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13 BUSINESS & FINANCE maltatoday, WEDNESDAY, 14 AUGUST 2013 Money Market Report for the week ending 9 August 2013 ECB Monetary Operations On Monday, 5 August, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, 6 August, and attracted bids from euro area eligible counterparties of €99.41 billion, €9.75 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 0.50%, in accordance with current ECB policy. On Tuesday, 6 August, the ECB conducted a special-term refinancing operation with a maturity of 35 days. This attracted bids of €3.91 billion, which was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.50%, also in accordance with the current ECB policy. Also on Tuesday, 6 August, the ECB conducted an auction for a seven-day fixed-term deposit intended to absorb €192.5 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, 2 August. 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 0.50%. It attracted bids amounting to €269.31 billion, with the ECB allotting €192.5 billion, or 71.48%, of the total bid amount. The marginal rate on the auction was set at 0.13%, with the weighted average rate at 0.11%. On Wednesday, 7 August, 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 Regular market closed - 13/08/2013 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap t BOV 19114 46334.600 6 2.450 2.420 2.450 2.420 -0.030 2.424 t FIM 1767 1687.490 1 0.955 0.955 0.955 0.955 -0.045 In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day and 273-day bills maturing on 6 September 2013, and 9 May 2014, respectively. Bids of €35.4 million were submitted for the 28-day bills, with the Treasury accepting €25.0 million, while bids of €64.0 million were submitted for the 273-day bills, with the Treasury accepting €25.0 million. Since €10.0 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €40.0 million, to stand at €342.85 million. The yield from the 28-day bill YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt 0.955 s GO 4000 6454.690 5 1.645 1.600 1.600 1.645 0.025 1.614 t HSB 16840 45267.400 8 2.690 2.670 2.690 2.690 -0.059 2.688 l IHG 54000 33600.000 5 0.650 0.620 0.650 0.650 0.000 0.622 t MIA 28000 56449.540 4 2.019 2.000 2.019 2.019 -0.001 2.016 s MTP 7610 7681.100 3 1.015 1.000 1.000 1.015 0.005 1.009 l RS2 30604 42845.600 4 1.400 1.400 1.400 1.400 0.000 1.400 t G14B 1000000 1072200.000 1 107.220 107.220 107.220 107.220 -0.040 107.220 t G14C 1019568 1058725.290 3 103.870 103.840 103.870 103.840 -0.040 103.840 t G16B 2330 2594.460 1 111.350 111.350 111.350 111.350 -0.080 111.350 t G21A 23335 26720.910 2 114.510 114.510 114.510 114.510 -0.040 114.510 l G28B 15000 15403.500 1 102.690 102.690 102.690 102.690 0.000 102.690 t G29A 15000 16308.000 1 108.720 108.720 108.720 108.720 -0.300 108.720 t G31A 23000 25194.200 1 109.540 109.540 109.540 109.540 -0.260 109.540 l FB13A 20000 20000.000 1 100.000 100.000 100.000 100.000 0.000 100.000 l MB15A 5500 5775.000 1 105.000 105.000 105.000 105.000 0.000 105.000 l MB19D 20000 20600.000 1 103.000 103.000 103.000 103.000 0.000 103.000 t MD18A 4000 4165.000 2 104.200 104.050 104.200 104.050 -0.150 104.130 l MI17A 9500 9832.500 1 103.500 103.500 103.500 103.500 0.000 103.500 auction was 0.452%, i.e. 56.7 basis points lower than on bills with a similar tenor issued on 30 November 2012, representing a bid price of 99.9649 per 100 nominal. The yield from the 273-day bill auction was 0.663%, i.e. 1.8 basis points higher than on bills with a similar tenor issued on 2 August 2013, representing a bid price of 99.4997 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 bills maturing on 15 November 2013. The rates quoted above are against the EURO.