.770 1 102.540 102.540 102.540 102.540 -0.020 102.540 t G15B 1165 1245.500 1 106.910 106.910 106.910 106.910 -0.020 106.910 t G15F 4000 4183.200 2 104.580 104.580 104.580 104.580 -0.040 104.580 s G16A 13978 15454.080 2 110.560 110.560 110.560 110.560 0.030 110.560 s G18A 1500 1894.200 1 126.280 126.280 126.280 126.280 0.110 126.280 s G19C 105700 113215.270 4 107.110 107.110 107.110 107.110 0.260 107.110 s G21A 5824 6900.280 1 118.480 118.480 118.480 118.480 0.150 118.480 s G22A 54742 65208.670 2 119.120 119.120 119.120 119.120 0.410 119.120 t G22B 111000 125751.900 3 113.290 113.290 113.290 113.290 -0.010 113.290 s G23A 15142 18559.550 2 122.570 122.570 122.570 122.570 0.580 122.570 s G24A 30000 31140.000 3 103.800 103.800 103.800 103.800 0.640 103.800 s G28B 35600 38985.560 5 109.510 109.510 109.510 109.510 0.100 109.510 s G30A 6000 7008.600 1 116.810 116.810 116.810 116.810 0.100 116.810 s G31A 5000 5767.000 1 115.340 115.340 115.340 115.340 0.470 115.340 s G32BA 26000 27281.800 2 104.930 104.930 104.930 104.930 0.100 104.930 t AX16A 10601 10601.000 1 100.000 100.000 100.000 100.000 -0.200 100.000 s AX24A 4900 5047.000 3 103.000 103.000 103.000 103.000 0.480 103.000 l BV19A 2500 2637.500 1 105.500 105.500 105.500 105.500 0.000 105.500 l CF19A 2400 2484.240 2 103.510 103.510 103.510 103.510 0.000 103.510 l GC16A 12600 10710.000 3 85.000 85.000 85.000 85.000 0.000 85.000 l GF21A 4200 4301.200 2 102.600 101.600 102.600 101.600 0.000 102.410 s IB15A 300000 303000.000 1 101.000 101.000 101.000 101.000 0.250 101.000 s IG24A 62300 64410.180 7 104.000 103.000 103.000 103.260 0.260 103.390 t IH21A 8500 8776.250 1 103.250 103.250 103.250 103.250 -0.750 103.250 l MB15A 32000 32640.000 3 102.000 102.000 102.000 102.000 0.000 102.000 s MB19A 200000 209000.000 1 104.500 104.500 104.500 104.500 1.000 104.500 s MI15A 33000 33645.000 2 103.000 101.500 101.500 103.000 1.000 101.950 ECB Monetary Operations On Monday, June 9, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, June 10, and attracted bids from euro area eligible counter- parties of €136.77 billion, €12.58 bil- lion lower than the bid amount of the previous week. The amount was allot- ted in full at a fixed rate equivalent to the prevailing MRO rate of 0.15%, in accordance with current ECB policy. Also on Tuesday, June 10, the ECB conducted a special term refinancing operation with a maturity of 28 days. This attracted bids of €9.97 billion, which was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.15%, also in accordance with current ECB policy. Furthermore on Tuesday, June 10, the ECB conducted an auction for a seven-day fixed-term deposit intended to absorb €162.50 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, June 6. 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 0.15%. It attracted bids amounting to €108.65 billion, with the ECB allotting the full amount. The marginal rate on the auction was set at 0.15%, with the weighted average rate at 0.13%. On Wednesday, June 11, 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 0.59% and once again 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 September 12 and December 12, 2014, respectively. Bids of €25.00 million were submitted for the 91-day bills, with the Treasury accepting €13.00 million, while bids of €60.25 million were submitted for the 182-day bills, with the Treasury accepting €17.00 million. Since €8.50 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €21.50 million, to stand at €388.87 million. The yield from the 91-day bill auction was 0.207%, i.e. 17.80 basis points lower than on bills with a similar tenor issued on June 6, 2014, representing a bid price of 99.9477 per 100 nominal. The yield from the 182-day bill auction was 0.399%, i.e. 21.30 basis points lower than on bills with a similar tenor issued on June 6, 2014, representing a bid price of 99.7987 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 and 182-day bills maturing on July 18 and December 19, 2014, respectively. Government debt: corporations have EUR 939 million in debt Last year the biggest share of debt was held by the Financial Corpora- tions sector, with 60.5%, followed by the Households and Non-profit institutions serving households (NPISH), with 31.4%. The share of non-residents was 7.0%, up from 6.1% in 2012. The Non-Financial Corporations sector held 1.2% of the debt. 'Securities other than shares', which includes the Malta Government Stocks and Treasury Bills, is by far the preferred debt instrument for General Government, with €4,813.7 million or 91.8% of the total debt in 2013. Other debt instruments are the 'loans' and 'currency' with 7.1% and 1.1% respectively. Almost all the debt owed by the General Government Sector is in national currency. The debt issued in foreign currencies is decreasing and last year it amounted to €0.5 million. The apparent cost of debt, which is the interest rate applicable to the whole nominal debt, was 4.3% in 2013, a decrease from 4.5% in 2012. For 2013, total government debt is estimated at €5,725.3 million compared to the nominal value of €5,243.1 million. For 2013, the time structure of the debt by initial maturity shows that €1,928.9 million, or 36.8%, was issued with a maturity of 15 to 30 years. This was followed with debt issued for 10 to 15 years (23.3%), 5 to 7 years (13.8%) and 1 to 5 years (10.4%). The average remaining maturity of total debt for 2013 increased to seven years nine months from seven years three months in 2012. In 2010, the average remaining maturity was five years ten months, showing that debt is being issued on a longer- term basis. The biggest share of debt by remaining maturity in 2013 is in the 1 to 5 year category, with €1,609.2 million, followed by categories 15 to 30 years (€942.5 million) and 7 to 10 years (€855.6 million). The government guarantees on borrowing amounted to €1,192.8 million, an increase of €6.8 million over the comparative period of 2012. The majority of government guarantees are issued towards the Public Non-Financial Corporations, which account for 78.8 % of the total guarantees. The yield from the 91-day bill auction was 0.207%, i.e. 17.80 basis points