Curmi & Partners

Bond Market Overview

Friday, 23 February 2018

The local sovereign and corporate bond market remains the most active part of the MSE.  The diverse nature of the issuers gives the investor plenty of scope to select issues that suit their investment requirements.  Liquidity may be tight as bonds of high quality issuers are not always easy to find.

Corporate Bonds (EUR)

Bond
Maturity Date
Volume
Best Bid
(EUR)
Best Offer
(EUR)
Yield To Maturity
(%)
Yield To Worst
(%) *
Closing Price
(EUR)
Last Trade
Ranking
4.8% Bank of Valletta plc Notes 2018 27/08/2018 No Trades - 102.00 3.78% 3.78% 100.5 21/02/2018 Unsecured and Subordinated
5.9% HSBC Subordinated Bonds 2018 07/10/2018 No Trades 101.40 101.50 3.38% 3.38% 101.5 14/02/2018 Unsecured and Subordinated
6% Corinthia Finance plc 2019/22 29/03/2019 No Trades 103.50 - 5.03% 2.69% 103.5 19/07/2017 Unsecured and Guaranteed
4.25% Bank of Valletta plc Notes 2019 Series 2 Tranche 1 17/05/2019 No Trades 100.00 102.00 2.99% 2.99% 101.5 14/02/2018 Unsecured
5.35% Bank Of Valletta plc Sub Bonds 2019 15/06/2019 4,000 102.01 103.80 3.75% 3.75% 102.01 23/02/2018 Unsecured and Subordinated
6% MeDirect Bank plc Subordinated Bonds 2019-2024 28/11/2019 No Trades 104.05 - 5.27% 3.56% 104.05 08/01/2018 Unsecured and Subordinated
4.9% Gasan Finance Company plc Bonds 2019/2021 30/11/2019 No Trades 102.60 - 3.81% 2.68% 103.75 13/02/2018 Unsecured
7.5% MeDirect Bank plc Sub Bonds 2019 14/12/2019 No Trades 105.75 109.00 4.10% 4.10% 105.75 22/02/2018 Unsecured and Subordinated
4.8% Bank of Valletta plc Sub Bonds 2020 15/03/2020 No Trades 102.76 - 3.38% 3.38% 102.76 26/01/2018 Unsecured and Subordinated
5.5% Pendergardens Developments plc Secured 2020 Series I 31/05/2020 No Trades 104.20 109.00 2.94% 2.94% 105.5 19/02/2018 Secured
5.5% Mediterranean Investments Holdings plc Unsecured 2020 31/07/2020 No Trades 103.00 107.00 4.16% 4.16% 103 19/02/2018 Unsecured and Subordinated
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2020 No Trades 101.01 106.50 4.76% 3.56% 106 22/02/2018 Secured and Guaranteed
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 No Trades 98.84 102.00 6.38% 6.38% 96.02 22/02/2018 Unsecured
6% Mediterranean Investments Holdings plc 2021 22/06/2021 5,000 102.10 105.75 4.66% 4.66% 104 23/02/2018 Unsecured
5.8% IHI plc 2021 21/12/2021 100,000 105.70 - 4.15% 4.15% 105.71 23/02/2018 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 18,000 102.50 105.00 5.12% 5.12% 102.16 23/02/2018 Unsecured
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 55,700 103.20 106.00 4.17% 4.17% 103.21 23/02/2018 Unsecured
6% Pendergardens Developments plc Secured 2022 Series II 31/07/2022 37,000 108.56 114.50 3.75% 3.75% 109 23/02/2018 Secured
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2022 No Trades 104.25 105.99 4.99% 4.99% 104.24 13/02/2018 Unsecured and Subordinated
4.25% GAP Group plc Secured Bonds 2023 03/10/2023 No Trades 103.03 - 3.64% 3.64% 103.01 21/02/2018 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades 105.75 106.00 4.21% 4.21% 105.4 13/02/2018 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 105.10 - 4.97% 4.97% 104.02 22/01/2018 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 No Trades 109.00 113.00 3.92% 3.92% 111 20/02/2018 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 15,000 99.55 99.84 4.50% 4.50% 99.5 23/02/2018 Unsecured
6% International Hotel Investments plc 2024 15/05/2024 No Trades 107.12 109.99 4.66% 4.66% 107.06 15/02/2018 Unsecured
6% Island Hotels Group Holdings plc 2024 15/05/2024 No Trades 105.60 108.45 5.99% 5.99% 107.45 - Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 30,200 - - 3.68% 3.68% 109 23/02/2018 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 106.08 - 3.92% 3.92% 106.08 12/02/2018 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 5,400 105.75 106.00 3.96% 3.96% 106 23/02/2018 Secured
5.1% 1923 Unsecured Bonds 2024 04/12/2024 16,500 104.90 105.00 4.25% 4.25% 104.9 23/02/2018 Unsecured
5.75% International Hotel Investments plc 2025 13/05/2025 No Trades 106.00 108.75 4.31% 4.31% 108.75 22/02/2018 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades 104.50 - 3.63% 3.63% 105.5 02/02/2018 Unsecured
5.1% 6PM Holdings plc Unsecured 2025 31/07/2025 20,000 99.02 99.50 3.52% 3.52% 99.5 23/02/2018 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 1,200 105.00 105.02 3.74% 3.74% 105 23/02/2018 Unsecured
5.25% Central Business Centres plc Unsecured 2025 S2T1 30/12/2025 No Trades 105.01 - 4.48% 4.48% 105.01 20/02/2018 Unsecured
4.5% Medserv plc Unsecured Bonds 2026 05/02/2026 No Trades 103.51 - 3.98% 3.98% 103.52 30/01/2018 Unsecured
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 No Trades 103.00 104.00 3.67% 3.67% 104 22/02/2018 Unsecured and Guaranteed
4% MIDI plc Secured Bonds 2026 27/07/2026 14,000 104.00 104.50 3.44% 3.44% 104 23/02/2018 Secured
4% International Hotel Investments plc Secured 2026 29/07/2026 52,700 104.00 104.50 3.44% 3.44% 104 23/02/2018 Secured
3.9% Plaza Centres plc Unsecured Bonds 2026 22/09/2026 No Trades 100.25 - 3.90% 3.90% 100 22/02/2018 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 No Trades 105.00 109.00 3.89% 3.89% 108 22/02/2018 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured Bonds 2026 14/10/2026 5,000 104.50 - 4.17% 4.17% 104.5 23/02/2018 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 23,900 103.66 105.00 3.26% 3.26% 103.66 23/02/2018 Unsecured
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 No Trades 103.00 - 3.70% 3.70% 102.2 12/02/2018 Unsecured
4.35% SD Finance plc Unsecured Bonds 2027 25/04/2027 No Trades 104.00 106.00 3.70% 3.70% 105 21/02/2018 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 No Trades 104.50 - 3.38% 3.38% 104.8 20/02/2018 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured 2027 S1/17 T1 07/07/2027 No Trades 103.05 103.50 4.00% 4.00% 103.05 20/02/2018 Unsecured
3.75% Tumas Investments plc Unsecured Bonds 2027 10/07/2027 9,400 104.07 - 3.24% 3.24% 104.07 23/02/2018 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 9,000 107.00 107.00 3.62% 3.62% 107 23/02/2018 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 No Trades 106.00 - 3.01% 3.01% 106.01 22/02/2018 Unsecured
4% Stivala Group Finance plc Secured 18/10/2027 10,000 103.50 104.00 3.50% 3.50% 104 23/02/2018 Secured
3.75% Virtu Finance plc Unsecured Bonds 2027 30/11/2027 7,300 103.15 103.50 3.38% 3.38% 103 23/02/2018 Unsecured and Guaranteed
3.75% Bortex Group Finance plc Unsecured 2027 01/12/2027 No Trades 103.15 103.50 3.21% 3.21% 104.5 22/02/2018 Unsecured and Guaranteed
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 No Trades 99.90 100.00 3.50% 3.50% 99.99 21/02/2018 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades 99.60 100.00 3.50% 3.50% 100 19/02/2018 Unsecured and Subordinated

* Where more than one maturity date exists, YTW is calculated on earliest maturity date.

Corporate Bonds (GBP)

Bond
Maturity Date
Volume
Best Bid
(GBP)
Best Offer
(GBP)
Yield To Maturity
(%)
Yield To Worst
(%) *
Closing Price
(GBP)
Last Trade
Ranking
6% MeDirect Bank plc Subordinated Bonds 2019-24 28/11/2019 No Trades - - 5.27% 3.56% 104.06 13/09/2017 Unsecured and Subordinated
7.5% MeDirect Bank plc Sub Bonds 2019 14/12/2019 No Trades 103.01 - 5.67% 5.67% 103.01 05/12/2017 Unsecured and Subordinated
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2022 No Trades 102.00 - 4.99% 4.99% 100 - Unsecured and Subordinated

* Where more than one maturity date exists, YTW is calculated on earliest maturity date.

Corporate Bonds (USD)

Bond
Maturity Date
Volume
Best Bid
(USD)
Best Offer
(USD)
Yield To Maturity
(%)
Yield To Worst
(%) *
Closing Price
(USD)
Last Trade
Ranking
5.75% Medserv plc Unsecured Bonds 2026 05/02/2026 No Trades 103.51 - 5.20% 5.20% 103.51 22/02/2018 Unsecured

* Where more than one maturity date exists, YTW is calculated on earliest maturity date.

Government Bonds (EUR)

Bond
Maturity
Volume Traded
Closing Price
(Trading)
Central Bank Malta
(Closing Bid Price)
Yield To Maturity
(%) *
7% MGS 2017 (II) 31/12/2017 No Trades 0.00 108.50 #NUM!
3.85% MGS 2018 (V) 18/04/2018 No Trades - 100.51 0.14%
7.8% MGS 2018 (I) 15/07/2018 No Trades - 102.93 0.11%
7% MGS 2018 (II) 31/12/2018 No Trades - 114.26 0.13%
7% MGS 2018 (III) 31/12/2018 No Trades - 114.26 0.13%
3.2% MGS 2019 (V) 31/07/2019 No Trades - 104.32 0.17%
6.6% MGS 2019 (I) 01/09/2019 13,977 109.67 109.67 0.18%
3% MGS 2019 (III) 22/09/2019 No Trades - 104.44 0.16%
7% MGS 2019 (II) 31/12/2019 No Trades - 121.01 0.18%
4.6% MGS 2020 (II) 25/04/2020 No Trades - 109.50 0.19%
5.2% MGS 2020 (I) 10/06/2020 26,788 111.20 111.41 0.19%
3.35% MGS 2020 (IV) 31/07/2020 No Trades - 107.61 0.20%
2% MGS 2020 (V) 26/09/2020 No Trades - 104.61 0.21%
7% MGS 2020 (III) 31/12/2020 No Trades - 127.66 0.21%
5% MGS 2021 (I) 08/08/2021 86,088 116.31 116.31 0.25%
7% MGS 2021 (II) 31/12/2021 No Trades - 134.16 0.26%
7% MGS 2021 (III) 31/12/2021 No Trades - 134.16 0.26%
4.3% MGS 2022 (II) 15/05/2022 62,500 117.07 116.83 0.28%
1.5% MGS 2022 (IV) 11/07/2022 No Trades - 105.27 0.29%
5.1% MGS 2022 (I) 16/08/2022 46,588 121.34 121.34 0.29%
7% MGS 2022 (III) 31/12/2022 No Trades - 139.99 0.39%
5.5% MGS 2023 (I) 06/07/2023 No Trades - 126.27 0.52%
1.4% MGS 2023 (III) 11/11/2023 No Trades - 104.47 0.60%
1.4% MGS 2023 (III) FI 11/11/2023 No Trades - 105.83 0.45%
7% MGS 2023 (II) 31/12/2023 No Trades - 144.64 0.63%
3.3% MGS 2024 (I) 12/11/2024 No Trades - 116.20 0.81%
7% MGS 2024 (II) 31/12/2024 No Trades - 148.89 0.84%
7% MGS 2025 (I) 31/12/2025 No Trades - 152.66 1.03%
7% MGS 2026 (I) 31/12/2026 No Trades - 155.96 1.22%
1.5% MGS 2027 (I) 15/06/2027 No Trades - 101.74 1.30%
7% MGS 2027 (II) 31/12/2027 No Trades - 161.37 1.41%
4.8% MGS 2028 (I) 11/09/2028 38,000 132.27 132.27 1.48%
4.5% MGS 2028 (II) 25/10/2028 57,000 129.43 129.43 1.50%
2.3% MGS 2029 (II) 24/07/2029 70,000 110.00 107.63 1.57%
5.1% MGS 2029 (I) 01/10/2029 12,000 137.01 137.01 1.59%
5.25% MGS 2030 (I) 23/06/2030 15,000 139.76 139.76 1.67%
5.2% MGS 2031 (I) 16/09/2031 35,800 140.78 140.78 1.80%
4.65% MGS 2032 (I) 22/07/2032 No Trades - 134.78 1.88%
4.45% MGS 2032 (II) 03/09/2032 20,000 132.00 132.00 1.91%
4.3% MGS 2033 (I) 01/08/2033 No Trades - 131.45 1.93%
4.1% MGS 2034 (I) 18/10/2034 101,000 129.32 129.32 2.02%
2.2% MGS 2035 (I) 24/11/2035 No Trades - 102.82 2.01%
2.5% MGS 2036 (I) 17/11/2036 35,000 107.13 107.13 2.04%
2.1% MGS 2039 (I) 24/08/2039 No Trades - 100.12 2.09%
3% MGS 2040 (I) 11/06/2040 36,700 115.50 115.50 2.12%
2.4% MGS 2041 (I) 25/07/2041 26,000 104.53 104.53 2.15%

* Where more than one maturity date exists, YTM is calculated on earliest maturity date.