Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Tuesday, 19 February 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
6% Corinthia Finance plc 2019/22 29/03/2019 No Trades 100.30 101.50 5.99% 5.69% 100 31/01/2019 Unsecured and Guaranteed
4.25% Bank of Valletta plc Notes 2019 Series 2 Tranche 1 17/05/2019 No Trades - - 4.20% 4.20% 100 05/02/2019 Unsecured
5.35% Bank Of Valletta plc Sub Bonds 2019 15/06/2019 No Trades 60.00 101.89 5.30% 5.30% 100 18/02/2019 Unsecured and Subordinated
6% MeDirect Bank plc Subordinated Bonds 2019-2024 28/11/2019 No Trades 100.00 - 5.68% 3.93% 101.5 28/11/2018 Unsecured and Subordinated
4.9% Gasan Finance Company plc Bonds 2019/2021 30/11/2019 No Trades 102.71 - 3.85% 1.34% 102.71 08/02/2019 Unsecured
7.5% MeDirect Bank plc Sub Bonds 2019 14/12/2019 11,000.00 100.00 - 3.34% 3.34% 103.25 19/02/2019 Unsecured and Subordinated
4.8% Bank of Valletta plc Sub Bonds 2020 15/03/2020 No Trades 101.50 102.50 3.33% 3.33% 101.5 12/02/2019 Unsecured and Subordinated
5.5% Pendergardens Developments plc Secured 2020 Series I 31/05/2020 No Trades 104.00 105.00 2.26% 2.26% 104 15/02/2019 Secured
5.5% Mediterranean Investments Holdings plc Unsecured 2020 31/07/2020 5,000.00 100.00 103.45 3.03% 3.03% 103.4 19/02/2019 Unsecured and Subordinated
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2020 3,500.00 103.80 105.00 5.06% 3.54% 103.8 19/02/2019 Secured and Guaranteed
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 5,000.00 98.71 100.00 4.99% 4.99% 100 19/02/2019 Unsecured
6% Mediterranean Investments Holdings plc 2021 22/06/2021 No Trades 101.70 105.40 5.28% 5.28% 101.5 12/02/2019 Unsecured
5.8% IHI plc 2021 21/12/2021 No Trades 102.80 108.00 3.53% 3.53% 106 18/02/2019 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 No Trades 106.25 108.88 3.81% 3.81% 105.2 23/01/2019 Unsecured
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 No Trades 100.70 101.50 3.71% 3.71% 103.99 13/02/2019 Unsecured
6% Pendergardens Developments plc Secured 2022 Series II 31/07/2022 10,000.00 111.10 - 2.61% 2.61% 111 19/02/2019 Secured
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2022 85,000.00 101.50 108.98 4.71% 4.39% 102 19/02/2019 Unsecured and Subordinated
4.25% GAP Group plc Secured Bonds 2023 03/10/2023 No Trades 105.25 105.40 2.98% 2.98% 105.4 18/02/2019 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades 105.70 - 3.76% 3.76% 106.51 02/11/2018 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 107.00 107.50 4.11% 4.11% 107.1 13/02/2019 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 No Trades 111.55 114.00 3.46% 3.46% 111.55 15/02/2019 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 No Trades 102.25 102.75 3.95% 3.95% 102 18/02/2019 Unsecured and Guaranteed
6% International Hotel Investments plc 2024 15/05/2024 No Trades 107.72 110.20 4.44% 4.44% 107.11 12/02/2019 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 No Trades 110.74 - 3.09% 3.09% 110.74 11/02/2019 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 3,500.00 109.00 - 3.19% 3.19% 109 19/02/2019 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 No Trades 106.76 106.90 3.66% 3.66% 106.76 18/02/2019 Secured
5.1% 1923 Unsecured Bonds 2024 04/12/2024 No Trades 102.80 104.39 4.55% 4.54% 102.75 13/02/2019 Unsecured
4.25% Best Deal Properties 2024 12/12/2024 No Trades 104.50 104.75 3.29% 3.29% 105 14/02/2019 Secured amd Guaranteed
5.75% International Hotel Investments plc 2025 13/05/2025 No Trades 108.00 110.57 3.81% 3.80% 110.58 15/02/2019 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades 103.00 - 3.78% 3.78% 104 13/02/2019 Unsecured
5.1% 6PM Holdings plc Unsecured 2025 31/07/2025 No Trades 100.99 101.00 4.82% 4.82% 101.5 18/02/2019 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 10,200.00 105.04 108.00 3.65% 3.65% 105 19/02/2019 Unsecured
5.25% Central Business Centres plc Unsecured 2025 S2T1 30/12/2025 No Trades 105.00 106.00 4.40% 4.40% 105 06/02/2019 Unsecured
4.5% Medserv plc Unsecured Bonds 2026 05/02/2026 No Trades 100.20 103.00 4.33% 4.33% 101 15/02/2019 Unsecured
4.35% Hudson Malta plc Bonds 2026 06/04/2026 No Trades 103.45 104.45 3.63% 3.63% 104.45 18/02/2019 Unsecured and Guaranteed
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 No Trades 104.01 - 3.45% 3.45% 105 13/02/2019 Unsecured and Guaranteed
4% MIDI plc Secured Bonds 2026 27/07/2026 2,500.00 104.00 105.00 3.38% 3.38% 104 19/02/2019 Secured
4% International Hotel Investments plc Secured 2026 29/07/2026 3,000.00 104.20 105.00 3.23% 3.23% 105 19/02/2019 Secured
3.9% Plaza Centres plc Unsecured Bonds 2026 22/09/2026 No Trades 101.56 - 3.66% 3.66% 101.57 06/02/2019 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 No Trades 105.51 108.90 4.14% 4.14% 105.5 07/02/2019 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured Bonds 2026 14/10/2026 4,000.00 102.80 105.00 4.36% 4.36% 102.8 19/02/2019 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 No Trades 102.51 104.75 3.05% 3.05% 104.75 18/02/2019 Unsecured
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 5,700.00 104.10 104.95 3.39% 3.39% 104.1 19/02/2019 Unsecured
4.35% SD Finance plc Unsecured Bonds 2027 25/04/2027 13,500.00 104.50 105.25 3.60% 3.60% 105.25 19/02/2019 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 20,000.00 104.05 106.99 3.43% 3.43% 104.01 19/02/2019 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured 2027 S1/17 T1 07/07/2027 No Trades 103.50 105.50 3.97% 3.97% 103 16/01/2019 Unsecured
3.75% Tumas Investments plc Unsecured Bonds 2027 10/07/2027 No Trades 105.25 - 2.96% 2.96% 105.75 18/02/2019 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 No Trades 104.50 - 3.81% 3.81% 105 13/02/2019 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 No Trades 105.75 - 2.74% 2.74% 105.75 12/02/2019 Unsecured
4% Stivala Group Finance plc Secured 18/10/2027 10,000.00 104.00 104.97 3.33% 3.33% 104.97 19/02/2019 Secured
3.75% Virtu Finance plc Unsecured Bonds 2027 30/11/2027 No Trades 104.30 - 3.18% 3.18% 104.3 14/02/2019 Unsecured and Guaranteed
3.75% Bortex Group Finance plc Unsecured 2027 01/12/2027 No Trades 103.50 103.75 3.25% 3.25% 103.75 18/02/2019 Unsecured and Guaranteed
3.85% Hili Finance Company plc Unsecured 2028 24/07/2028 105,200.00 102.00 102.25 3.59% 3.59% 102 19/02/2019 Unsecured
4% Exalco Finance plc Secured Bonds 2028 20/08/2028 No Trades 105.50 - 3.22% 3.22% 106.25 15/02/2019 Secured and Guaranteed
4.85% Melite Finance Secured Bonds 2028 23/11/2028 No Trades 105.50 106.00 4.09% 4.09% 105.99 15/02/2019 Secured
4.15% Phoenicia Finance Company plc Unsecured 2023-2028 15/12/2028 27,800.00 104.70 106.00 3.57% 3.08% 104.7 19/02/2019 Unsecured and Guaranteed
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 No Trades 100.00 102.00 3.42% 3.42% 100.75 15/02/2019 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 100,000.00 - 99.90 3.53% 3.53% 99.75 19/02/2019 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 - - 5.16% 0.67% 104.06 - Unsecured and Subordinated
7.5% MeDirect Bank plc Sub Bonds 2019 14/12/2019 No Trades - - 3.63% 3.63% 103.01 26/02/2018 Unsecured and Subordinated
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2022 No Trades 100.00 - 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 10,000.00 - 100.00 5.75% 5.75% 100 19/02/2019 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
(%) *
3.85% MGS 2018 (V) 18/04/2018 No Trades - - #NUM!
7.8% MGS 2018 (I) 15/07/2018 No Trades - 101.89 -0.06%
6.6% MGS 2019 31/12/2018 No Trades 103.57 - -0.23%
7% MGS 2018 (III) 31/12/2018 No Trades - - #N/A
7% MGS 2018 (II) 31/12/2018 No Trades - - 5.85%
3.2% MGS 2019 (V) 31/07/2019 No Trades 101.52 101.52 -0.24%
7% MGS 2019 (II) 01/09/2019 No Trades 114.68 - -0.21%
FR MGS 2019 (IV) 22/09/2019 No Trades 100.09 - -0.29%
3% MGS 2019 (III) 31/12/2019 No Trades 101.87 - -0.22%
5.2% MGS 2020 (I) 25/04/2020 No Trades 106.95 106.90 -0.14%
FR MGS 2019 (VI) 10/06/2020 No Trades 100.24 - -0.24%
7% MGS 2020 (III) 31/07/2020 No Trades 121.69 - -0.10%
2.5% MGS 2036 (I) 26/09/2020 25,000.00 111.48 111.48 1.75%
4.6% MGS 2020 (II) 31/12/2020 No Trades 105.56 105.51 -0.13%
3.35% MGS 2020 (IV) 08/08/2021 No Trades 105.02 - -0.13%
2% MGS 2020 (V) 31/12/2021 No Trades 103.37 - -0.12%
FR MGS 2020 (VI) 31/12/2021 No Trades 101.14 - -0.19%
7% MGS 2021 (II) 15/05/2022 No Trades 128.38 - -0.04%
5.1% MGS 2022 (I) 11/07/2022 13,743.00 117.34 - 0.12%
5% MGS 2021 (I) 16/08/2022 25,712.00 112.33 112.33 0.00%
7% MGS 2021 (III) 31/12/2022 No Trades 128.38 - 0.03%
4.3% MGS 2022 (II) 06/07/2023 25,000.00 113.59 - 0.09%
1.5% MGS 2022(IV) 11/11/2023 No Trades 104.72 - 0.10%
7% MGS 2022 (III) 31/12/2023 No Trades 134.74 - 0.16%
1.4% MGS 2023 (III) 29/07/2024 No Trades 105.28 - 0.27%
1.4% MGS 2024 (III) 29/07/2024 No Trades 105.45 - 0.39%
5.5% MGS 2023 (I) 12/11/2024 No Trades 122.96 - 0.22%
7% MGS 2023 (II) 31/12/2024 No Trades 140.70 - 0.29%
3.3% MGS 2024 (I) 31/12/2025 No Trades 116.17 - 0.44%
7% MGS 2024 (II) 31/12/2026 No Trades 146.04 - -0.69%
1.5% MGS 2027 (I) 15/06/2027 No Trades 105.05 - 0.87%
7% MGS 2025 (I) 25/10/2028 No Trades 150.91 - 0.62%
7% MGS 2026 (I) 31/12/2028 No Trades 155.20 - 0.79%
4.5% MGS 2028 (II) 30/05/2029 No Trades 130.95 - 1.12%
4.8% MGS 2028 (I) 24/07/2029 No Trades 133.52 133.47 1.09%
7% MGS 2027 (II) 01/10/2029 No Trades 158.89 - 0.27%
7% MGS 2028 (III) 23/06/2030 No Trades 162.03 - 0.53%
5.1% MGS 2029 (I) 16/09/2031 No Trades 138.49 - 1.22%
2.3% MGS 2029 (II) 22/07/2032 2,500.00 110.41 110.11 1.23%
1.85% MGS 2029 (III) 03/09/2032 No Trades 106.37 - 1.19%
5.25% MGS 2030 (I) 01/08/2033 17,800.00 141.63 141.63 1.29%
5.2% MGS 2031 (I) 18/10/2034 5,000.00 143.62 143.62 1.40%
4.65% MGS 2032 (I) 24/11/2035 No Trades 138.52 138.47 1.48%
4.45% MGS 2032 (II) 17/11/2036 30,000.00 136.21 - 1.49%
4.3% MGS 2033 (I) 24/08/2039 No Trades 135.19 134.89 1.57%
2.1% MGS 2039 (I) 24/08/2039 1,261,800.00 104.66 104.62 1.83%
4.1% MGS 2034 (I) 11/06/2040 No Trades 134.01 133.71 1.63%
3% MGS 2040 (I) 11/06/2040 No Trades 120.14 120.04 1.85%
2.2% MGS 2035 (I) 25/07/2041 No Trades 107.46 - 1.69%
2.4% MGS 2041 (I) 25/07/2041 30,500.00 109.36 109.39 1.89%

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