Curmi & Partners

Bond Market Overview

Wednesday, 28 June 2017

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
6% Simonds Farsons Cisk plc Bonds 2017/20 15/06/2017 No Trades 102.96 106.00 4.93% - 102.9 20/06/2017 Unsecured
6.5% Island Hotels Group Holdings plc Bonds 2017/19 30/06/2017 No Trades - - 6.50% 6.30% 100 26/04/2017 Unsecured
6.2% Tumas Investments plc Bonds 2017-2020 09/07/2017 No Trades - - 5.10% -159.31% 103 24/05/2017 Unsecured
7.15% Mediterranean Investments Holdings plc EUR Bonds 2015-2017 23/07/2017 No Trades - - 6.91% 6.70% 100 17/05/2017 Unsecured
7% Grand Harbour Marina plc Bonds 2017/20 01/09/2017 No Trades - - 5.83% -10.62% 102.99 21/06/2017 Unsecured
4.8% Bank of Valletta plc Notes 2018 II 27/08/2018 No Trades 100.00 103.00 2.58% 2.58% 102.5 21/06/2017 Unsecured and Subordinated
5.9% HSBC Subordinated Bonds 2018 07/10/2018 No Trades 104.70 105.00 2.18% 2.18% 104.61 16/06/2017 Unsecured and Subordinated
6% Corinthia Finance plc 2019/22 29/03/2019 No Trades 102.50 104.50 5.62% 5.06% 101.5 14/12/2016 Unsecured and Guaranteed
4.25% Bank of Valletta plc € Notes 2019 Series 2 Tranche 1 17/05/2019 No Trades 104.00 - 2.06% 2.06% 104.01 16/06/2017 Unsecured
5.35% Bank Of Valletta plc Sub Bonds 2019 15/06/2019 No Trades 102.80 103.00 3.74% 3.74% 103 21/06/2017 Unsecured and Subordinated
6% Mediterranean Bank plc EUR Subordinated Bonds 2019-2024 28/11/2019 No Trades 103.25 - 5.45% 4.53% 103.25 19/06/2017 Unsecured and Subordinated
4.9% Gasan Finance Company plc Bonds 2019/2021 30/11/2019 No Trades 102.00 - 3.72% 2.85% 104.7 08/05/2017 Unsecured
7.5% Mediterranean Bank plc EUR Sub Bonds 2019 14/12/2019 No Trades - 113.00 4.93% 4.93% 105.75 20/06/2017 Unsecured and Subordinated
4.8% Bank of Valletta plc Sub Bonds 2020 15/03/2020 9,400 104.00 105.00 2.84% 2.84% 105 28/06/2017 Unsecured
5.5% Pendergardens Developments plc Secured € 2020 Series I 31/05/2020 No Trades 103.80 107.70 4.10% 4.10% 103.75 16/06/2017 Secured
5.5% Mediterranean Investments Holdings plc Unsecured € 2020 31/07/2020 No Trades 103.00 107.00 4.43% 4.43% 103 25/05/2017 Unsecured and Subordinated
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2020 No Trades 106.00 109.90 4.29% 2.97% 109.3 19/06/2017 Secured and Guaranteed
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 No Trades 99.45 102.00 5.43% 5.43% 98.5 27/06/2017 Unsecured
6% Mediterranean Investments Holdings plc Euro 2021 22/06/2021 2,100 101.01 104.25 5.71% 5.71% 101 28/06/2017 Unsecured
5.8% IHI plc 2021 21/12/2021 No Trades 106.50 111.00 4.13% 4.13% 106.65 16/06/2017 Unsecured
5.75% Central Business Centres plc Unsecured € 2021 S1T1 30/12/2021 No Trades 101.00 106.49 4.53% 4.53% 104.9 27/04/2017 Unsecured
6% Pendergardens Developments plc Secured € 2022 Series II 31/07/2022 No Trades 113.50 114.50 3.08% 3.08% 113.5 27/06/2017 Secured
4.25% GAP Group plc Secured € Bonds 2023 03/10/2023 14,500 101.52 102.00 3.88% 3.88% 102 28/06/2017 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades 102.76 105.00 3.85% 3.85% 108 29/05/2017 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 103.70 - 4.51% 4.51% 107 16/06/2017 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 No Trades 110.00 113.50 4.24% 4.24% 110 26/06/2017 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 18,000 99.50 99.99 4.40% 4.40% 99.99 28/06/2017 Unsecured
6% Island Hotels Group Holdings plc € 2024 15/05/2024 No Trades 107.00 109.90 4.56% 4.56% 108.3 26/06/2017 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 No Trades 106.20 115.00 4.27% 4.27% 106.13 23/06/2017 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 106.10 - 4.00% 4.00% 106.11 16/06/2017 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 No Trades 102.76 105.00 4.55% 4.55% 102.75 26/06/2017 Secured
5.1% PTL Holdings plc Unsecured Bonds 2024 04/12/2024 105,600 - 102.00 4.77% 4.77% 102 28/06/2017 Unsecured
5.75% International Hotel Investments plc 2025 13/05/2025 No Trades 105.51 107.00 4.89% 4.89% 105.5 26/06/2017 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades 106.00 106.50 3.62% 3.62% 106 19/06/2017 Unsecured
5.1% 6PM Holdings plc Unsecured €2025 31/07/2025 No Trades - - 4.14% 4.14% 106.5 26/04/2017 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 5,000 104.01 105.00 3.79% 3.79% 105 28/06/2017 Unsecured
5.25% Central Business Centres plc Unsecured € 2025 S2T1 30/12/2025 No Trades 103.98 105.00 4.68% 4.68% 103.98 27/04/2017 Unsecured
4.5% Medserv plc Unsecured EUR Bonds 2026 05/02/2026 No Trades 102.05 - 4.22% 4.22% 102.03 19/06/2017 Unsecured
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 No Trades 104.01 105.00 3.57% 3.57% 105 26/06/2017 Unsecured and Guaranteed
4% MIDI plc Secured Bonds 2026 27/07/2026 No Trades 102.95 104.00 3.61% 3.61% 103 27/06/2017 Secured
4% International Hotel Investments plc Secured € 2026 29/07/2026 8,000 103.00 103.44 3.61% 3.61% 103 28/06/2017 Secured
3.9% Plaza Centres plc Unsecured Bonds € 2026 22/09/2026 No Trades - - 3.75% 3.75% 101.15 22/05/2017 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 No Trades 105.05 106.50 4.33% 4.33% 105 27/12/2016 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured € Bonds 2026 14/10/2026 No Trades 102.50 104.00 4.33% 4.33% 103.5 21/06/2017 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 No Trades 101.70 103.00 3.50% 3.50% 102 27/06/2017 Unsecured
4% International Hotel Investments plc Unsecured Bonds € 2026 20/12/2026 No Trades 101.75 102.00 3.74% 3.74% 102 20/06/2017 Unsecured
4.35% SD Finance plc Unsecured € Bonds 2027 25/04/2027 No Trades 101.81 102.80 3.25% 3.99% 102.85 27/06/2017 Unsecured
4% Eden Finance plc Bonds 2027 28/04/2027 8,500.00 102.80 102.99 2.99% 3.65% 102.8 28/06/2017 Unsecured and Guaranteed
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 No Trades 98.10 99.38 3.65% 3.65% 98.5 27/06/2017 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades 90.00 98.00 3.69% 3.69% 98 27/06/2017 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
7.15% Mediterranean Investments Holdings plc GBP Bonds 2015-2017 23/07/2017 No Trades - - 86.21% 77.12% 95.05 07/02/2017 Unsecured
6% Mediterranean Bank plc GBP Subordinated Bonds 2019-24 28/11/2019 No Trades 104.00 - 5.33% 4.20% 104 26/10/2016 Unsecured and Subordinated
7.5% Mediterranean Bank plc GBP Sub Bonds 2019 14/12/2019 No Trades - - 6.12% 6.12% 103 04/04/2017 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
7.15% Mediterranean Investments Holdings plc USD Bonds 2015-2017 23/07/2017 No Trades - - 6.93% 6.70% 100 02/11/2016 Unsecured
5.75% Medserv plc Unsecured USD Bonds 2026 05/02/2026 No Trades - - 5.24% 5.24% 103.51 15/06/2017 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
(%) *
3.75% MGS 2017 (IV) 20/08/2017 No Trades - 100.51 -0.09%
4.25% MGS 2017 (III) 06/11/2017 No Trades - 101.50 -0.13%
7% MGS 2017 (I) 31/12/2017 No Trades 0.00 112.01 -0.12%
7% MGS 2017 (II) 31/12/2017 No Trades 0.00 112.01 -0.12%
3.85% MGS 2018 (V) 18/04/2018 No Trades - 103.10 -0.06%
7.8% MGS 2018 (I) 15/07/2018 2,330 108.02 108.02 0.06%
7% MGS 2018 (II) 31/12/2018 No Trades - 118.88 0.04%
7% MGS 2018 (III) 31/12/2018 No Trades - 118.88 0.04%
3.2% MGS 2019 (V) 31/07/2019 No Trades - 106.57 0.04%
6.6% MGS 2019 (I) 01/09/2019 11,647 114.19 114.19 0.03%
3% MGS 2019 (III) 22/09/2019 No Trades - 106.56 0.04%
7% MGS 2019 (II) 31/12/2019 No Trades - 125.77 0.06%
4.6% MGS 2020 (II) 25/04/2020 10,000 112.67 112.67 0.09%
5.2% MGS 2020 (I) 10/06/2020 No Trades - 114.96 0.10%
3.35% MGS 2020 (IV) 31/07/2020 No Trades - 109.95 0.11%
2% MGS 2020 (V) 26/09/2020 No Trades - 106.06 0.12%
7% MGS 2020 (III) 31/12/2020 No Trades - 132.37 0.13%
5% MGS 2021 (I) 08/08/2021 No Trades - 119.64 0.19%
7% MGS 2021 (II) 31/12/2021 No Trades - 138.70 0.22%
7% MGS 2021 (III) 31/12/2021 No Trades - 138.70 0.22%
4.3% MGS 2022 (II) 15/05/2022 No Trades - 119.58 0.25%
1.5% MGS 2022 (IV) 11/07/2022 No Trades - 106.18 0.26%
5.1% MGS 2022 (I) 16/08/2022 4,660 124.56 124.56 0.27%
7% MGS 2022 (III) 31/12/2022 No Trades - 144.58 0.34%
5.5% MGS 2023 (I) 06/07/2023 9,318 130.04 130.04 0.43%
1.4% MGS 2023 (III) 11/11/2023 No Trades - 105.64 0.50%
7% MGS 2023 (II) 31/12/2023 No Trades - 149.49 0.53%
3.3% MGS 2024 (I) 12/11/2024 No Trades - 118.67 0.69%
7% MGS 2024 (II) 31/12/2024 No Trades - 153.79 0.72%
7% MGS 2025 (I) 31/12/2025 No Trades - 157.35 0.93%
7% MGS 2026 (I) 31/12/2026 No Trades - 160.04 1.15%
1.5% MGS 2027 (I) 15/06/2027 No Trades - 103.52 1.13%
4.8% MGS 2028 (I) 11/09/2028 No Trades - 135.73 1.35%
4.5% MGS 2028 (II) 25/10/2028 138,000 133.11 132.81 1.36%
2.3% MGS 2029 (II) 24/07/2029 No Trades - 109.38 1.45%
5.1% MGS 2029 (I) 01/10/2029 No Trades - 140.77 1.45%
5.25% MGS 2030 (I) 23/06/2030 18,000 143.99 143.69 1.53%
5.2% MGS 2031 (I) 16/09/2031 No Trades - 145.11 1.63%
4.65% MGS 2032 (I) 22/07/2032 No Trades - 139.43 1.68%
4.45% MGS 2032 (II) 03/09/2032 No Trades - 136.56 1.70%
4.3% MGS 2033 (I) 01/08/2033 13,000 135.66 135.36 1.77%
4.1% MGS 2034 (I) 18/10/2034 No Trades - 132.85 1.87%
2.2% MGS 2035 (I) 24/11/2035 No Trades - 103.80 1.95%
2.5% MGS 2036 (I) 17/11/2036 175,300 106.02 105.72 2.14%
2.1% MGS 2039 (I) 24/08/2039 No Trades - 98.06 2.21%
3% MGS 2040 (I) 11/06/2040 No Trades - 113.13 2.26%
2.4% MGS 2041 (I) 25/07/2041 47,000 101.13 101.13 2.34%

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