We study the eigenvalues (ordered by modulus) of the integral kernel $K(x,y) := \frac{1}{2} + \lfloor \frac{1}{x y}\rfloor - \frac{1}{x y}0<x,y\leq 1$). This kernel is of interest in connection with an identity of F. Mertens involving the M"obius function. We establish that , and prove that for all but finitely many positive integers . The first of these results is an application of the theory of Hankel operators; the proof of the second result utilises a family of degenerate kernels that are step-function approximations to . Through separate computational work on eigenvalues of () we obtain numerical bounds, both upper and lower, for specific eigenvalues of . Further computational work, on eigenvalues of ($N\in{ 2^{10},2^{11},\ldots ,2^{21}}$), leads us to formulate a quite precise conjecture concerning where on the real line the eigenvalues are located: we discuss how this conjecture could (if it is correct) be viewed as supportive of certain interesting general conjectures concerning the eigenvalues of .

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