Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 21 June 2019

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
4.25% Bank of Valletta plc Notes 2019 Series 2 Tranche 1 17/05/2019 No Trades - - #NUM! #NUM! 98 05/04/2019 Unsecured
5.35% Bank Of Valletta plc Sub Bonds 2019 15/06/2019 No Trades - - #NUM! #NUM! 99.95 24/05/2019 Unsecured and Subordinated
7.5% MeDirect Bank plc Sub Bonds 2019 14/12/2019 No Trades - 101.00 7.21% 7.21% 100 14/06/2019 Unsecured and Subordinated
4.8% Bank of Valletta plc Sub Bonds 2020 15/03/2020 No Trades 99.66 100.50 5.29% 5.29% 99.61 19/06/2019 Unsecured and Subordinated
5.5% Pendergardens Developments plc Secured 2020 Series I 31/05/2020 10,000.00 102.01 103.50 3.27% 3.26% 102.01 21/06/2019 Secured
5.5% Mediterranean Investments Holdings plc Unsecured 2020 31/07/2020 No Trades 99.00 102.75 5.49% 5.49% 100 10/06/2019 Unsecured and Subordinated
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 No Trades 98.00 99.99 6.12% 6.12% 98 17/06/2019 Unsecured
6% Mediterranean Investments Holdings plc 2021 22/06/2021 5,000.00 101.00 102.50 5.46% 5.46% 101 21/06/2019 Unsecured
4.9% Gasan Finance Company plc Bonds 2019/2021 30/11/2021 No Trades - 102.20 3.80% 3.08% 102.5 04/06/2019 Unsecured
5.8% IHI plc 2021 21/12/2021 No Trades 102.00 105.00 3.04% 3.04% 106.5 20/05/2019 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 No Trades 100.16 104.65 3.75% 3.75% 104.75 21/05/2019 Unsecured
6% Corinthia Finance plc 2019/22 29/03/2022 No Trades 100.50 102.98 5.91% 5.64% 100.2 23/05/2019 Unsecured and Guaranteed
3.65% GAP Group plc Secured Bonds 2022 05/04/2022 65,000.00 100.50 102.00 2.89% 2.89% 102 21/06/2019 Secured and Guaranteed
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 11,500.00 100.10 101.89 4.32% 4.32% 101.89 21/06/2019 Unsecured
6% Pendergardens Developments plc Secured 2022 Series II 31/07/2022 No Trades 110.00 112.00 2.36% 2.36% 110.75 19/06/2019 Secured
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2023 No Trades 100.03 100.75 5.80% 5.37% 100.75 19/06/2019 Secured and Guaranteed
4.25% GAP Group plc Secured Bonds 2023 03/10/2023 No Trades 103.50 104.00 3.23% 3.23% 104 20/06/2019 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades 102.00 - 4.52% 4.52% 103 29/05/2019 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 101.01 108.00 3.78% 3.78% 108 18/06/2019 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 36,500.00 118.00 119.00 1.85% 1.85% 118.5 21/06/2019 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 4,000.00 101.00 102.00 4.04% 4.04% 101.5 21/06/2019 Unsecured and Guaranteed
6% International Hotel Investments plc 2024 15/05/2024 No Trades 105.05 106.00 4.60% 4.60% 106 18/06/2019 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 No Trades 107.00 109.50 3.75% 3.74% 107 11/06/2019 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 108.50 110.00 2.98% 2.98% 109.5 14/06/2019 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 45,000.00 104.50 106.00 3.94% 3.94% 105 21/06/2019 Secured
6% MeDirect Bank plc Subordinated Bonds 2019-2024 28/11/2024 No Trades - 102.00 5.88% 4.65% 100.5 17/06/2019 Unsecured and Subordinated
5.1% 1923 Unsecured Bonds 2024 04/12/2024 15,000.00 103.25 104.00 4.26% 4.26% 104 21/06/2019 Unsecured
4.25% Best Deal Properties 2024 12/12/2024 24,000.00 100.50 103.90 3.63% 3.63% 103 21/06/2019 Secured amd Guaranteed
5.75% International Hotel Investments plc 2025 13/05/2025 No Trades 105.50 109.00 4.66% 4.66% 105.5 20/06/2019 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades 106.75 108.00 3.20% 3.20% 107 18/06/2019 Unsecured
5.1% 6PM Holdings plc Unsecured 2025 31/07/2025 No Trades 101.55 102.90 4.54% 4.54% 102.9 20/06/2019 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 No Trades 103.00 103.80 3.82% 3.82% 103.8 20/06/2019 Unsecured
5.25% Central Business Centres plc Unsecured 2025 S2T1 30/12/2025 5,000.00 100.01 - 4.36% 4.36% 105 21/06/2019 Unsecured
4.5% Medserv plc Unsecured Bonds 2026 05/02/2026 100,000.00 - 99.90 4.52% 4.52% 99.9 21/06/2019 Unsecured
4.35% Hudson Malta plc Bonds 2026 06/04/2026 No Trades 103.00 104.20 3.84% 3.84% 103 20/06/2019 Unsecured and Guaranteed
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 No Trades 103.50 105.00 3.66% 3.66% 103.5 20/06/2019 Unsecured and Guaranteed
4% MIDI plc Secured Bonds 2026 27/07/2026 No Trades 104.30 105.00 3.31% 3.31% 104.3 19/06/2019 Secured
4% International Hotel Investments plc Secured 2026 29/07/2026 No Trades 103.50 104.00 3.84% 3.84% 101 19/06/2019 Secured
3.9% Plaza Centres plc Unsecured Bonds 2026 22/09/2026 No Trades 101.50 - 3.66% 3.66% 101.5 05/06/2019 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 No Trades 102.00 106.00 4.03% 4.03% 106 31/05/2019 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured Bonds 2026 14/10/2026 No Trades 102.00 104.00 4.47% 4.47% 102 17/06/2019 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 No Trades 102.05 102.50 3.43% 3.43% 102.02 20/06/2019 Unsecured
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 No Trades 101.50 102.40 3.63% 3.63% 102.35 19/06/2019 Unsecured
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 No Trades 102.00 102.20 3.64% 3.64% 102.3 20/06/2019 Unsecured
4.5% Endo Finance plc Bonds 2027 22/03/2027 No Trades - 100.50 4.44% 4.44% 100.45 11/06/2019 Unsecured and Guaranteed
3.75% Mercury Finance plc 2027 27/03/2027 10,000.00 101.50 101.85 3.52% 3.52% 101.51 21/06/2019 Secured
4.35% SD Finance plc Unsecured Bonds 2027 25/04/2027 3,500.00 101.03 103.50 3.81% 3.81% 103.6 21/06/2019 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 No Trades 105.01 - 3.26% 3.26% 105.01 19/06/2019 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured 2027 S1/17 T1 07/07/2027 No Trades 100.06 103.40 3.90% 3.90% 103.4 03/05/2019 Unsecured
3.75% Tumas Investments plc Unsecured Bonds 2027 10/07/2027 No Trades 104.01 106.00 3.18% 3.18% 104 11/06/2019 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 No Trades 100.00 104.00 4.21% 4.21% 102 20/06/2019 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 No Trades 107.01 - 2.54% 2.54% 107.01 19/06/2019 Unsecured
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades 101.50 105.00 4.27% 3.37% 105 03/05/2019 Unsecured and Subordinated
4% Stivala Group Finance plc Secured 18/10/2027 No Trades 103.50 104.00 3.37% 3.37% 104.5 19/06/2019 Secured
3.75% Virtu Finance plc Unsecured Bonds 2027 30/11/2027 No Trades 103.75 104.25 3.23% 3.23% 103.75 19/06/2019 Unsecured and Guaranteed
3.75% Bortex Group Finance plc Unsecured 2027 01/12/2027 No Trades 101.75 102.75 3.51% 3.50% 101.75 13/06/2019 Unsecured and Guaranteed
3.85% Hili Finance Company plc Unsecured 2028 24/07/2028 No Trades 103.00 104.00 3.46% 3.46% 103 20/06/2019 Unsecured
4% Exalco Finance plc Secured Bonds 2028 20/08/2028 No Trades 103.00 106.50 3.17% 3.17% 106.5 19/06/2019 Secured and Guaranteed
4.85% Melite Finance Secured Bonds 2028 23/11/2028 No Trades - 104.90 4.08% 4.08% 105.9 22/03/2019 Secured
4.15% Phoenicia Finance Company plc Unsecured 2023-2028 15/12/2028 No Trades 102.51 103.95 3.65% 3.18% 103.95 11/06/2019 Unsecured and Guaranteed
4% SP Finance plc Secured 2029 03/05/2029 3,800.00 101.10 102.39 3.81% 3.81% 101.5 21/06/2019 Secured
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 No Trades - 100.00 3.50% 3.50% 100 19/06/2019 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades - 100.00 3.48% 3.48% 100.2 13/06/2019 Unsecured and Subordinated
4.25% Mercury Finance plc 2031 27/03/2031 No Trades 102.62 103.00 3.93% 3.92% 103 20/06/2019 Secured

* 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
7.5% MeDirect Bank plc Sub Bonds 2019 14/12/2019 No Trades - 102.50 1.04% 1.04% 103.01 - Unsecured and Subordinated
6% MeDirect Bank plc Subordinated Bonds 2019-24 28/11/2024 No Trades - - 5.12% 3.03% 104.06 - Unsecured and Subordinated
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades - - 5.00% 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 - 99.30 5.84% 5.84% 99.5 14/05/2019 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 2018 (III) 31/12/2018 No Trades - - #N/A
FR MGS 2019 (IV) 25/03/2019 No Trades - - #N/A
3.2% MGS 2019 (V) 31/07/2019 No Trades 100.34 - -0.22%
6.6% MGS 2019 01/09/2019 No Trades 101.27 - -0.26%
3% MGS 2019 (III) 22/09/2019 No Trades 100.79 - -0.26%
FR MGS 2019 (VI) 27/11/2019 No Trades 100.23 - -0.47%
7% MGS 2019 (II) 30/12/2019 No Trades 100.42 - 21.99%
4.6% MGS 2020 (II) 25/04/2020 No Trades 104.01 103.99 -0.21%
5.2% MGS 2020 (I) 10/06/2020 No Trades 105.17 105.16 -0.18%
3.35% MGS 2020 (IV) 31/07/2020 No Trades 103.86 - -0.16%
2% MGS 2020 (V) 26/09/2020 1,000.00 102.71 - -0.16%
FR MGS 2020 (VI) 29/10/2020 No Trades 100.80 - -0.10%
7% MGS 2020 (III) 30/12/2020 No Trades 119.38 - -0.16%
5% MGS 2021 (I) 08/08/2021 53,149.00 110.96 110.96 -0.16%
7% MGS 2021 (II) 18/12/2021 No Trades 126.54 - -0.23%
7% MGS 2021 (III) 30/12/2021 No Trades 126.54 - -0.15%
4.3% MGS 2022 (II) 15/05/2022 No Trades 112.80 - -0.12%
1.5% MGS 2022(IV) 11/07/2022 No Trades 104.92 - -0.11%
5.1% MGS 2022 (I) 16/08/2022 No Trades 116.41 116.41 -0.11%
7% MGS 2022 (III) 31/12/2022 No Trades 133.54 - -0.10%
5.5% MGS 2023 (I) 06/07/2023 No Trades 122.50 - -0.07%
1.4% MGS 2023 (III) 11/11/2023 No Trades 106.39 - -0.06%
7% MGS 2023 (II) 31/12/2023 No Trades 140.43 - -0.06%
1.4% MGS 2024 (III) 29/07/2024 No Trades 107.28 - -0.03%
1.4% MGS 2024 (III) FI 29/07/2024 No Trades 107.28 - -0.03%
3.3% MGS 2024 (I) 12/11/2024 No Trades 117.75 117.65 0.00%
7% MGS 2024 (II) 31/12/2024 No Trades 147.01 - -1.22%
7% MGS 2025 (I) 31/12/2025 No Trades 152.83 - 0.15%
7% MGS 2026 (I) 31/12/2026 No Trades 158.19 - 0.29%
1.5% MGS 2027 (I) 15/06/2027 No Trades 109.03 - 0.35%
7% MGS 2027 (II) 31/12/2027 No Trades 163.12 - -0.31%
4.8% MGS 2028 (I) 11/09/2028 No Trades 138.31 - 0.53%
4.5% MGS 2028 (II) 25/10/2028 12,000.00 135.67 - 0.57%
7% MGS 2028 (III) 31/12/2028 No Trades 167.21 - -0.05%
1.85% MGS 2029 (III) 30/05/2029 No Trades 111.53 - 0.65%
1.85% MGS 2029 (III) FI 30/05/2029 #N/A - - 0.73%
2.3% MGS 2029 (II) 24/07/2029 55,800.00 115.91 115.73 0.67%
5.1% MGS 2029 (I) 01/10/2029 No Trades 143.75 143.75 0.68%
5.25% MGS 2030 (I) 23/06/2030 81,300.00 147.54 147.54 0.74%
5.2% MGS 2031 (I) 16/09/2031 98,500.00 150.55 - 0.84%
4.65% MGS 2032 (I) 22/07/2032 10,000.00 146.01 146.01 0.91%
4.45% MGS 2032 (II) 03/09/2032 50,000.00 143.76 - 0.92%
4.3% MGS 2033 (I) 01/08/2033 90,000.00 143.41 143.45 0.99%
4.1% MGS 2034 (I) 18/10/2034 53,500.00 142.33 142.40 1.09%
2.2% MGS 2035 (I) 24/11/2035 No Trades 115.84 - 1.14%
2.5% MGS 2036 (I) 17/11/2036 85,000.00 120.67 120.70 1.18%
2.1% MGS 2039 (I) 24/08/2039 325,500.00 114.12 114.13 1.30%
3% MGS 2040 (I) 11/06/2040 64,000.00 130.45 130.50 1.33%
2.4% MGS 2041 (I) 25/07/2041 50,000.00 119.55 119.60 1.37%

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