Bond Market Overview

Monday, 23 February 2026

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	-	94.00	95.00	4.69%	94	23/02/2026
3.25% AXG 2026 SI	12/20/2026	-	97.01	0.00	3.23%	100	23/02/2026
3.5% AXR 2032	02/06/2032	-	92.03	93.50	4.78%	93.5	23/02/2026
3.5% BOV 2030 S1 T1	08/08/2030	95,000	93.50	96.00	5.16%	93.52	23/02/2026
3.5% BOV 2030 S2 T1	08/08/2030	-	93.52	94.99	5.16%	93.51	23/02/2026
3.5% GO 2031	6/25/2031	-	97.00	99.99	4.13%	97	23/02/2026
3.5% SFC 2027	9/13/2027	-	99.00	100.00	3.49%	100	23/02/2026
3.65% IHI 2031	12/07/2031	8,400	92.20	93.97	4.87%	93.97	23/02/2026
3.65% MOF 2028-2031	10/15/2031	12,000	94.95	95.50	4.57%	95.5	23/02/2026
3.65% STV 2029	7/29/2029	6,000	96.15	99.00	3.96%	99	23/02/2026
3.75% AXG 2029 S2	12/20/2029	-	96.30	99.99	4.47%	97.5	23/02/2026
3.75% BOV 2026-2031	6/15/2031	-	0.00	96.90	4.41%	96.9	23/02/2026
3.75% BRX 2027	12/01/2027	500	97.15	99.74	3.90%	99.74	23/02/2026
3.75% MCY 2027	3/27/2027	10,000	97.00	99.43	6.67%	97.01	23/02/2026
3.75% PRC 2026	11/23/2026	-	98.00	100.00	3.72%	100	23/02/2026
3.75% TMF 2029	6/27/2029	-	96.05	97.25	4.65%	97.25	23/02/2026
3.75% TUM 2027	07/10/2027	5,000	96.50	99.43	5.87%	97.25	23/02/2026
3.75% VRT 2027	11/30/2027	-	97.51	99.90	3.74%	100	23/02/2026
3.8% HLF 2029	8/27/2029	-	95.75	96.00	4.74%	96.99	23/02/2026
3.85% HLF 2028	7/24/2028	-	99.00	100.00	3.84%	100	23/02/2026
3.9% BRW 2027-2031	07/09/2031	-	93.08	96.95	4.55%	96.95	23/02/2026
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.84%	100	23/02/2026
4% CBC 2027-2033	11/10/2033	-	0.00	93.00	4.95%	94	23/02/2026
4% CCS 2030	8/19/2030	14,000	93.15	94.49	5.77%	93.15	23/02/2026
4% EFC 2027	4/28/2027	2,800	98.00	100.00	5.79%	98	23/02/2026
4% EXF 2028	8/20/2028	-	0.00	99.75	3.99%	100	23/02/2026
4% HLF 2027	03/11/2027	-	98.00	98.80	5.30%	98.7	23/02/2026
4% IHI 2026	7/29/2026	-	98.23	100.00	3.91%	100	23/02/2026
4% IHI 2026 B	12/20/2026	-	97.31	99.99	3.97%	100	23/02/2026
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	23/02/2026
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.70	4.59%	98	23/02/2026
4% MIDI 2026	7/27/2026	1,300	95.60	98.00	14.67%	95.6	23/02/2026
4% MPC 2032 S1/22 T1	6/30/2032	6,000	0.00	100.00	4.00%	100	23/02/2026
4% SHM 2026	08/01/2026	-	0.00	96.50	8.78%	97.9	23/02/2026
4% SPF 2029	05/03/2029	-	96.01	99.49	4.68%	98.01	23/02/2026
4% STV 2027	10/18/2027	24,500	100.20	0.00	4.12%	99.8	23/02/2026
4.25% CCM 2024-2026	05/08/2026	-	99.45	99.50	6.74%	99.45	23/02/2026
4.25% CLP 2033	8/25/2033	-	0.00	100.50	4.25%	100	23/02/2026
4.25% CPHCL 2026	04/12/2026	-	98.01	99.90	18.76%	98.01	23/02/2026
4.25% IZI 2029	4/14/2029	9,900	97.00	100.00	4.60%	99	23/02/2026
4.25% MCY 2031	3/27/2031	-	97.01	99.99	4.93%	97.01	23/02/2026
4.3% MCY 2032	4/25/2032	-	95.01	97.00	4.41%	99.43	23/02/2026
4.35% HDS 2026	04/06/2026	-	98.01	99.95	20.94%	98	23/02/2026
4.35% SDF 2027	4/25/2027	50,000	97.27	100.00	4.34%	100	23/02/2026
4.4% CBC 2027 S1/17 T1	07/07/2027	-	96.01	99.00	4.61%	99.7	23/02/2026
4.5% BNF 2027 - 2032	7/29/2032	10,000	95.50	97.25	5.05%	97	23/02/2026
4.5% END 2029	3/22/2029	-	0.00	99.75	4.53%	99.9	23/02/2026
4.5% G3 2032	04/06/2032	16,000	0.00	100.00	4.50%	100	23/02/2026
4.5% GHM 2027	8/23/2027	-	98.00	100.00	5.19%	99	23/02/2026
4.5% HIL 2025	10/16/2025	-	98.00	99.00	7.30%	99	06/12/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.31%	100	06/12/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	0.00	4.31%	100	21/01/2026
4.5% ONA 2028 - 2034	6/21/2034	1,300	97.01	98.69	4.94%	97.01	23/02/2026
4.5% SHM 2032	08/01/2032	-	0.00	90.00	6.44%	90	23/02/2026
4.55% STA 2032	02/07/2032	-	0.00	100.00	4.55%	100	23/02/2026
4.65% SMF 2031	4/22/2031	-	98.50	100.49	4.98%	98.5	23/02/2026
4.65% SMF 2032	8/23/2032	-	97.05	101.00	5.19%	97.05	23/02/2026
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.74%	100	23/02/2026
4.75% DNF 2033	11/19/2033	-	0.00	99.80	4.76%	99.89	23/02/2026
4.75% GAP 2025-2027	12/22/2027	-	100.00	0.00	4.74%	100	23/02/2026
4.75% GLR 2028	11/30/2028	-	95.00	100.00	7.64%	93	23/02/2026
4.75% KAF 2026-2029	8/23/2029	-	0.00	95.50	6.38%	95	23/02/2026
4.8% MMHF 2026	10/14/2026	-	91.51	99.99	18.44%	92	23/02/2026
4.85% JDC 2032 S1 T1	11/25/2032	-	97.19	99.00	4.86%	99.9	23/02/2026
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.90%	100	23/02/2026
5% BLF 2026-2029	02/07/2029	-	0.00	98.00	5.00%	100	23/02/2026
5% BOV 2029-2034 S1 T1	11/28/2034	-	100.75	101.00	4.85%	101	23/02/2026
5% BSB 2029	6/28/2029	-	99.00	101.00	4.50%	101.5	23/02/2026
5% CFE 2028-2033	01/06/2033	-	95.51	99.99	5.90%	95.01	23/02/2026
5% CVS 2026-2029	03/08/2029	-	97.00	100.00	6.11%	97	23/02/2026
5% DZF 2026	10/07/2026	-	0.00	94.99	18.07%	92.5	23/02/2026
5% FES 2029	3/18/2029	-	0.00	98.40	5.36%	99	23/02/2026
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029	7/17/2029	31,000	100.00	100.50	4.83%	100.5	23/02/2026
5% HLF 2033	02/06/2033	15,000	0.00	101.13	4.91%	100.5	23/02/2026
5% HRZ 2026-2029	3/15/2029	-	0.00	100.00	5.73%	98	23/02/2026
5% IZB 2027 - 2032	9/15/2032	10,400	0.00	97.00	5.57%	96.9	23/02/2026
5% LLF 2028	7/29/2028	-	95.00	96.00	7.30%	95	23/02/2026
5% MDS 2029	12/20/2029	-	0.00	0.00	4.99%	100	23/02/2026
5% MED 2022-2027 EUR	10/13/2027	-	97.00	0.00	4.98%	100	23/02/2026
5% MRN 2032	12/16/2032	61,000	99.50	101.97	4.91%	100.5	23/02/2026
5% VDH 2032	12/16/2032	-	98.00	98.50	5.35%	98	23/02/2026
5.00% BOV 2030-2035 S1 T1	12/05/2035	-	100.00	101.99	4.87%	100.99	23/02/2026
5.00% BOV 2030-2035 S2 T1	07/07/2035	25,000	98.24	100.10	4.98%	100.1	23/02/2026
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	12.44%	99	06/12/2025
5.10% PLG 2028 -2030	11/19/2030	-	99.00	100.75	5.09%	100	23/02/2026
5.2% HHF 2035	10/28/2035	8,900	97.61	100.00	5.20%	100	23/02/2026
5.2% SDF 2031 S1/T1	2/15/2031	-	101.00	101.99	4.74%	101.99	23/02/2026
5.2% TUM 2031-2034	11/22/2034	4,900	99.50	100.00	5.20%	100	23/02/2026
5.2% VBL 2030-2034	10/25/2034	-	99.00	99.73	5.24%	99.73	23/02/2026
5.25% ACM 2028 -2030	8/20/2030	-	0.00	100.00	5.24%	100	23/02/2026
5.25% BBP 2033 S1 T1	04/03/2033	-	99.00	100.30	5.42%	99	23/02/2026
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	101.00	5.13%	100	06/12/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.23%	100	23/02/2026
5.25% MIH 2027	07/06/2027	5,000	98.50	101.00	5.23%	100	23/02/2026
5.25% QWR 2033	2/27/2033	21,100	100.01	101.00	5.16%	100.5	23/02/2026
5.3% GTR 2030	07/04/2030	36,200	101.85	101.86	4.81%	101.85	23/02/2026
5.3% MCY 2034	09/10/2034	-	98.23	100.39	5.24%	100.4	23/02/2026
5.30% IHI 2035	04/01/2035	9,600	98.00	100.10	5.28%	100.1	23/02/2026
5.35% BDPH 2032	2/21/2032	40,000	0.00	103.00	5.35%	100	23/02/2026
5.35% CPHCL 2035	12/18/2035	-	100.80	101.43	5.16%	101.42	23/02/2026
5.35% DSM 2028	10/28/2028	-	48.06	90.00	9.75%	89.99	23/02/2026
5.35% HMV 2031-2034	7/26/2034	-	101.50	0.00	5.12%	101.5	23/02/2026
5.35% JMB 2035	11/07/2035	-	98.52	100.99	5.35%	100	23/02/2026
5.35% MAR 2029-2031	6/27/2031	-	98.00	100.00	5.18%	100.75	23/02/2026
5.4% AGB 2035 S1 T1	10/10/2035	6,000	99.75	100.25	5.43%	99.75	23/02/2026
5.4% ECL 2031	12/30/2031	14,500	0.00	101.00	5.40%	100	23/02/2026
5.5% 9HC 2027	6/19/2027	-	0.00	100.00	5.47%	100	23/02/2026
5.5% AES 2036 S1 T2	10/08/2036	-	100.00	101.00	5.37%	100.99	23/02/2026
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.34%	99	17/02/2026
5.5% JUE 2035	6/27/2035	-	100.50	101.50	5.29%	101.5	23/02/2026
5.5% QLZ 2030 -2035 S1 T2	7/22/2035	-	98.01	101.46	5.56%	99.5	23/02/2026
5.5% QLZ 2030 -2035 S1T1	7/22/2035	-	99.00	101.20	5.50%	100	23/02/2026
5.5% TST 2029	01/09/2029	-	0.00	98.00	5.88%	99	23/02/2026
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.50% MDS 2031-2036	6/30/2036	-	101.50	0.00	5.30%	101.55	23/02/2026
5.6% JDC 2035	5/23/2035	-	99.00	99.96	5.60%	99.96	23/02/2026
5.7% MRK 2033	08/12/2033	-	0.00	100.00	5.69%	100	23/02/2026
5.70% CBC 2030-2035 S1 T1	12/04/2035	10,000	95.00	99.50	5.76%	99.5	23/02/2026
5.75% AQC 2027	12/21/2027	-	98.00	100.49	5.45%	100.49	23/02/2026
5.75% BDPH 2027-2029	04/12/2029	-	0.00	0.00	4.87%	102.5	23/02/2026
5.75% IGI 2031-2036	02/12/2036	-	0.00	101.20	5.75%	100	23/02/2026
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	20,100	103.00	105.00	5.27%	103	23/02/2026
5.75% PLG 2028	11/23/2028	-	100.01	102.94	4.75%	102.5	23/02/2026
5.8% AES 2036 S1 T1	03/01/2036	-	100.50	101.00	5.80%	100.01	23/02/2026
5.8% APS 2028-2033 S1 T1	12/01/2033	-	103.00	104.75	5.31%	103	23/02/2026
5.8% GPH 2032	4/22/2032	10,000	0.00	101.97	5.80%	100	23/02/2026
5.85% AXG 2033	11/07/2033	-	101.00	0.00	5.68%	101	23/02/2026
5.85% BGA 2034	5/14/2034	-	101.00	102.40	5.46%	102.5	23/02/2026
5.85% MIH 2028	7/31/2028	-	99.00	102.50	5.38%	101	23/02/2026
5.9% TGS 2024-2026	7/22/2026	-	0.00	101.00	5.88%	100	06/12/2025
6% IHI 2033	11/14/2033	24,900	100.25	103.45	5.95%	100.25	23/02/2026
6% JDC 2033 S2 T1	7/19/2033	-	100.01	102.10	5.64%	102.08	23/02/2026
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	101.75	5.99%	100	23/02/2026
6% MUL 2032 S1 T1	4/27/2032	-	0.00	0.00	5.80%	101	23/02/2026
6% PHC 2033	02/03/2033	-	101.10	103.00	5.79%	101.15	23/02/2026
6.25% AST 2033	6/16/2033	-	100.10	102.97	5.73%	102.99	23/02/2026
6.25% CMF 2034	2/23/2034	-	100.61	102.99	6.16%	100.53	23/02/2026
6.25% GPH 2030	03/10/2030	-	100.01	101.89	6.25%	100	23/02/2026
6.25% TGS 2030 -2032	2/14/2032	-	99.00	101.00	6.25%	100	23/02/2026
7.25% HRT 2025-2027	11/28/2027	-	0.00	101.00	7.22%	100	23/02/2026

* 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	5.05%		96.5	23/02/2026
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.98%		100	23/02/2026

* 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	0.00	5.45%		100	21/01/2026
6.50% MDS 2031-2036	6/30/2036	-	100.00	105.00	6.49%		100	23/02/2026

* 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	-	98.23	0.00	4.51%
0.25% MGS 2026 (III)	11/18/2026	-	98.08	0.00	2.91%
0.40% MGS 2026 (II)	10/20/2026	-	98.16	0.00	3.25%
0.40% MGS 2027 (IV)	11/19/2027	-	96.39	0.00	2.54%
0.5% MGS 2025 (II)	11/8/2025	-	98.61	0.00	4.03%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-34.32%
0.80% MGS 2027 (III)	4/29/2027	-	98.00	0.00	2.53%
0.90% MGS 2027 (V)	08/12/2027	-	97.71	0.00	2.49%
0.90% MGS 2031 (V)	07/11/2031	-	89.97	0.00	2.93%
1.0% MGS 2031 (II)	4/23/2031	-	90.96	0.00	2.90%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.62%
1.20% MGS 2037 (I)	5/13/2037	-	78.01	0.00	3.60%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.93%
1.5% MGS 2027 (I)	6/15/2027	-	98.77	0.00	2.46%
1.50% MGS 2045 (I)	10/22/2045	-	65.58	0.00	4.06%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.15%
1.70% MGS 2028 (IV)	08/04/2028	-	98.23	0.00	2.45%
1.80% MGS 2051 (I)	8/28/2051	-	62.27	0.00	4.23%
1.85% MGS 2029 (III)	5/30/2029	-	97.30	0.00	2.72%
2.00% MGS 2051 (II)	07/10/2051	-	69.00	0.00	3.94%
2.1% MGS 2039 (I)	8/24/2039	-	81.26	0.00	3.90%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.08%
2.2% MGS 2035 (I)	11/24/2035	-	89.00	0.00	3.54%
2.3% MGS 2029 (II)	7/24/2029	-	98.96	99.25	2.62%
2.4% MGS 2041 (I)	7/25/2041	-	82.76	0.00	3.90%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.91%
2.5% MGS 2036 (I)	11/17/2036	-	90.00	88.00	3.63%
2.55% MGS 2030 (V)	02/06/2030	-	99.20	0.00	2.76%
2.55% MGS 2030 (V) A	02/06/2030	-	99.19	0.00	2.77%
2.55% MGS 2030 (V) r	02/06/2030	-	100.00	0.00	2.55%
2.60% MGS 2028 (V)	5/22/2028	-	100.38	0.00	2.42%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.28%
2.80% MGS 2030 (III)	2/27/2030	-	99.96	0.00	2.81%
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	-	98.88	0.00	3.09%
3% MGS 2040 (I)	06/11/2040	-	90.30	85.10	3.89%
3.00% MGS 2030 (IV)	11/05/2030	-	100.49	0.00	2.89%
3.15% MGS 2027 (VII)	5/20/2027	-	101.04	0.00	2.29%
3.25% MGS 2034 (IV)	09/05/2034	30,000	99.44	0.00	3.33%
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	-	102.41	0.00	2.67%
3.4% MGS 2027 (VI)	9/24/2027	-	101.64	101.00	2.34%
3.40% MGS 2035 (IV)	7/16/2035	-	99.60	99.61	3.45%
3.40% MGS 2035 (IV) A	7/16/2035	-	98.24	0.00	3.62%
3.40% MGS 2035 (IV) FI A	7/16/2035	-	98.18	0.00	3.63%
3.40% MGS 2035 (IV) r	7/16/2035	-	100.00	0.00	3.40%
3.40% MGS 2042 (I)	8/26/2042	-	94.00	93.81	3.90%
3.50% MGS 2028 (VI)	07/07/2028	-	102.43	0.00	2.44%
3.50% MGS 2034 (III)	7/31/2034	-	101.19	0.00	3.34%
3.50% MGS 2035 (III)	12/18/2035	15,000	100.50	100.50	3.44%
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	5,000	100.51	100.51	2.17%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.34%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.04%
3.80% MGS 2040 (II)	10/16/2040	14,000	99.43	99.66	3.85%
3.80% MGS 2040 (II) A	10/16/2040	-	99.65	0.00	3.83%
3.80% MGS 2040 (II) FI A	10/16/2040	120,000	99.66	99.66	3.83%
3.80% MGS 2040 (II) FI r	10/16/2040	-	99.31	98.50	3.86%
3.80% MGS 2040 (II) r	10/16/2040	3,000	100.00	99.74	3.80%
3.85% MGS 2026 (VI)	08/05/2026	-	101.19	0.00	1.21%
3.95% MGS 2028 (VII)	08/08/2028	-	104.12	0.00	2.22%
4% MGS 2032 (VII)	3/30/2032	20,000	105.66	105.66	2.98%
4.00% MGS 2033 (IV)	12/05/2033	15,000	105.34	0.00	3.22%
4.00% MGS 2038 (I)	8/25/2038	12,500	103.00	0.00	3.70%
4.00% MGS 2043 (I)	11/26/2043	128,500	100.50	100.15	3.96%
4.1% MGS 2034 (I)	10/18/2034	-	104.88	0.00	3.44%
4.3% MGS 2033 (I)	08/01/2033	2,400	107.44	0.00	3.17%
4.30% MGS 2038 (II)	11/15/2038	-	104.67	0.00	3.83%
4.45% MGS 2032 (II)	09/03/2032	-	108.00	0.00	3.09%
4.5% MGS 2028 (II)	10/25/2028	-	105.10	0.00	2.51%
4.65% MGS 2032 (I)	7/22/2032	2,000	109.42	0.00	3.02%
4.8% MGS 2028 (I)	09/11/2028	-	105.72	0.00	2.47%
5.1% MGS 2029 (I)	10/01/2029	-	108.36	0.00	2.65%
5.2% MGS 2031 (I)	9/16/2031	-	111.29	0.00	2.98%
5.25% MGS 2030 (I)	6/23/2030	-	110.04	0.00	2.77%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-57.15%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-40.75%
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.