Bond Market Overview

Monday, 13 October 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	50,000	95.00	96.00	4.36%	95	13/10/2025
3.25% AXG 2026 SI	12/20/2026	-	0.00	99.10	4.04%	99.1	13/10/2025
3.5% AXR 2032	02/06/2032	-	93.50	94.22	4.57%	94.22	13/10/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	94.00	96.00	4.80%	94.5	13/10/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	0.00	95.00	4.68%	95	13/10/2025
3.5% GO 2031	6/25/2031	30,000	0.00	98.50	3.80%	98.5	13/10/2025
3.5% SFC 2027	9/13/2027	-	99.00	100.50	3.50%	100	13/10/2025
3.65% IHI 2031	12/07/2031	3,000	91.00	92.00	5.41%	91	13/10/2025
3.65% MOF 2028-2031	10/15/2031	39,000	95.51	96.50	4.32%	96.5	13/10/2025
3.65% STV 2029	7/29/2029	1,000	0.00	98.00	4.23%	98	13/10/2025
3.75% AXG 2029 S2	12/20/2029	-	0.00	99.00	4.01%	99	13/10/2025
3.75% BOV 2026-2031	6/15/2031	-	0.00	97.10	4.33%	97.1	13/10/2025
3.75% BRX 2027	12/01/2027	-	97.00	100.00	3.75%	100	13/10/2025
3.75% MCY 2027	3/27/2027	-	95.01	96.00	5.58%	97.5	13/10/2025
3.75% PRC 2026	11/23/2026	-	97.50	97.90	4.69%	99	13/10/2025
3.75% TMF 2029	6/27/2029	-	0.00	98.00	4.65%	97	13/10/2025
3.75% TUM 2027	07/10/2027	-	0.00	100.50	3.74%	100	13/10/2025
3.75% VRT 2027	11/30/2027	-	97.51	99.50	4.25%	99	13/10/2025
3.8% HLF 2029	8/27/2029	-	0.00	95.50	4.96%	96	13/10/2025
3.85% HLF 2028	7/24/2028	40,000	96.50	97.50	4.83%	97.5	13/10/2025
3.9% BRW 2027-2031	07/09/2031	-	0.00	97.99	4.58%	96.6	13/10/2025
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.89%	100	13/10/2025
4% CBC 2027-2033	11/10/2033	-	0.00	94.00	4.68%	95.5	13/10/2025
4% CCS 2030	8/19/2030	-	95.24	97.97	4.47%	97.97	13/10/2025
4% EFC 2027	4/28/2027	-	98.20	99.90	3.99%	100	13/10/2025
4% EXF 2028	8/20/2028	-	100.00	101.00	4.00%	100	13/10/2025
4% HLF 2027	03/11/2027	-	96.25	98.79	4.90%	98.79	13/10/2025
4% IHI 2026	7/29/2026	14,800	99.75	100.00	3.32%	100.5	13/10/2025
4% IHI 2026 B	12/20/2026	-	98.00	99.70	5.79%	98	13/10/2025
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	13/10/2025
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.00	4.55%	97.99	13/10/2025
4% MIDI 2026	7/27/2026	-	96.00	97.00	9.42%	96	13/10/2025
4% MPC 2032 S1/22 T1	6/30/2032	-	99.40	99.90	4.00%	100	13/10/2025
4% SHM 2026	08/01/2026	-	0.00	97.00	9.33%	96	13/10/2025
4% SPF 2029	05/03/2029	-	0.00	99.79	4.54%	98.25	13/10/2025
4% STV 2027	10/18/2027	-	0.00	99.99	5.07%	98	13/10/2025
4.25% CCM 2024-2026	05/08/2026	-	97.50	0.00	8.76%	97.5	13/10/2025
4.25% CLP 2033	8/25/2033	-	0.00	99.99	4.25%	99.99	13/10/2025
4.25% CPHCL 2026	04/12/2026	-	98.01	99.95	4.26%	99.95	13/10/2025
4.25% IZI 2029	4/14/2029	5,300	97.00	99.00	5.37%	96.5	13/10/2025
4.25% MCY 2031	3/27/2031	-	0.00	99.50	4.86%	97.12	13/10/2025
4.3% MCY 2032	4/25/2032	-	90.00	97.39	5.60%	93	13/10/2025
4.35% HDS 2026	04/06/2026	-	0.00	0.00	4.25%	100	13/10/2025
4.35% SDF 2027	4/25/2027	-	96.50	99.75	4.33%	100	13/10/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	0.00	99.68	4.39%	100	13/10/2025
4.5% BNF 2027 - 2032	7/29/2032	-	0.00	97.49	4.94%	97.5	13/10/2025
4.5% END 2029	3/22/2029	-	0.00	99.90	4.52%	99.9	13/10/2025
4.5% G3 2032	04/06/2032	5,000	0.00	0.00	4.50%	100	13/10/2025
4.5% GHM 2027	8/23/2027	20,000	98.10	102.00	4.55%	99.9	13/10/2025
4.5% HIL 2025	10/16/2025	-	98.00	99.75	51.96%	98	29/09/2025
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	100.00	4.36%	100	13/10/2025
4.5% ONA 2028 - 2034	6/21/2034	-	0.00	99.75	4.39%	100.75	13/10/2025
4.5% SHM 2032	08/01/2032	-	0.00	93.00	5.39%	95	13/10/2025
4.55% STA 2032	02/07/2032	-	0.00	0.00	4.55%	100	13/10/2025
4.65% SMF 2031	4/22/2031	-	0.00	100.35	5.05%	98.07	13/10/2025
4.65% SMF 2032	8/23/2032	-	98.01	100.99	5.00%	98.01	13/10/2025
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.74%	100	13/10/2025
4.75% DNF 2033	11/19/2033	-	0.00	98.00	5.06%	98	13/10/2025
4.75% GAP 2025-2027	12/22/2027	15,000	100.00	100.50	4.74%	100	13/10/2025
4.75% GLR 2028	11/30/2028	-	99.50	0.00	4.92%	99.5	13/10/2025
4.75% KAF 2026-2029	8/23/2029	-	0.00	95.30	6.32%	94.75	13/10/2025
4.8% MMHF 2026	10/14/2026	-	0.00	0.00	14.56%	91.5	13/10/2025
4.85% JDC 2032 S1 T1	11/25/2032	-	98.20	99.99	5.19%	98.01	13/10/2025
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.90%	100	13/10/2025
5% BLF 2026-2029	02/07/2029	5,000	0.00	0.00	4.66%	101	13/10/2025
5% BOV 2029-2034 S1 T1	11/28/2034	-	0.00	98.00	5.00%	100	13/10/2025
5% BSB 2029	6/28/2029	-	99.00	102.00	5.30%	99	13/10/2025
5% CFE 2028-2033	01/06/2033	-	0.00	100.00	5.00%	100	13/10/2025
5% CVS 2026-2029	03/08/2029	-	0.00	100.20	4.99%	100	13/10/2025
5% DZF 2026	10/07/2026	7,000	90.00	94.00	11.83%	94	13/10/2025
5% FES 2029	3/18/2029	-	0.00	0.00	4.99%	100	13/10/2025
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	13/10/2025
5% HLF 2029	7/17/2029	-	100.20	100.99	4.96%	100.1	13/10/2025
5% HRZ 2026-2029	3/15/2029	-	0.00	0.00	5.65%	98	13/10/2025
5% IZB 2027 - 2032	9/15/2032	-	0.00	99.99	5.00%	100	13/10/2025
5% LLF 2028	7/29/2028	-	0.00	98.80	5.47%	98.8	13/10/2025
5% MDS 2029	12/20/2029	1,000	100.05	100.50	4.86%	100.5	13/10/2025
5% MED 2022-2027 EUR	10/13/2027	-	0.00	99.00	5.54%	99	13/10/2025
5% MRN 2032	12/16/2032	-	100.06	101.49	4.99%	100.07	13/10/2025
5% VDH 2032	12/16/2032	-	97.01	98.50	5.20%	98.79	13/10/2025
5.00% BOV 2030-2035 S2 T1	07/07/2035	-	0.00	100.50	4.93%	100.5	13/10/2025
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	22.49%	99	07/09/2025
5.2% TUM 2031-2034	11/22/2034	-	99.00	101.40	4.99%	101.5	13/10/2025
5.2% VBL 2030-2034	10/25/2034	-	100.00	100.49	5.34%	99.01	13/10/2025
5.25% ACM 2028 -2030	8/20/2030	-	100.00	100.60	5.08%	100.7	13/10/2025
5.25% BBP 2033 S1 T1	04/03/2033	-	100.00	100.90	5.08%	101	13/10/2025
5.25% CBC 2025 S2 T1	12/30/2025	-	97.00	99.50	14.54%	98	13/10/2025
5.25% KLF 2027	7/31/2027	-	100.00	0.00	5.24%	100	13/10/2025
5.25% MIH 2027	07/06/2027	-	100.00	101.85	5.23%	100	13/10/2025
5.25% QWR 2033	2/27/2033	-	101.50	102.00	4.92%	102	13/10/2025
5.3% GTR 2030	07/04/2030	-	100.00	101.25	4.99%	101.25	13/10/2025
5.3% MCY 2034	09/10/2034	-	101.10	101.99	5.16%	101	13/10/2025
5.30% IHI 2035	04/01/2035	16,000	100.02	102.45	4.96%	102.45	13/10/2025
5.35% BDPH 2032	2/21/2032	-	101.00	103.00	5.16%	101	13/10/2025
5.35% DSM 2028	10/28/2028	-	70.05	92.00	11.47%	85	13/10/2025
5.35% HMV 2031-2034	7/26/2034	-	101.50	105.75	5.13%	101.5	13/10/2025
5.35% MAR 2029-2031	6/27/2031	-	0.00	101.23	5.32%	100.13	13/10/2025
5.4% AGB 2035 S1 T1	10/10/2035	-	0.00	100.84	5.40%	100	13/10/2025
5.4% ECL 2031	12/30/2031	9,000	0.00	100.20	5.40%	100	13/10/2025
5.5% 9HC 2027	6/19/2027	-	0.00	101.70	5.48%	100	13/10/2025
5.5% AES 2036 S1 T2	10/08/2036	-	100.03	102.50	5.50%	100.03	13/10/2025
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.15%	99	13/10/2025
5.5% JUE 2035	6/27/2035	-	0.00	101.50	5.23%	101.99	13/10/2025
5.5% QLZ 2030 -2035	7/22/2035	-	0.00	101.45	5.30%	101.45	13/10/2025
5.5% TST 2029	01/09/2029	-	0.00	99.50	5.84%	99	13/10/2025
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.6% JDC 2035	5/23/2035	10,000	100.30	101.00	5.53%	100.5	13/10/2025
5.7% MRK 2033	08/12/2033	-	102.00	103.40	5.38%	102	13/10/2025
5.75% BDPH 2027-2029	04/12/2029	20,000	102.00	104.34	5.10%	102	13/10/2025
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	-	0.00	102.00	5.44%	102	13/10/2025
5.75% PLG 2028	11/23/2028	-	102.00	102.45	5.03%	102	13/10/2025
5.8% AES 2036 S1 T1	03/01/2036	-	100.00	101.50	5.79%	100	13/10/2025
5.8% APS 2028-2033 S1 T1	12/01/2033	39,000	103.00	106.50	5.03%	105	13/10/2025
5.8% GPH 2032	4/22/2032	-	100.05	102.65	5.78%	100.05	13/10/2025
5.85% AXG 2033	11/07/2033	4,600	103.50	0.00	5.30%	103.5	13/10/2025
5.85% BGA 2034	5/14/2034	9,100	101.50	105.00	5.47%	102.5	13/10/2025
5.85% MIH 2028	7/31/2028	-	101.00	104.00	5.44%	101	13/10/2025
5.9% TGS 2024-2026	7/22/2026	-	0.00	100.00	5.89%	100	07/09/2025
6% IHI 2033	11/14/2033	-	101.60	103.50	5.76%	101.5	13/10/2025
6% JDC 2033 S2 T1	7/19/2033	5,900	101.01	101.50	5.75%	101.5	13/10/2025
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	100.98	5.72%	102	13/10/2025
6% MUL 2032 S1 T1	4/27/2032	-	0.00	0.00	5.80%	101	13/10/2025
6% PHC 2033	02/03/2033	-	101.00	102.95	5.49%	102.95	13/10/2025
6.25% AST 2033	6/16/2033	-	101.50	104.90	6.08%	101	13/10/2025
6.25% CMF 2034	2/23/2034	-	101.16	103.00	5.52%	104.75	13/10/2025
6.25% GPH 2030	03/10/2030	1,000	100.68	102.00	6.06%	100.68	13/10/2025
6.25% TGS 2030 -2032	2/14/2032	-	98.50	102.00	6.05%	101	13/10/2025
7.25% HRT 2025-2027	11/28/2027	-	0.00	100.00	6.72%	101	13/10/2025

* 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	4.97%		96.5	13/10/2025
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	5.00%		100	13/10/2025

* 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	5.85%		99.9	13/10/2025

* 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	-	98.23	0.00	2.45%
0.25% MGS 2026 (III)	11/18/2026	-	97.81	0.00	2.29%
0.40% MGS 2026 (II)	10/20/2026	-	96.79	0.00	3.65%
0.40% MGS 2027 (IV)	11/19/2027	200,000	96.23	0.00	2.25%
0.5% MGS 2025 (II)	11/08/2025	-	98.61	98.61	22.07%
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	7.75%
0.90% MGS 2027 (V)	08/12/2027	-	97.43	0.00	2.35%
0.90% MGS 2031 (V)	07/11/2031	-	89.42	0.00	2.92%
1.0% MGS 2031 (II)	4/23/2031	-	90.42	0.00	2.89%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.53%
1.20% MGS 2037 (I)	5/13/2037	-	77.83	77.49	3.55%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.90%
1.5% MGS 2027 (I)	6/15/2027	-	98.58	0.00	2.37%
1.50% MGS 2045 (I)	10/22/2045	-	65.70	0.00	4.01%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.07%
1.70% MGS 2028 (IV)	08/04/2028	-	90.83	0.00	5.26%
1.80% MGS 2051 (I)	8/28/2051	-	62.35	62.00	4.20%
1.85% MGS 2029 (III)	5/30/2029	-	97.70	0.00	2.52%
2.00% MGS 2051 (II)	07/10/2051	-	69.38	0.00	3.89%
2.1% MGS 2039 (I)	8/24/2039	-	82.20	0.00	3.76%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.03%
2.2% MGS 2035 (I)	11/24/2035	119,500	89.29	0.00	3.46%
2.3% MGS 2029 (II)	7/24/2029	-	99.07	0.00	2.56%
2.4% MGS 2041 (I)	7/25/2041	-	82.00	0.00	3.94%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.90%
2.5% MGS 2036 (I)	11/17/2036	-	89.95	88.00	3.61%
2.60% MGS 2028 (V)	5/22/2028	90,000	100.56	100.67	2.38%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.27%
2.80% MGS 2030 (III)	2/27/2030	-	100.54	0.00	2.67%
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	-	98.91	0.00	3.07%
3% MGS 2040 (I)	06/11/2040	3,400	91.10	91.50	3.80%
3.00% MGS 2030 (IV)	11/05/2030	-	101.04	0.00	2.78%
3.15% MGS 2027 (VII)	5/20/2027	200,000	101.67	0.00	2.08%
3.25% MGS 2034 (IV)	09/05/2034	2,100	99.71	99.71	3.29%
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	-	102.00	103.01	2.83%
3.4% MGS 2027 (VI)	9/24/2027	2,000	102.20	0.00	2.24%
3.40% MGS 2035 (IV) A	7/16/2035	-	99.43	0.00	3.47%
3.40% MGS 2035 (IV) r	7/16/2035	-	99.20	99.90	3.50%
3.40% MGS 2042 (I)	8/26/2042	-	100.20	0.00	3.38%
3.50% MGS 2028 (VI)	07/07/2028	50,000	103.02	0.00	2.35%
3.50% MGS 2034 (III)	7/31/2034	56,000	101.72	0.00	3.27%
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	201,700	100.50	100.22	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	103,000	101.12	0.00	2.00%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.43%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.06%
3.80% MGS 2040 (II) A	10/16/2040	-	99.65	0.00	3.83%
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	-	102.15	0.00	1.16%
3.95% MGS 2028 (VII)	08/08/2028	-	105.23	0.00	2.03%
4% MGS 2032 (VII)	3/30/2032	4,000	106.00	0.00	2.97%
4.00% MGS 2033 (IV)	12/05/2033	95,000	105.85	105.85	3.18%
4.00% MGS 2038 (I)	8/25/2038	-	103.00	101.00	3.70%
4.00% MGS 2043 (I)	11/26/2043	27,100	101.00	100.89	3.92%
4.1% MGS 2034 (I)	10/18/2034	10,000	106.15	105.00	3.31%
4.3% MGS 2033 (I)	08/01/2033	5,000	108.05	0.00	3.13%
4.30% MGS 2038 (II)	11/15/2038	-	105.39	0.00	3.77%
4.45% MGS 2032 (II)	09/03/2032	-	108.77	0.00	3.03%
4.5% MGS 2028 (II)	10/25/2028	12,500	106.10	106.10	2.40%
4.65% MGS 2032 (I)	7/22/2032	15,000	110.17	0.00	2.98%
4.8% MGS 2028 (I)	09/11/2028	20,000	106.70	0.00	2.40%
5.1% MGS 2029 (I)	10/01/2029	-	109.44	0.00	2.58%
5.2% MGS 2031 (I)	9/16/2031	-	112.50	112.50	2.89%
5.25% MGS 2030 (I)	6/23/2030	-	111.18	0.00	2.69%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-65.85%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-28.33%
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.