Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Thursday, 07 August 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 - 92.00 96.00 4.10% 96 07/08/2025
3.25% AXG 2026 SI 12/20/2026 - 98.03 99.00 3.85% 99.2 07/08/2025
3.5% AXR 2032 02/06/2032 - 93.55 94.50 4.68% 93.5 07/08/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 94.50 97.50 4.83% 94.2 07/08/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 95.00 96.21 4.64% 95 07/08/2025
3.5% GO 2031 6/25/2031 - 95.25 97.45 3.99% 97.45 07/08/2025
3.5% SFC 2027 9/13/2027 - 100.50 101.40 3.50% 100 07/08/2025
3.65% IHI 2031 12/07/2031 3,000 93.52 94.00 4.77% 94 07/08/2025
3.65% MOF 2028-2031 10/15/2031 - 95.51 96.00 4.50% 95.51 07/08/2025
3.65% STV 2029 7/29/2029 8,000 97.01 97.99 4.49% 97.01 07/08/2025
3.75% AXG 2029 S2 12/20/2029 - 0.00 100.00 3.75% 100 07/08/2025
3.75% BOV 2026-2031 6/15/2031 - 0.00 97.20 4.30% 97.2 07/08/2025
3.75% BRX 2027 12/01/2027 - 97.30 99.73 4.98% 97.35 07/08/2025
3.75% MCY 2027 3/27/2027 - 97.21 100.00 3.74% 100 07/08/2025
3.75% PRC 2026 11/23/2026 - 99.00 100.00 3.74% 100 07/08/2025
3.75% TMF 2029 6/27/2029 - 96.75 98.25 4.25% 98.25 07/08/2025
3.75% TUM 2027 07/10/2027 6,000 99.00 100.00 3.75% 100 07/08/2025
3.75% VRT 2027 11/30/2027 137,300 99.85 100.50 3.74% 100 07/08/2025
3.8% HLF 2029 8/27/2029 - 96.75 97.00 4.84% 96.25 07/08/2025
3.85% HLF 2028 7/24/2028 29,400 97.50 98.00 4.59% 98 07/08/2025
3.9% BRW 2027-2031 07/09/2031 - 96.70 98.00 4.47% 97.1 07/08/2025
3.9% PZC 2026 9/22/2026 - 98.00 100.00 3.89% 100 07/08/2025
4% CBC 2027-2033 11/10/2033 - 0.00 96.25 4.59% 96 07/08/2025
4% CCS 2030 8/19/2030 - 95.01 98.00 4.45% 98 07/08/2025
4% EFC 2027 4/28/2027 - 99.50 100.80 3.50% 100.8 07/08/2025
4% EXF 2028 8/20/2028 - 0.00 99.50 4.18% 99.5 07/08/2025
4% HLF 2027 03/11/2027 15,100 100.00 101.50 3.66% 100.5 07/08/2025
4% IHI 2026 7/29/2026 11,000 99.75 101.00 4.00% 100 07/08/2025
4% IHI 2026 B 12/20/2026 - 98.51 99.00 5.14% 98.51 07/08/2025
4% LSI 2026-2031 06/02/2031 - 0.00 0.00 4.00% 100 07/08/2025
4% MED 2024-2029 EUR 11/05/2029 - 0.00 97.75 4.34% 98.7 07/08/2025
4% MIDI 2026 7/27/2026 - 98.00 99.00 5.08% 99 07/08/2025
4% MPC 2032 S1/22 T1 6/30/2032 - 99.00 100.00 4.00% 100 07/08/2025
4% SHM 2026 08/01/2026 - 0.00 99.75 6.16% 98 07/08/2025
4% SPF 2029 05/03/2029 - 100.00 0.00 4.00% 100 07/08/2025
4% STV 2027 10/18/2027 5,800 98.01 100.30 3.85% 100.3 07/08/2025
4.25% CCM 2024-2026 05/08/2026 - 97.50 0.00 7.70% 97.5 07/08/2025
4.25% CLP 2033 8/25/2033 - 0.00 100.00 4.25% 100 07/08/2025
4.25% CPHCL 2026 04/12/2026 - 98.05 0.00 4.57% 99.75 07/08/2025
4.25% IZI 2029 4/14/2029 - 99.50 99.90 4.27% 99.9 07/08/2025
4.25% MCY 2031 3/27/2031 1,500 97.16 99.98 4.25% 99.98 07/08/2025
4.3% MCY 2032 4/25/2032 6,000 99.50 99.95 4.31% 99.95 07/08/2025
4.35% HDS 2026 04/06/2026 - 99.00 0.00 5.84% 99 07/08/2025
4.35% SDF 2027 4/25/2027 4,000 99.00 99.75 4.49% 99.75 07/08/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 0.00 0.00 4.67% 99.5 07/08/2025
4.5% BNF 2027 - 2032 7/29/2032 - 0.00 100.00 4.67% 99 07/08/2025
4.5% END 2029 3/22/2029 - 0.00 99.90 4.52% 99.9 07/08/2025
4.5% G3 2032 04/06/2032 - 100.00 101.00 4.51% 99.9 07/08/2025
4.5% GHM 2027 8/23/2027 - 99.00 100.00 4.50% 100 07/08/2025
4.5% HIL 2025 10/16/2025 - 98.00 99.75 14.84% 98 07/08/2025
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 8.51% 98 07/08/2025
4.5% ONA 2028 - 2034 6/21/2034 - 100.00 101.50 4.50% 100 07/08/2025
4.5% SHM 2032 08/01/2032 - 0.00 93.70 5.38% 95 07/08/2025
4.55% STA 2032 02/07/2032 2,000 100.00 100.45 4.55% 100 07/08/2025
4.65% SMF 2031 4/22/2031 - 100.00 100.73 4.65% 100 07/08/2025
4.65% SMF 2032 8/23/2032 - 97.51 100.47 4.57% 100.49 07/08/2025
4.75% BDPH 2025-2027 11/30/2027 - 100.00 0.00 4.74% 100 07/08/2025
4.75% DNF 2033 11/19/2033 - 0.00 99.50 4.74% 100.05 07/08/2025
4.75% GAP 2025-2027 12/22/2027 - 100.00 101.00 4.74% 100 07/08/2025
4.75% GLR 2028 11/30/2028 - 0.00 0.00 4.91% 99.5 07/08/2025
4.75% KAF 2026-2029 8/23/2029 - 0.00 95.00 5.60% 97 07/08/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 12.96% 91.5 07/08/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 100.00 100.99 4.81% 100.24 07/08/2025
4.9% CLS 2032 02/09/2032 - 0.00 100.00 4.89% 100 07/08/2025
5% BLF 2026-2029 02/07/2029 - 0.00 100.00 4.99% 100 07/08/2025
5% BOV 2029-2034 S1 T1 11/28/2034 - 101.25 101.95 4.83% 101.25 07/08/2025
5% BSB 2029 6/28/2029 - 0.00 100.00 5.00% 100 07/08/2025
5% CFE 2028-2033 01/06/2033 - 0.00 101.00 4.83% 101 07/08/2025
5% CVS 2026-2029 03/08/2029 - 0.00 0.00 5.12% 99.6 07/08/2025
5% DZF 2026 10/07/2026 - 98.65 99.90 5.08% 99.9 07/08/2025
5% FES 2029 3/18/2029 - 0.00 0.00 4.99% 100 07/08/2025
5% HHF 2023-2028 5/19/2028 - 0.00 99.99 5.19% 99.5 07/08/2025
5% HLF 2029 7/17/2029 - 100.60 100.99 4.71% 101 07/08/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 0.00 5.62% 98 07/08/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 100.00 5.34% 98 07/08/2025
5% LLF 2028 7/29/2028 - 0.00 98.90 6.52% 96 07/08/2025
5% MDS 2029 12/20/2029 - 100.00 0.00 4.99% 100 07/08/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 0.00 5.49% 99 07/08/2025
5% MRN 2032 12/16/2032 - 100.00 103.49 4.90% 100.6 07/08/2025
5% VDH 2032 12/16/2032 10,800 98.03 99.48 5.08% 99.48 07/08/2025
5.00% BOV 2030-2035 S2 T1 07/07/2035 51,100 101.10 101.45 4.81% 101.45 07/08/2025
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 - 100.00 102.50 4.86% 102.5 07/08/2025
5.2% VBL 2030-2034 10/25/2034 5,000 101.00 101.50 5.06% 101 07/08/2025
5.25% BBP 2033 S1 T1 04/03/2033 8,300 100.00 101.75 4.96% 101.75 07/08/2025
5.25% CBC 2025 S2 T1 12/30/2025 - 0.00 0.00 2.73% 100.95 07/08/2025
5.25% KLF 2027 7/31/2027 - 0.00 0.00 5.25% 100 07/08/2025
5.25% MIH 2027 07/06/2027 - 101.00 101.50 5.24% 100 07/08/2025
5.25% QWR 2033 2/27/2033 - 100.55 103.00 5.24% 100.05 07/08/2025
5.3% GTR 2030 07/04/2030 16,000 101.70 101.88 4.86% 101.88 07/08/2025
5.3% MCY 2034 09/10/2034 - 101.00 101.25 5.12% 101.25 07/08/2025
5.30% IHI 2035 04/01/2035 - 102.00 102.95 5.03% 102 07/08/2025
5.35% BDPH 2032 2/21/2032 - 100.01 102.95 5.34% 100.01 07/08/2025
5.35% DSM 2028 10/28/2028 - 60.02 94.00 7.13% 95 07/08/2025
5.35% HMV 2031-2034 7/26/2034 - 101.50 105.00 4.65% 105 07/08/2025
5.35% MAR 2029-2031 6/27/2031 - 101.50 101.82 4.98% 101.82 07/08/2025
5.4% ECL 2031 12/30/2031 55,000 100.10 101.40 5.21% 100.99 07/08/2025
5.5% 9HC 2027 6/19/2027 - 0.00 102.00 5.49% 100 07/08/2025
5.5% AES 2036 S1 T2 10/08/2036 - 101.05 101.50 5.32% 101.5 07/08/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 5.48% 100 07/08/2025
5.5% JUE 2035 6/27/2035 - 102.50 102.95 5.11% 102.95 07/08/2025
5.5% TST 2029 01/09/2029 - 0.00 99.99 5.49% 100 07/08/2025
5.5% YCT 2021-2025 9/13/2025 - 0.00 0.00 25.04% 98 07/08/2025
5.6% JDC 2035 5/23/2035 15,000 101.50 102.50 5.26% 102.5 07/08/2025
5.7% MRK 2033 08/12/2033 - 102.00 103.99 5.46% 101.5 07/08/2025
5.75% BDPH 2027-2029 04/12/2029 - 101.00 104.00 5.13% 102 07/08/2025
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 - 102.10 104.00 5.43% 102.1 07/08/2025
5.75% PLG 2028 11/23/2028 68,000 101.00 103.00 5.23% 101.5 07/08/2025
5.8% AES 2036 S1 T1 03/01/2036 - 102.00 103.39 5.60% 101.51 07/08/2025
5.8% APS 2028-2033 S1 T1 12/01/2033 - 102.50 104.99 5.05% 104.99 07/08/2025
5.8% GPH 2032 4/22/2032 - 100.51 102.35 5.43% 101.98 07/08/2025
5.85% AXG 2033 11/07/2033 - 103.00 105.00 5.09% 104.99 07/08/2025
5.85% BGA 2034 5/14/2034 - 104.00 104.50 5.52% 102.2 07/08/2025
5.85% MIH 2028 7/31/2028 - 100.50 0.00 5.66% 100.5 07/08/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 100.00 5.89% 100 03/07/2025
6% IHI 2033 11/14/2033 - 104.75 105.50 5.16% 105.5 07/08/2025
6% JDC 2033 S2 T1 7/19/2033 - 104.50 105.25 5.37% 104 07/08/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 0.00 5.99% 100 07/08/2025
6% PHC 2033 02/03/2033 - 102.00 105.00 5.17% 105 07/08/2025
6.25% AST 2033 6/16/2033 - 104.00 105.50 5.68% 103.5 07/08/2025
6.25% CMF 2034 2/23/2034 10,100 101.10 103.00 5.79% 103 07/08/2025
6.25% GPH 2030 03/10/2030 - 102.75 103.45 5.37% 103.45 07/08/2025
6.25% TGS 2030 -2032 2/14/2032 - 102.50 103.00 5.77% 102.5 07/08/2025
7.25% HRT 2025-2027 11/28/2027 - 0.00 101.00 6.74% 101 07/08/2025

* 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 4.93% 96.5 07/08/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.99% 100 07/08/2025

* 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 07/08/2025

* 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 - 98.11 0.00 2.12%
0.25% MGS 2026 (III) 11/18/2026 - 97.63 0.00 2.14%
0.40% MGS 2026 (II) 10/20/2026 - 96.79 0.00 3.15%
0.40% MGS 2027 (IV) 11/19/2027 - 93.31 0.00 3.48%
0.5% MGS 2025 (II) 11/08/2025 - 98.61 0.00 6.14%
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 6.99%
0.90% MGS 2027 (V) 08/12/2027 - 97.40 0.00 2.23%
0.90% MGS 2031 (V) 07/11/2031 - 89.79 89.71 2.78%
1.0% MGS 2031 (II) 4/23/2031 - 90.54 90.76 2.81%
1.00% MGS 2035 (II) 8/23/2035 - 79.21 0.00 3.47%
1.20% MGS 2037 (I) 5/13/2037 - 77.83 0.00 3.52%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.88%
1.5% MGS 2027 (I) 6/15/2027 - 98.88 0.00 2.12%
1.50% MGS 2045 (I) 10/22/2045 - 66.68 0.00 3.90%
1.60% MGS 2032 (III) 05/03/2032 - 91.36 0.00 3.03%
1.70% MGS 2028 (IV) 08/04/2028 - 90.83 0.00 5.04%
1.80% MGS 2051 (I) 8/28/2051 - 62.35 0.00 4.19%
1.85% MGS 2029 (III) 5/30/2029 - 96.25 0.00 2.90%
2.00% MGS 2051 (II) 07/10/2051 - 69.38 0.00 3.88%
2.1% MGS 2039 (I) 8/24/2039 - 82.00 0.00 3.76%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 0.00 3.00%
2.2% MGS 2035 (I) 11/24/2035 - 89.55 0.00 3.41%
2.3% MGS 2029 (II) 7/24/2029 - 99.40 99.29 2.46%
2.4% MGS 2041 (I) 7/25/2041 - 86.90 0.00 3.48%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.89%
2.5% MGS 2036 (I) 11/17/2036 - 89.97 88.00 3.59%
2.60% MGS 2028 (V) 5/22/2028 - 100.89 0.00 2.27%
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 - 98.34 0.00 3.16%
3% MGS 2040 (I) 06/11/2040 - 92.00 0.00 3.71%
3.00% MGS 2030 (IV) 11/05/2030 - 101.54 101.42 2.68%
3.15% MGS 2027 (VII) 5/20/2027 - 101.66 101.72 2.19%
3.25% MGS 2034 (IV) 09/05/2034 - 100.00 99.63 3.25%
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 - 102.74 0.00 2.67%
3.4% MGS 2027 (VI) 9/24/2027 40,000 102.50 0.00 2.19%
3.40% MGS 2035 (IV) A 7/16/2035 - 99.90 0.00 3.41%
3.40% MGS 2035 (IV) r 7/16/2035 - 100.00 99.00 3.40%
3.40% MGS 2042 (I) 8/26/2042 - 100.40 0.00 3.37%
3.50% MGS 2028 (VI) 07/07/2028 25,400 103.32 0.00 2.31%
3.50% MGS 2034 (III) 7/31/2034 - 101.80 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 - 100.00 100.00 3.50%
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 - 101.34 101.34 2.06%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.47%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.08%
3.80% MGS 2040 (II) A 10/16/2040 400,000 99.65 0.00 3.83%
3.80% MGS 2040 (II) r 10/16/2040 - 101.39 101.35 3.68%
3.85% MGS 2026 (VI) 08/05/2026 - 102.15 0.00 1.66%
3.95% MGS 2028 (VII) 08/08/2028 - 105.23 0.00 2.14%
4% MGS 2032 (VII) 3/30/2032 10,000 106.43 106.03 2.93%
4.00% MGS 2033 (IV) 12/05/2033 - 106.04 105.93 3.17%
4.00% MGS 2038 (I) 8/25/2038 - 103.00 103.29 3.71%
4.00% MGS 2043 (I) 11/26/2043 30,000 100.77 100.60 3.94%
4.1% MGS 2034 (I) 10/18/2034 - 105.67 0.00 3.38%
4.3% MGS 2033 (I) 08/01/2033 - 108.00 108.20 3.16%
4.30% MGS 2038 (II) 11/15/2038 - 107.47 0.00 3.59%
4.45% MGS 2032 (II) 09/03/2032 - 108.82 0.00 3.05%
4.5% MGS 2028 (II) 10/25/2028 - 106.35 106.57 2.43%
4.65% MGS 2032 (I) 7/22/2032 - 110.40 0.00 2.98%
4.8% MGS 2028 (I) 09/11/2028 - 107.17 0.00 2.38%
5.1% MGS 2029 (I) 10/01/2029 - 109.64 0.00 2.63%
5.2% MGS 2031 (I) 9/16/2031 - 112.73 113.19 2.91%
5.25% MGS 2030 (I) 6/23/2030 - 111.92 0.00 2.63%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -72.41%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -24.19%
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.

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