Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Monday, 22 September 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
(%) 		Yield To Worst
(%) * 		Closing Price
(EUR) 		Last Trade
 Ranking
3.25% APS 2025-2030 11/19/2030 - 94.00 95.00 4.13% 96 22/09/2025
3.25% AXG 2026 SI 12/20/2026 - 97.50 98.00 4.94% 98 22/09/2025
3.5% AXR 2032 02/06/2032 - 93.50 94.25 4.56% 94.25 22/09/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 96.00 97.50 4.19% 97 22/09/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 0.00 95.00 4.91% 94 22/09/2025
3.5% GO 2031 6/25/2031 500 94.75 96.40 4.19% 96.5 22/09/2025
3.5% SFC 2027 9/13/2027 4,800 99.00 101.00 4.04% 99 22/09/2025
3.65% IHI 2031 12/07/2031 - 93.75 94.00 4.84% 93.75 22/09/2025
3.65% MOF 2028-2031 10/15/2031 - 95.75 95.90 4.44% 95.9 22/09/2025
3.65% STV 2029 7/29/2029 - 96.11 97.80 4.28% 97.8 22/09/2025
3.75% AXG 2029 S2 12/20/2029 - 0.00 99.99 3.75% 99.99 22/09/2025
3.75% BOV 2026-2031 6/15/2031 - 0.00 97.10 4.31% 97.2 22/09/2025
3.75% BRX 2027 12/01/2027 300 97.00 98.10 5.23% 97 22/09/2025
3.75% MCY 2027 3/27/2027 - 0.00 97.50 5.87% 97 22/09/2025
3.75% PRC 2026 11/23/2026 35,500 99.00 100.00 4.64% 99 22/09/2025
3.75% TMF 2029 6/27/2029 - 95.01 97.00 4.69% 96.8 22/09/2025
3.75% TUM 2027 07/10/2027 - 98.00 99.99 5.54% 97.01 22/09/2025
3.75% VRT 2027 11/30/2027 - 97.50 98.99 4.95% 97.55 22/09/2025
3.8% HLF 2029 8/27/2029 - 96.00 96.25 4.87% 96.25 22/09/2025
3.85% HLF 2028 7/24/2028 15,000 97.50 97.80 4.69% 97.8 22/09/2025
3.9% BRW 2027-2031 07/09/2031 - 96.60 98.00 4.30% 97.99 22/09/2025
3.9% PZC 2026 9/22/2026 50,000 0.00 100.00 3.90% 100 22/09/2025
4% CBC 2027-2033 11/10/2033 10,000 0.00 95.50 4.68% 95.5 22/09/2025
4% CCS 2030 8/19/2030 - 96.50 97.98 4.47% 97.98 22/09/2025
4% EFC 2027 4/28/2027 - 98.25 100.00 3.99% 100 22/09/2025
4% EXF 2028 8/20/2028 - 100.00 101.00 4.00% 100 22/09/2025
4% HLF 2027 03/11/2027 - 97.20 99.00 6.08% 97.15 22/09/2025
4% IHI 2026 7/29/2026 3,500 99.85 101.00 3.98% 100 22/09/2025
4% IHI 2026 B 12/20/2026 12,600 98.00 98.99 5.70% 98 22/09/2025
4% LSI 2026-2031 06/02/2031 - 0.00 0.00 4.00% 100 22/09/2025
4% MED 2024-2029 EUR 11/05/2029 - 0.00 97.99 4.61% 97.75 22/09/2025
4% MIDI 2026 7/27/2026 20,000 92.00 98.00 6.47% 98 22/09/2025
4% MPC 2032 S1/22 T1 6/30/2032 15,000 98.00 98.95 4.17% 99 22/09/2025
4% SHM 2026 08/01/2026 - 0.00 96.00 6.44% 98 22/09/2025
4% SPF 2029 05/03/2029 - 98.01 99.79 4.03% 99.89 22/09/2025
4% STV 2027 10/18/2027 - 98.01 99.99 4.00% 100 22/09/2025
4.25% CCM 2024-2026 05/08/2026 - 97.50 0.00 8.36% 97.5 22/09/2025
4.25% CLP 2033 8/25/2033 - 100.51 101.98 4.17% 100.51 22/09/2025
4.25% CPHCL 2026 04/12/2026 15,900 0.00 0.00 4.17% 100 22/09/2025
4.25% IZI 2029 4/14/2029 - 96.50 99.00 4.40% 99.5 22/09/2025
4.25% MCY 2031 3/27/2031 - 97.12 99.90 4.85% 97.15 22/09/2025
4.3% MCY 2032 4/25/2032 - 97.01 99.40 4.40% 99.43 22/09/2025
4.35% HDS 2026 04/06/2026 - 97.00 0.00 6.17% 99 22/09/2025
4.35% SDF 2027 4/25/2027 5,000 98.98 99.73 4.51% 99.73 22/09/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 0.00 100.00 4.39% 100 22/09/2025
4.5% BNF 2027 - 2032 7/29/2032 - 0.00 98.00 4.50% 99.99 22/09/2025
4.5% END 2029 3/22/2029 - 0.00 99.90 4.52% 99.9 22/09/2025
4.5% G3 2032 04/06/2032 - 0.00 100.50 4.42% 100.4 22/09/2025
4.5% GHM 2027 8/23/2027 - 0.00 100.50 4.50% 100 22/09/2025
4.5% HIL 2025 10/16/2025 - 98.00 99.75 36.86% 98 22/09/2025
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 0.00 4.38% 100 22/09/2025
4.5% ONA 2028 - 2034 6/21/2034 700 0.00 100.00 4.39% 100.75 22/09/2025
4.5% SHM 2032 08/01/2032 - 0.00 93.00 5.39% 95 22/09/2025
4.55% STA 2032 02/07/2032 - 0.00 99.80 4.55% 100 22/09/2025
4.65% SMF 2031 4/22/2031 10,300 100.00 100.39 4.57% 100.38 22/09/2025
4.65% SMF 2032 8/23/2032 - 100.00 100.99 4.65% 100 22/09/2025
4.75% BDPH 2025-2027 11/30/2027 - 100.00 0.00 4.74% 100 22/09/2025
4.75% DNF 2033 11/19/2033 - 98.00 99.89 5.05% 98.01 22/09/2025
4.75% GAP 2025-2027 12/22/2027 10,000 100.00 0.00 4.26% 101 22/09/2025
4.75% GLR 2028 11/30/2028 - 0.00 99.00 5.09% 99 22/09/2025
4.75% KAF 2026-2029 8/23/2029 - 0.00 95.30 6.23% 95 22/09/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 14.00% 91.5 22/09/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 100.00 100.99 4.85% 100 22/09/2025
4.9% CLS 2032 02/09/2032 - 0.00 100.00 4.89% 100 22/09/2025
5% BLF 2026-2029 02/07/2029 4,200 0.00 101.00 4.99% 100 22/09/2025
5% BOV 2029-2034 S1 T1 11/28/2034 24,100 0.00 101.00 4.86% 101 22/09/2025
5% BSB 2029 6/28/2029 - 0.00 100.00 4.99% 100 22/09/2025
5% CFE 2028-2033 01/06/2033 - 0.00 100.00 5.16% 99 22/09/2025
5% CVS 2026-2029 03/08/2029 - 0.00 100.00 4.83% 100.5 22/09/2025
5% DZF 2026 10/07/2026 5,000 92.00 94.90 11.46% 94 22/09/2025
5% FES 2029 3/18/2029 - 0.00 0.00 4.99% 100 22/09/2025
5% HHF 2023-2028 5/19/2028 300 0.00 99.99 4.99% 99.99 22/09/2025
5% HLF 2029 7/17/2029 - 100.70 102.74 4.82% 100.6 22/09/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 0.00 5.64% 98 22/09/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 100.00 5.00% 100 22/09/2025
5% LLF 2028 7/29/2028 - 0.00 98.80 6.58% 96 22/09/2025
5% MDS 2029 12/20/2029 - 100.00 102.00 4.99% 100 22/09/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 99.00 5.53% 99 22/09/2025
5% MRN 2032 12/16/2032 - 100.06 101.50 4.98% 100.07 22/09/2025
5% VDH 2032 12/16/2032 - 97.00 98.79 5.51% 97 22/09/2025
5.00% BOV 2030-2035 S2 T1 07/07/2035 24,100 100.50 101.40 4.81% 101.4 22/09/2025
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 - 100.00 102.49 4.99% 101.5 22/09/2025
5.2% VBL 2030-2034 10/25/2034 - 99.01 101.00 4.99% 101.5 22/09/2025
5.25% ACM 2028 -2030 8/20/2030 40,000 0.00 100.90 5.02% 100.95 22/09/2025
5.25% BBP 2033 S1 T1 04/03/2033 - 98.00 100.00 5.08% 101 22/09/2025
5.25% CBC 2025 S2 T1 12/30/2025 - 98.00 99.00 8.76% 99 22/09/2025
5.25% KLF 2027 7/31/2027 - 0.00 0.00 5.24% 100 22/09/2025
5.25% MIH 2027 07/06/2027 - 100.00 101.50 5.24% 100 22/09/2025
5.25% QWR 2033 2/27/2033 - 101.50 102.25 5.00% 101.5 22/09/2025
5.3% GTR 2030 07/04/2030 - 101.25 102.46 4.99% 101.25 22/09/2025
5.3% MCY 2034 09/10/2034 - 101.75 102.00 5.02% 102 22/09/2025
5.30% IHI 2035 04/01/2035 2,800 0.00 102.50 4.96% 102.5 22/09/2025
5.35% BDPH 2032 2/21/2032 - 101.00 103.00 5.16% 101 22/09/2025
5.35% DSM 2028 10/28/2028 - 80.50 92.00 11.36% 85 22/09/2025
5.35% HMV 2031-2034 7/26/2034 2,100 101.50 105.75 4.78% 104 22/09/2025
5.35% MAR 2029-2031 6/27/2031 17,500 100.80 101.19 5.14% 101 22/09/2025
5.4% ECL 2031 12/30/2031 14,700 100.25 100.98 5.35% 100.25 22/09/2025
5.5% 9HC 2027 6/19/2027 - 0.00 101.70 5.48% 100 22/09/2025
5.5% AES 2036 S1 T2 10/08/2036 6,300 100.01 101.75 5.38% 101 22/09/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 6.13% 99 22/09/2025
5.5% JUE 2035 6/27/2035 - 101.50 102.49 5.23% 102 22/09/2025
5.5% QLZ 2030 -2035 7/22/2035 16,200 99.05 100.90 5.36% 100.99 22/09/2025
5.5% TST 2029 01/09/2029 - 0.00 99.50 5.83% 99 22/09/2025
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 - 100.26 102.00 5.59% 100.01 22/09/2025
5.7% MRK 2033 08/12/2033 - 102.00 104.00 5.07% 104 22/09/2025
5.75% BDPH 2027-2029 04/12/2029 - 100.25 102.25 5.11% 102 22/09/2025
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 - 0.00 103.75 5.59% 101 22/09/2025
5.75% PLG 2028 11/23/2028 - 102.00 102.25 5.04% 102 22/09/2025
5.8% AES 2036 S1 T1 03/01/2036 1,200 101.01 103.00 5.66% 101.01 22/09/2025
5.8% APS 2028-2033 S1 T1 12/01/2033 5,000 105.00 106.90 5.04% 104.99 22/09/2025
5.8% GPH 2032 4/22/2032 - 100.06 102.70 5.29% 102.74 22/09/2025
5.85% AXG 2033 11/07/2033 600 103.50 0.00 5.31% 103.5 22/09/2025
5.85% BGA 2034 5/14/2034 - 101.50 105.75 5.62% 101.5 22/09/2025
5.85% MIH 2028 7/31/2028 - 101.00 0.00 5.64% 100.51 22/09/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 100.00 5.89% 100 07/09/2025
6% IHI 2033 11/14/2033 10,000 105.00 105.49 5.21% 105.1 22/09/2025
6% JDC 2033 S2 T1 7/19/2033 - 102.00 104.99 5.67% 102 22/09/2025
6% LDB 2030-2035 S1 T1 7/23/2035 - 0.00 101.95 5.73% 102 22/09/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 0.00 5.81% 101 22/09/2025
6% PHC 2033 02/03/2033 8,200 102.00 103.00 5.65% 102 22/09/2025
6.25% AST 2033 6/16/2033 - 0.00 104.95 5.44% 104.95 22/09/2025
6.25% CMF 2034 2/23/2034 - 101.15 104.75 5.52% 104.75 22/09/2025
6.25% GPH 2030 03/10/2030 - 100.62 103.62 6.09% 100.55 22/09/2025
6.25% TGS 2030 -2032 2/14/2032 4,000 98.50 102.99 6.05% 101 22/09/2025
7.25% HRT 2025-2027 11/28/2027 - 0.00 100.00 6.72% 101 22/09/2025

* 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 4.96% 96.5 22/09/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 5.00% 100 22/09/2025

* 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 99.00 5.82% 99.9 22/09/2025

* 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 2.29%
0.25% MGS 2026 (III) 11/18/2026 - 97.81 0.00 2.19%
0.40% MGS 2026 (II) 10/20/2026 - 96.79 97.00 3.48%
0.40% MGS 2027 (IV) 11/19/2027 - 96.03 0.00 2.30%
0.5% MGS 2025 (II) 11/08/2025 - 98.61 99.00 12.01%
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 7.50%
0.90% MGS 2027 (V) 08/12/2027 - 97.43 0.00 2.30%
0.90% MGS 2031 (V) 07/11/2031 - 89.71 0.00 2.84%
1.0% MGS 2031 (II) 4/23/2031 - 90.40 0.00 2.87%
1.00% MGS 2035 (II) 8/23/2035 - 79.21 79.70 3.50%
1.20% MGS 2037 (I) 5/13/2037 - 77.83 0.00 3.54%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.89%
1.5% MGS 2027 (I) 6/15/2027 - 98.76 0.00 2.24%
1.50% MGS 2045 (I) 10/22/2045 - 66.68 65.00 3.91%
1.60% MGS 2032 (III) 05/03/2032 - 91.36 0.00 3.05%
1.70% MGS 2028 (IV) 08/04/2028 - 90.83 0.00 5.19%
1.80% MGS 2051 (I) 8/28/2051 - 62.35 0.00 4.20%
1.85% MGS 2029 (III) 5/30/2029 - 97.70 0.00 2.51%
2.00% MGS 2051 (II) 07/10/2051 - 69.38 0.00 3.89%
2.1% MGS 2039 (I) 8/24/2039 - 81.10 81.94 3.87%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 0.00 3.02%
2.2% MGS 2035 (I) 11/24/2035 - 89.55 0.00 3.43%
2.3% MGS 2029 (II) 7/24/2029 - 100.00 0.00 2.30%
2.4% MGS 2041 (I) 7/25/2041 - 82.06 0.00 3.93%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.90%
2.5% MGS 2036 (I) 11/17/2036 - 90.27 88.00 3.57%
2.60% MGS 2028 (V) 5/22/2028 - 100.72 100.54 2.32%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 0.00 3.27%
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 - 98.64 98.75 3.12%
3% MGS 2040 (I) 06/11/2040 14,000 95.50 90.00 3.39%
3.00% MGS 2030 (IV) 11/05/2030 - 101.75 0.00 2.63%
3.15% MGS 2027 (VII) 5/20/2027 13,000 101.50 101.50 2.22%
3.25% MGS 2034 (IV) 09/05/2034 - 100.40 98.00 3.20%
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 42,500 102.79 102.79 2.64%
3.4% MGS 2027 (VI) 9/24/2027 - 102.20 102.21 2.27%
3.40% MGS 2035 (IV) A 7/16/2035 - 99.74 0.00 3.43%
3.40% MGS 2035 (IV) r 7/16/2035 12,000 99.60 99.60 3.45%
3.40% MGS 2042 (I) 8/26/2042 - 100.30 0.00 3.38%
3.50% MGS 2028 (VI) 07/07/2028 1,200 102.92 102.92 2.41%
3.50% MGS 2034 (III) 7/31/2034 10,000 101.55 101.55 3.30%
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 - 100.05 99.85 3.49%
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 - 101.12 101.17 2.11%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.44%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.07%
3.80% MGS 2040 (II) A 10/16/2040 - 99.65 0.00 3.83%
3.80% MGS 2040 (II) r 10/16/2040 - 98.97 99.55 3.89%
3.85% MGS 2026 (VI) 08/05/2026 - 102.15 0.00 1.34%
3.95% MGS 2028 (VII) 08/08/2028 - 105.23 0.00 2.06%
4% MGS 2032 (VII) 3/30/2032 17,000 105.80 105.80 3.01%
4.00% MGS 2033 (IV) 12/05/2033 17,500 105.24 105.24 3.27%
4.00% MGS 2038 (I) 8/25/2038 - 103.00 100.50 3.71%
4.00% MGS 2043 (I) 11/26/2043 - 100.22 100.35 3.98%
4.1% MGS 2034 (I) 10/18/2034 - 106.00 0.00 3.33%
4.3% MGS 2033 (I) 08/01/2033 - 107.86 0.00 3.16%
4.30% MGS 2038 (II) 11/15/2038 - 105.10 0.00 3.80%
4.45% MGS 2032 (II) 09/03/2032 - 108.84 0.00 3.03%
4.5% MGS 2028 (II) 10/25/2028 4,000 106.03 106.03 2.46%
4.65% MGS 2032 (I) 7/22/2032 10,000 109.73 0.00 3.06%
4.8% MGS 2028 (I) 09/11/2028 - 106.86 0.00 2.39%
5.1% MGS 2029 (I) 10/01/2029 - 109.78 0.00 2.53%
5.2% MGS 2031 (I) 9/16/2031 - 112.52 0.00 2.90%
5.25% MGS 2030 (I) 6/23/2030 - 111.28 0.00 2.70%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -65.85%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -26.93%
7% MGS 2032 (V) 12/31/2032 - 100.00 0.00 7.00%
7% MGS 2034 (II) 12/31/2034 - 100.00 101.00 7.00%

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

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