Bond Market Overview

Thursday, 03 July 2025

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 (%)	Closing Price (EUR)	Last Trade
3.25% APS 2025-2030	11/19/2030	-	92.00	96.00	4.98%	92	03/07/2025
3.25% AXG 2026 SI	12/20/2026	-	0.00	99.00	4.32%	98.5	03/07/2025
3.5% AXR 2032	02/06/2032	-	93.00	94.49	4.48%	94.5	03/07/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	94.50	97.75	4.81%	94.2	03/07/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	90.00	93.75	4.92%	93.75	03/07/2025
3.5% GO 2031	6/25/2031	29,700	97.90	98.00	3.90%	97.9	03/07/2025
3.5% SFC 2027	9/13/2027	-	99.50	100.00	3.50%	100	03/07/2025
3.65% IHI 2031	12/07/2031	15,000	93.00	94.00	4.75%	94	03/07/2025
3.65% MOF 2028-2031	10/15/2031	-	95.75	97.45	4.12%	97.45	03/07/2025
3.65% STV 2029	7/29/2029	-	96.01	98.00	4.19%	98	03/07/2025
3.75% AXG 2029 S2	12/20/2029	-	0.00	99.85	3.99%	99	03/07/2025
3.75% BOV 2026-2031	6/15/2031	-	0.00	97.20	4.16%	97.85	03/07/2025
3.75% BRX 2027	12/01/2027	-	97.00	98.99	5.09%	97.01	03/07/2025
3.75% MCY 2027	3/27/2027	-	0.00	101.70	3.14%	101	03/07/2025
3.75% PRC 2026	11/23/2026	-	97.50	99.00	6.05%	97	03/07/2025
3.75% TMF 2029	6/27/2029	-	98.50	99.00	4.17%	98.5	03/07/2025
3.75% TUM 2027	07/10/2027	-	0.00	99.00	3.75%	100	03/07/2025
3.75% VRT 2027	11/30/2027	-	97.50	99.00	4.87%	97.5	03/07/2025
3.8% HLF 2029	8/27/2029	-	94.00	97.89	4.36%	97.9	03/07/2025
3.85% HLF 2028	7/24/2028	-	0.00	98.00	4.04%	99.45	03/07/2025
3.9% BRW 2027-2031	07/09/2031	-	96.25	98.00	4.19%	98.5	03/07/2025
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.89%	100	03/07/2025
4% CBC 2027-2033	11/10/2033	-	0.00	96.00	4.58%	96	03/07/2025
4% CCS 2030	8/19/2030	-	94.15	95.00	5.13%	95	03/07/2025
4% EFC 2027	4/28/2027	-	98.00	99.90	3.99%	100	03/07/2025
4% EXF 2028	8/20/2028	-	0.00	99.50	4.17%	99.5	03/07/2025
4% HLF 2027	03/11/2027	-	96.03	98.94	4.68%	98.9	03/07/2025
4% IHI 2026	7/29/2026	6,000	98.00	99.00	4.98%	99	03/07/2025
4% IHI 2026 B	12/20/2026	-	97.01	98.75	4.71%	99	03/07/2025
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	03/07/2025
4% MED 2024-2029 EUR	11/05/2029	-	0.00	97.99	4.33%	98.7	03/07/2025
4% MIDI 2026	7/27/2026	-	93.01	96.00	12.49%	92.01	03/07/2025
4% MPC 2032 S1/22 T1	6/30/2032	-	99.00	99.99	4.00%	99.99	03/07/2025
4% SHM 2026	08/01/2026	-	0.00	97.50	3.99%	100	03/07/2025
4% SPF 2029	05/03/2029	-	98.00	0.00	3.99%	100.01	03/07/2025
4% STV 2027	10/18/2027	3,400	99.00	100.00	3.99%	100	03/07/2025
4.25% CCM 2024-2026	05/08/2026	-	97.50	0.00	7.36%	97.5	03/07/2025
4.25% CLP 2033	8/25/2033	-	0.00	100.00	4.25%	100	03/07/2025
4.25% CPHCL 2026	04/12/2026	7,200	98.00	99.00	6.92%	98	03/07/2025
4.25% IZI 2029	4/14/2029	-	98.00	100.00	4.25%	100	03/07/2025
4.25% MCY 2031	3/27/2031	-	95.00	100.00	4.46%	98.95	03/07/2025
4.3% MCY 2032	4/25/2032	-	0.00	99.89	4.32%	99.89	03/07/2025
4.35% HDS 2026	04/06/2026	-	0.00	100.00	4.99%	99.5	03/07/2025
4.35% SDF 2027	4/25/2027	-	96.02	100.44	4.64%	99.5	03/07/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	6,000	97.01	100.00	4.67%	99.5	03/07/2025
4.5% BNF 2027 - 2032	7/29/2032	-	97.00	98.00	4.84%	98	03/07/2025
4.5% END 2029	3/22/2029	-	0.00	99.90	4.52%	99.9	03/07/2025
4.5% G3 2032	04/06/2032	-	100.00	101.00	4.50%	100	03/07/2025
4.5% GHM 2027	8/23/2027	-	100.00	101.50	4.49%	100	03/07/2025
4.5% HIL 2025	10/16/2025	-	98.80	99.40	8.76%	98.75	03/07/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.31%	100	12/06/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	0.00	7.91%	98	03/07/2025
4.5% ONA 2028 - 2034	6/21/2034	-	0.00	101.50	4.50%	100	03/07/2025
4.5% SHM 2032	08/01/2032	-	0.00	95.00	5.37%	95	03/07/2025
4.55% STA 2032	02/07/2032	-	0.00	0.00	4.55%	100	03/07/2025
4.65% SMF 2031	4/22/2031	12,400	0.00	100.97	4.75%	99.5	03/07/2025
4.65% SMF 2032	8/23/2032	15,300	98.03	101.99	4.56%	100.5	03/07/2025
4.75% BDPH 2025-2027	11/30/2027	-	100.00	0.00	4.74%	100	03/07/2025
4.75% DNF 2033	11/19/2033	-	0.00	100.50	4.75%	100	03/07/2025
4.75% GAP 2025-2027	12/22/2027	50,000	100.00	101.00	4.30%	101	03/07/2025
4.75% GLR 2028	11/30/2028	-	0.00	99.50	4.90%	99.5	03/07/2025
4.75% KAF 2026-2029	8/23/2029	-	0.00	97.00	6.15%	95	03/07/2025
4.8% MMHF 2026	10/14/2026	-	0.00	0.00	12.35%	91.5	03/07/2025
4.85% JDC 2032 S1 T1	11/25/2032	-	98.01	99.00	4.85%	100	03/07/2025
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.89%	100	03/07/2025
5% BLF 2026-2029	02/07/2029	-	0.00	100.00	5.15%	99.5	03/07/2025
5% BOV 2029-2034 S1 T1	11/28/2034	-	0.00	101.00	4.73%	101.98	03/07/2025
5% BSB 2029	6/28/2029	-	0.00	101.50	5.00%	100	03/07/2025
5% CFE 2028-2033	01/06/2033	-	98.60	100.00	5.00%	100	03/07/2025
5% CVS 2026-2029	03/08/2029	-	0.00	99.50	5.61%	98	03/07/2025
5% DZF 2026	10/07/2026	-	0.00	100.00	6.25%	98.5	03/07/2025
5% FES 2029	3/18/2029	-	0.00	0.00	4.99%	100	03/07/2025
5% HHF 2023-2028	5/19/2028	-	0.00	98.99	5.19%	99.5	03/07/2025
5% HLF 2029	7/17/2029	6,000	100.00	101.79	4.50%	101.79	03/07/2025
5% HRZ 2026-2029	3/15/2029	-	0.00	0.00	5.61%	98	03/07/2025
5% IZB 2027 - 2032	9/15/2032	-	0.00	0.00	5.00%	100	03/07/2025
5% LLF 2028	7/29/2028	-	0.00	98.90	5.36%	99	03/07/2025
5% MDS 2029	12/20/2029	-	0.00	101.00	4.74%	101	03/07/2025
5% MED 2022-2027 EUR	10/13/2027	25,000	0.00	101.00	5.47%	99	03/07/2025
5% MRN 2032	12/16/2032	-	102.00	103.49	4.67%	102	03/07/2025
5% VDH 2032	12/16/2032	1,400	98.50	99.79	5.03%	99.79	03/07/2025
5.00% BOV 2030-2035 S2 T1	07/07/2035	-	101.00	101.70	4.78%	101.75	03/07/2025
5.1% 6PM 2025	7/31/2025	-	0.00	100.00	18.45%	99	03/07/2025
5.2% TUM 2031-2034	11/22/2034	-	0.00	103.25	4.92%	102	03/07/2025
5.2% VBL 2030-2034	10/25/2034	-	101.00	101.30	5.13%	100.5	03/07/2025
5.25% BBP 2033 S1 T1	04/03/2033	-	0.00	102.50	4.85%	102.49	03/07/2025
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	100.95	5.11%	100	03/07/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.25%	100	03/07/2025
5.25% MIH 2027	07/06/2027	-	100.00	101.50	5.25%	100	03/07/2025
5.25% QWR 2033	2/27/2033	-	101.00	0.00	5.00%	101.51	03/07/2025
5.3% MCY 2034	09/10/2034	-	100.75	101.50	5.10%	101.4	03/07/2025
5.30% IHI 2035	04/01/2035	5,000	101.50	102.98	4.90%	102.98	03/07/2025
5.35% BDPH 2032	2/21/2032	-	100.00	102.74	4.85%	102.75	03/07/2025
5.35% DSM 2028	10/28/2028	-	60.02	95.30	6.97%	95.3	03/07/2025
5.35% HMV 2031-2034	7/26/2034	-	101.51	105.00	5.14%	101.51	03/07/2025
5.4% ECL 2031	12/30/2031	12,400	99.00	100.94	5.22%	100.94	03/07/2025
5.5% 9HC 2027	6/19/2027	-	0.00	101.90	5.50%	100	03/07/2025
5.5% AES 2036 S1 T2	10/08/2036	-	0.00	102.40	5.21%	102.4	03/07/2025
5.5% IGF 2024-2027	5/17/2027	-	0.00	100.00	5.49%	100	03/07/2025
5.5% JUE 2035	6/27/2035	-	0.00	101.75	5.27%	101.75	03/07/2025
5.5% TST 2029	01/09/2029	-	0.00	99.99	5.49%	100	03/07/2025
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	15.55%	98	03/07/2025
5.6% JDC 2035	5/23/2035	-	101.50	102.50	5.27%	102.5	03/07/2025
5.7% MRK 2033	08/12/2033	-	0.00	103.99	5.08%	104	03/07/2025
5.75% BDPH 2027-2029	04/12/2029	-	101.00	104.40	5.44%	101	03/07/2025
5.75% IHI 2025	13/05/2025	-	0.00	0.00	-37.09%	102	25/04/2025
5.75% PHN 2028-2033	12/30/2033	-	102.10	103.75	5.43%	102.1	03/07/2025
5.75% PLG 2028	11/23/2028	-	100.55	103.00	5.24%	101.5	03/07/2025
5.8% AES 2036 S1 T1	03/01/2036	-	101.25	103.40	5.60%	101.5	03/07/2025
5.8% APS 2028-2033 S1 T1	12/01/2033	-	102.50	108.00	5.05%	104.99	03/07/2025
5.8% GPH 2032	4/22/2032	-	100.01	101.95	5.44%	101.99	03/07/2025
5.85% AXG 2033	11/07/2033	-	102.25	105.00	5.53%	102.05	03/07/2025
5.85% BGA 2034	5/14/2034	-	102.20	104.80	5.15%	104.85	03/07/2025
5.85% MIH 2028	7/31/2028	-	100.00	104.00	5.66%	100.5	03/07/2025
5.9% TGS 2024-2026	7/22/2026	-	0.00	100.00	5.89%	100	03/07/2025
6% IHI 2033	11/14/2033	-	103.50	104.00	5.52%	103.1	03/07/2025
6% JDC 2033 S2 T1	7/19/2033	-	100.01	105.25	5.37%	104	03/07/2025
6% MUL 2032 S1 T1	4/27/2032	-	0.00	0.00	6.00%	100	03/07/2025
6% PHC 2033	02/03/2033	-	101.00	104.00	5.56%	102.6	03/07/2025
6.25% AST 2033	6/16/2033	-	0.00	105.00	5.69%	103.5	03/07/2025
6.25% CMF 2034	2/23/2034	-	0.00	104.98	5.65%	104	03/07/2025
6.25% GPH 2030	03/10/2030	11,000	0.00	103.44	5.86%	101.5	03/07/2025
6.25% TGS 2030 -2032	2/14/2032	-	98.20	102.90	5.70%	102.9	03/07/2025
7.25% HRT 2025-2027	11/28/2027	-	99.50	0.00	7.22%	100	03/07/2025

* 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
4% MED 2024-2029 GBP	11/05/2029	-	0.00	96.50	4.91%		96.5	03/07/2025
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.99%		100	03/07/2025

* 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% MDS 2026 USD	02/05/2026	-	0.00	99.95	5.79%		99.9	03/07/2025

* 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 (%) *
0.10% MGS 2026 (IV)	7/20/2026	-	98.05	0.00	2.00%
0.25% MGS 2026 (III)	11/18/2026	-	97.60	0.00	2.04%
0.40% MGS 2026 (II)	10/20/2026	-	96.79	97.89	2.95%
0.40% MGS 2027 (IV)	11/19/2027	-	93.31	0.00	3.36%
0.5% MGS 2025 (II)	11/08/2025	-	98.61	0.00	4.62%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-51.83%
0.80% MGS 2027 (III)	4/29/2027	-	90.10	0.00	6.68%
0.90% MGS 2027 (V)	08/12/2027	-	97.40	0.00	2.17%
0.90% MGS 2031 (V)	07/11/2031	-	89.79	0.00	2.75%
1.0% MGS 2031 (II)	4/23/2031	-	90.49	0.00	2.79%
1.00% MGS 2035 (II)	8/23/2035	-	79.21	0.00	3.45%
1.20% MGS 2037 (I)	5/13/2037	-	77.83	0.00	3.50%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.87%
1.5% MGS 2027 (I)	6/15/2027	-	98.88	98.83	2.09%
1.50% MGS 2045 (I)	10/22/2045	-	66.68	0.00	3.89%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.01%
1.70% MGS 2028 (IV)	08/04/2028	-	90.83	0.00	4.94%
1.80% MGS 2051 (I)	8/28/2051	-	64.28	62.00	4.02%
1.85% MGS 2029 (III)	5/30/2029	-	96.25	0.00	2.87%
2.00% MGS 2051 (II)	07/10/2051	-	69.38	0.00	3.88%
2.1% MGS 2039 (I)	8/24/2039	168,000	82.49	0.00	3.70%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	95.00	2.99%
2.2% MGS 2035 (I)	11/24/2035	-	89.55	0.00	3.40%
2.3% MGS 2029 (II)	7/24/2029	-	99.43	0.00	2.45%
2.4% MGS 2041 (I)	7/25/2041	-	85.00	85.00	3.64%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.89%
2.5% MGS 2036 (I)	11/17/2036	10,000	90.81	88.00	3.49%
2.60% MGS 2028 (V)	5/22/2028	-	101.06	100.97	2.22%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.26%
2.80% MGS 2030 (III)	2/27/2030	-	100.68	0.00	2.64%
2.80% MGS 2030 (III) A	27/02/2030	-	99.99	0.00	2.79%
2.80% MGS 2030 (III) r	27/02/2030	-	101.14	0.00	2.76%
2.9% MGS 2032 (VI)	10/24/2032	-	99.76	0.00	2.94%
3% MGS 2040 (I)	06/11/2040	-	93.50	94.00	3.56%
3.00% MGS 2030 (IV)	11/05/2030	90,000	101.60	0.00	2.68%
3.15% MGS 2027 (VII)	5/20/2027	60,000	101.92	0.00	2.10%
3.25% MGS 2034 (IV)	09/05/2034	-	100.48	100.00	3.19%
3.25% MGS 2034 (IV) A	05/09/2034	-	99.89	0.00	2.22%
3.25% MGS 2034 (IV) r	05/09/2034	-	100.00	0.00	2.22%
3.35% MGS 2029 (V)	11/27/2029	-	103.54	103.45	2.49%
3.4% MGS 2027 (VI)	9/24/2027	-	102.77	0.00	2.12%
3.40% MGS 2042 (I)	8/26/2042	-	100.40	0.00	3.37%
3.50% MGS 2028 (VI)	07/07/2028	2,000	103.54	103.54	2.27%
3.50% MGS 2034 (III)	7/31/2034	2,000	102.19	0.00	3.22%
3.50% MGS 2034 (III) A	31/07/2034	-	101.46	0.00	2.30%
3.50% MGS 2034 (III) r	31/07/2034	-	101.75	0.00	2.30%
3.50% MGS 2035 (III)	12/18/2035	29,800	100.74	99.50	3.42%
3.50% MGS 2035 (III) A	12/18/2035	-	100.34	0.00	3.46%
3.50% MGS 2035 (III) r	12/18/2035	281,900	101.40	101.40	3.34%
3.55% MGS 2026 (V)	07/08/2026	75,000	101.55	101.55	1.99%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.49%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.08%
3.85% MGS 2026 (VI)	08/05/2026	-	102.15	0.00	1.84%
3.95% MGS 2028 (VII)	08/08/2028	-	105.23	0.00	2.19%
4% MGS 2032 (VII)	3/30/2032	-	106.78	0.00	2.88%
4.00% MGS 2033 (IV)	12/05/2033	-	106.75	0.00	3.08%
4.00% MGS 2038 (I)	8/25/2038	-	104.29	102.00	3.59%
4.00% MGS 2043 (I)	11/26/2043	-	103.00	103.00	3.77%
4.1% MGS 2034 (I)	10/18/2034	-	107.07	0.00	3.21%
4.3% MGS 2033 (I)	08/01/2033	-	108.94	0.00	3.04%
4.30% MGS 2038 (II)	11/15/2038	-	107.47	0.00	3.59%
4.45% MGS 2032 (II)	09/03/2032	-	110.00	0.00	2.89%
4.5% MGS 2028 (II)	10/25/2028	6,000	106.87	0.00	2.33%
4.65% MGS 2032 (I)	7/22/2032	-	111.24	0.00	2.88%
4.8% MGS 2028 (I)	09/11/2028	-	107.23	0.00	2.43%
5.1% MGS 2029 (I)	10/01/2029	-	110.40	0.00	2.50%
5.2% MGS 2031 (I)	9/16/2031	-	113.96	0.00	2.74%
5.25% MGS 2030 (I)	6/23/2030	148,000	112.20	0.00	2.61%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-63.54%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-22.48%
7% MGS 2032 (V)	12/31/2032	-	100.00	0.00	7.00%
7% MGS 2034 (II)	12/31/2034	-	100.00	0.00	7.00%

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