Bond Market Overview

Monday, 06 January 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 Bank plc Unsecured Sub € 2025-2030	19/11/2030	-	0.00	98.00	2.78%		96	06/01/2025
3.25% AX Group plc Unsec Bds 2026 Series I	20/12/2026	-	98.00	99.70	3.04%		98	06/01/2025
3.5% AX Real Estate plc Unsecured € 2032	06/02/2032	10,000	90.00	93.00	3.08%		93	06/01/2025
3.5% Bank of Valletta plc € Notes 2030 S1 T1	08/08/2030	-	94.00	98.00	2.43%		94.95	06/01/2025
3.5% Bank of Valletta plc € Notes 2030 S2 T1	08/08/2030	-	94.90	97.79	2.39%		97.5	06/01/2025
3.5% GO plc Unsecured € 2031	25/06/2031	-	96.50	98.00	2.34%		98	06/01/2025
3.5% Simonds Farsons Cisk plc Unsecured € 2027	13/09/2027	-	98.50	101.95	2.40%		102	06/01/2025
3.65% IHI plc Unsecured € 2031	07/12/2031	-	95.00	97.00	3.27%		95.01	06/01/2025
3.65% Mizzi Organisation Finance plc Unsecured € 2028-2031	15/10/2031	-	95.50	98.74	2.73%		97	06/01/2025
3.65% Stivala Group Finance plc Secured € 2029	29/07/2029	-	96.01	98.50	2.41%		98.9	06/01/2025
3.75% AX Group plc Unsec Bds 2029 Series II	20/12/2029	-	96.27	99.98	3.40%		99.99	06/01/2025
3.75% Bank of Valletta plc Unsecured Sub € 2026-2031	15/06/2031	-	0.00	98.50	2.43%		98	06/01/2025
3.75% Bortex Group Finance plc Unsecured € 2027	01/12/2027	-	96.65	99.80	3.14%		99.5	06/01/2025
3.75% Mercury Projects Finance plc Secured € 2027	27/03/2027	10,000	97.22	99.00	2.56%		99	06/01/2025
3.75% Premier Capital plc Unsecured € 2026	23/11/2026	2,500	99.50	99.70	3.01%		99.5	06/01/2025
3.75% TUM Finance plc Secured € 2029	27/06/2029	-	96.50	98.20	2.42%		98.2	06/01/2025
3.75% Tumas Investments plc Unsecured € 2027	10/07/2027	-	98.25	101.00	2.39%		98.5	06/01/2025
3.75% Virtu Finance plc Unsecured € 2027	30/11/2027	-	98.80	99.01	3.14%		99.01	06/01/2025
3.8% Hili Finance Company plc Unsecured € 2029	27/08/2029	5,800	96.35	98.00	2.57%		96.35	06/01/2025
3.85% Hili Finance Company plc Unsecured € 2028	24/07/2028	-	96.13	97.99	2.48%		97.99	06/01/2025
3.9% Browns Pharma Holdings plc Unsec Call € 2027-2031	09/07/2031	-	96.00	99.00	2.47%		98.99	06/01/2025
3.9% Gap Group plc Secured € 2024-2026	30/12/2026	No Trades	-	99.50	3.89%	3.78%	100	18/10/2024	Secured
3.9% Plaza Centres plc Unsecured € 2026	22/09/2026	-	0.00	98.50	2.60%		98.4	06/01/2025
4% Cablenet Communication Systems plc Unsecured € 2030	19/08/2030	12,000	96.13	97.99	2.60%		97.99	06/01/2025
4% Central Business Centres plc Unsecured € 2027-2033	10/11/2033	15,000	0.00	97.50	3.10%		97.5	06/01/2025
4% Eden Finance plc Unsecured € 2027	28/04/2027	500	98.00	99.50	2.52%		99.5	06/01/2025
4% Exalco Finance plc Secured € 2028	20/08/2028	5,000	96.00	100.00	2.56%		99.99	06/01/2025
4% Hili Finance Company plc Unsecured € 2027	11/03/2027	16,200	98.01	100.00	2.75%		100	06/01/2025
4% International Hotel Investments plc Secured € 2026	29/07/2026	15,600	99.00	99.80	2.41%		99	06/01/2025
4% International Hotel Investments plc Unsecured € 2026	20/12/2026	-	99.00	99.40	3.61%		99	06/01/2025
4% LifeStar Insurance Plc Unsecured Subordinated € 2026-2031	02/06/2031	-	0.00	0.00	2.49%		100	06/01/2025
4% Malta Properties Company Plc Sec € 2032 S1/22 T1	30/06/2032	-	100.00	0.00	2.49%		100	06/01/2025
4% MeDirect Bank (Malta) plc Sub Unsecured € 2024-2029	05/11/2029	25,000	0.00	98.00	3.04%		98	06/01/2025
4% MIDI plc Secured € 2026	27/07/2026	22,800	98.55	100.00	2.39%		100	06/01/2025
4% Shoreline Mall plc Secured € 2026	01/08/2026	-	0.00	98.00	2.43%		98	06/01/2025
4% SP Finance plc Secured € 2029	03/05/2029	-	99.75	0.00	2.54%		99.75	06/01/2025
4% Stivala Group Finance plc Secured € 2027	18/10/2027	8,000	99.70	102.00	2.85%		99.7	06/01/2025
4.15% Phoenicia Finance Company plc Unsecured € 2023-2028	15/12/2024	No Trades	-	-	4.00%	4.00%	100	19/08/2024	Sr Unsecured
4.25% Best Deal Properties Holding plc Secured € 2024	12/12/2024	No Trades	-	-	4.10%	4.10%	100	03/05/2024	Secured
4.25% ClearflowPlus plc Unsecured € Bonds 2033	25/08/2033	-	99.50	102.00	2.68%		99.5	06/01/2025
4.25% CPHCL Finance plc Unsecured € 2026	12/04/2026	-	99.00	99.39	2.55%		97.45	06/01/2025
4.25% IZI Finance plc Unsecured € 2029	14/04/2029	-	100.00	101.00	2.69%		100	06/01/2025
4.25% Mercury Projects Finance plc Secured € 2031	27/03/2031	-	97.81	100.70	2.77%		100.7	06/01/2025
4.3% Mercury Projects Finance plc Secured € 2032	25/04/2032	-	98.00	100.00	2.66%		100	06/01/2025
4.35% Hudson Malta plc Unsecured € 2026	06/04/2026	-	99.00	100.89	2.60%		98.01	06/01/2025
4.35% SD Finance plc Unsecured € 2027	25/04/2027	-	98.43	100.00	2.63%		100.3	06/01/2025
4.4% Central Business Centres plc Unsecured € 2027 S1/17 T1	07/07/2027	-	98.00	99.65	2.58%		100	06/01/2025
4.5% BNF Bank plc Unsecured Sub Bonds 2027-2032	29/07/2032	10,000	96.40	100.00	2.68%		100	06/01/2025
4.5% Endo Finance plc Unsecured € 2029	22/03/2029	-	0.00	99.00	2.96%		96	06/01/2025
4.5% G3 Finance plc Secured € 2032	06/04/2032	-	99.00	0.00	2.82%		99	06/01/2025
4.5% Grand Harbour Marina plc Unsecured € 2027	23/08/2027	-	99.10	102.00	2.75%		98.05	06/01/2025
4.5% Hili Properties plc Unsecured € 2025	16/10/2025	-	0.00	100.00	2.22%		100	06/01/2025
4.5% Izola Bank plc Unsecured € 2025	30/06/2025	-	0.00	0.00	1.34%		100	06/01/2025
4.5% MedservRegis plc Unsecured € 2026	05/02/2026	-	0.00	100.00	3.36%		99.5	06/01/2025
4.5% Shoreline Mall plc Secured € 2032	01/08/2032	-	97.00	98.00	2.72%		97	06/01/2025
4.50% The Ona plc Secured € 2028-2034	21/06/2034	10,000	0.00	101.00	2.62%		101	06/01/2025
4.55% St Anthony Co plc Secured € 2032	07/02/2032	-	0.00	0.00	3.52%		99	06/01/2025
4.65% Smartcare Finance plc Secured € 2031	22/04/2031	-	97.01	0.00	2.76%		101.5	06/01/2025
4.65% Smartcare Finance plc Secured € 2032	23/08/2032	-	100.00	0.00	2.79%		100	06/01/2025
4.75% Best Deal Properties Holding Plc Secured € 2025-2027	30/11/2027	5,000	100.00	0.00	3.72%		100	06/01/2025
4.75% Dino Fino Finance plc Secured € 2033	19/11/2033	-	0.00	101.00	3.52%		101	06/01/2025
4.75% Gap Group plc Secured € 2025 - 2027	22/12/2027	-	99.01	0.00	4.18%		100.99	06/01/2025
4.8% Mediterranean Maritime Hub Finance plc Unsecured € 2026	14/10/2026	-	96.00	96.50	3.13%		97	06/01/2025
4.85% JD Capital plc Secured € 2032 S1 T1	25/11/2032	-	99.80	101.89	3.65%		101.89	06/01/2025
4.85% Melite Finance plc Secured € 2028	23/11/2028	No Trades	-	-	7.69%	7.69%	90	29/04/2024	Secured
5% Bank of Valletta Unsecured € Bonds 2029-2034 S1 T1	28/11/2034	-	101.84	103.75	3.74%		103.5	06/01/2025
5% CF Estates Finance plc Secured € 2028-2033	06/01/2033	-	100.99	101.00	4.87%		100.99	06/01/2025
5% Dizz Finance plc Unsecured € 2026	07/10/2026	-	100.00	102.00	3.08%		100	06/01/2025
5% Hili Finance Company plc Unsecured Bonds 2029	17/07/2029	-	100.00	102.97	2.75%		102.97	06/01/2025
5% Izola Bank Unsecured Bonds 2032	15/09/2032	-	0.00	0.00	3.01%		100	06/01/2025
5% Mariner Finance plc Unsecured € 2032	16/12/2032	-	102.00	105.00	4.17%		102.01	06/01/2025
5% MeDirect Bank (Malta) Plc Sub Unsecured € 2022-2027	13/10/2027	-	0.00	103.50	3.22%		99	06/01/2025
5% MedservRegis plc Secured € 2029	20/12/2029	-	100.50	0.00	4.34%		100.3	06/01/2025
5% Von der Heyden Group Finance plc Unsecured € 2032	16/12/2032	19,100	101.50	101.99	4.18%		101.7	06/01/2025
5.1% 1923 Investments plc Unsecured € 2024	04/12/2024	No Trades	-	100.00	4.98%	4.98%	99.99	11/09/2024	Sr Unsecured
5.1% 6PM Holdings plc Unsecured € 2025	31/07/2025	-	100.00	0.00	1.57%		100	06/01/2025
5.2% TUM Finance plc Secured Callable € Bonds 2031 -2034	22/11/2034	-	101.50	104.88	3.74%		103	06/01/2025
5.2% VBL plc Secured € Bonds 2030-2034	25/10/2034	-	102.00	102.99	3.37%		102.49	06/01/2025
5.25% Bonnici Bros Properties plc Unsecured € 2033 S1 T1	03/04/2033	-	101.00	0.00	2.99%		104	06/01/2025
5.25% Central Business Centres plc Unsecured € 2025 S2T1	30/12/2025	-	100.00	0.00	4.70%		100	06/01/2025
5.25% Mediterranean Investments Holding plc Unsecured € 2027	06/07/2027	-	100.00	102.00	2.80%		100	06/01/2025
5.25% Qawra Palace plc Secured € 2033	27/02/2033	-	101.50	105.00	3.41%		101	06/01/2025
5.3% Mercury Projects Finance plc Secured € Bonds 2034	10/09/2034	10,000	102.00	102.50	3.04%		102	06/01/2025
5.35% Hal Mann Vella Group plc Secured € 2031-2034	26/07/2034	1,000	104.00	105.00	2.84%		104	06/01/2025
5.5% Agora Estates plc Secured Bonds 2036 S1 T2	08/10/2036	-	102.00	104.47	3.27%		104.47	06/01/2025
5.5% Juel Group plc € Secured 2035	27/06/2035	20,000	103.00	103.75	2.84%		103.75	06/01/2025
5.7% Merkanti Holding plc Secured € 2033	12/08/2033	-	104.00	105.95	2.98%		103.5	06/01/2025
5.75% Best Deal Properties Holding plc Secured € 2027-2029	12/04/2029	-	102.00	104.90	3.05%		104.6	06/01/2025
5.75% International Hotel Investments plc Unsecured € 2025	13/05/2025	500	100.50	101.35	1.21%		100.5	06/01/2025
5.75% Phoenicia Finance Company plc Unsec Bonds 2028-2033	30/12/2033	8,700	103.60	105.40	5.14%		103.6	06/01/2025
5.75% Plan Group plc Secured € Bonds 2028	23/11/2028	-	102.00	0.00	3.99%		104.25	06/01/2025
5.8% Agora Estates plc Secured € 2036 S1 T1	01/03/2036	-	0.00	103.75	3.49%		103.75	06/01/2025
5.8% APS Bank plc € Unsecured Subordinated 2028-2033 S1 T1	01/12/2033	-	104.50	0.00	4.19%		104.5	06/01/2025
5.85% AX Group plc Unsecured € 2033	07/11/2033	10,000	0.00	105.00	3.73%		105	06/01/2025
5.85% Burmarrad Group Assets plc € Secured Bonds 2034	14/05/2034	63,000	104.50	106.00	2.94%		105.2	06/01/2025
5.85% Mediterranean Investments Holding plc Unsecured € 2028	31/07/2028	-	0.00	104.00	2.96%		104	06/01/2025
5.9% Together Gaming Solutions plc Unsec Call Bds €2024-2026	22/07/2026	-	0.00	0.00	2.85%		100	06/01/2025
6% International Hotel Investments plc 2033	14/11/2033	-	105.75	106.50	3.86%		106.98	06/01/2025
6% JD Capital plc Secured Bonds 2033 S2 T1	19/07/2033	-	0.00	105.50	2.94%		106.49	06/01/2025
6% Multitude Bank Plc Sub Unsecured € 2032 S1/22 T1	27/04/2032	-	0.00	0.00	3.09%		100	06/01/2025
6% Pharmacare Finance plc Unsecured € 2033	03/02/2033	-	104.60	105.00	4.19%		104.75	06/01/2025
6.25% AST Group plc Secured Bonds 2033	16/06/2033	-	105.00	0.00	2.99%		104	06/01/2025
6.25% Camilleri Finance plc € Unsecured Bonds 2034	23/02/2034	30,000	104.50	105.00	3.73%		106	06/01/2025
6.25% GPH Malta Finance plc Unsecured € 2030	10/03/2030	-	103.50	104.00	3.49%		103.5	06/01/2025

* 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% MeDirect Bank (Malta) plc Sub Unsecured £ 2024-2029	05/11/2029	-	0.00	100.00	3.07%		96.5	06/01/2025
5% MeDirect Bank (Malta) Plc Sub Unsecured £ 2022-2027	13/10/2027	-	0.00	0.00	3.20%		100	06/01/2025

* 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% MedservRegis plc Unsecured USD 2026	05/02/2026	-	95.00	100.00	3.92%		100	06/01/2025

* 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) (xd)	20/07/2026	-	96.58	0.00	0.12%
0.25% MGS 2026 (III)	18/11/2026	-	96.13	92.00	0.28%
0.4% MGS 2026 (II)	20/10/2026	-	94.55	0.00	0.44%
0.40% MGS 2027 (IV)	19/11/2027	-	93.31	0.00	0.44%
0.5% MGS 2025 (II)	08/11/2025	-	93.50	93.10	0.57%
0.75% MGS 2025 (III) (xd)	17/07/2025	-	103.31	0.00	0.49%
0.80% MGS 2027 (III)	29/04/2027	-	90.10	0.00	0.85%
0.90% MGS 2027 (V)	12/08/2027	-	95.40	0.00	0.88%
0.90% MGS 2031 (V) (xd)	11/07/2031	-	84.52	0.00	0.98%
1.00% MGS 2031 (II)	23/04/2031	-	90.29	0.00	1.02%
1.00% MGS 2035 (II)	23/08/2035	-	81.58	0.00	1.11%
1.20% MGS 2037 (I)	13/05/2037	-	79.68	0.00	1.31%
1.40% MGS 2046 (I)	20/08/2046	-	68.57	0.00	1.67%
1.5% MGS 2027 (I)	15/06/2027	-	97.10	97.10	1.31%
1.50% MGS 2045 (I)	22/10/2045	-	70.54	0.00	1.83%
1.60% MGS 2032 (III)	03/05/2032	-	85.71	91.25	1.56%
1.70% MGS 2028 (IV)	04/08/2028	-	90.83	0.00	1.55%
1.8% MGS 2051 (I)	28/08/2051	-	65.92	0.00	2.06%
1.85% MGS 2029 (III)	30/05/2029	-	96.85	0.00	1.56%
2.00% MGS 2051 (II) (xd)	10/07/2051	-	69.38	0.00	2.07%
2.1% MGS 2039 (I)	24/08/2039	10,000	82.84	0.00	1.95%
2.10% MGS 2032 (IV)	15/04/2032	-	95.30	0.00	1.78%
2.2% MGS 2035 (I)	24/11/2035	-	90.14	0.00	2.16%
2.3% MGS 2029 (II) (xd)	24/07/2029	-	99.10	0.00	1.80%
2.4% MGS 2041 (I)	25/07/2041	-	88.11	0.00	2.01%
2.40% MGS 2052 (I)	13/08/2052	-	75.22	75.00	2.24%
2.5% MGS 2036 (I)	17/11/2036	-	91.51	91.02	2.34%
2.60% MGS 2028 (V)	22/05/2028	-	99.88	99.99	1.94%
2.60% MGS 2047 (I)	27/09/2047	-	85.83	0.00	2.29%
2.80% MGS 2030 (III) A	27/02/2030	-	99.99	0.00	2.29%
2.80% MGS 2030 (III) r	27/02/2030	-	101.14	0.00	2.27%
2.90% MGS 2032 (VI)	24/10/2032	11,000	99.50	99.50	2.33%
3% MGS 2040 (I)	11/06/2040	22,700	96.95	94.10	2.16%
3.15% MGS 2027 (VII)	20/05/2027	1,000	101.45	0.00	2.14%
3.15% MGS 2027 (VII) r (xd)	5/20/2027	No Trades	99.70	-	3.26%
3.25% MGS 2034 (IV) A	05/09/2034	-	99.89	100.00	2.32%
3.25% MGS 2034 (IV) r	05/09/2034	11,000	100.00	100.00	2.32%
3.35% MGS 2029 (V)	27/11/2029	2,000	102.42	0.00	2.77%
3.35% MGS 2029 (V) r	11/27/2029	No Trades	100.02	-	3.34%
3.4% MGS 2027 (VI)	24/09/2027	9,000	102.20	0.00	2.40%
3.40% MGS 2042 (I)	26/08/2042	3,500	100.03	100.03	2.36%
3.50% MGS 2028 (VI)	07/07/2028	-	103.20	102.82	2.27%
3.50% MGS 2034 (III) A	31/07/2034	-	102.43	102.00	2.31%
3.50% MGS 2034 (III) r	31/07/2034	-	102.56	101.00	2.31%
3.55% MGS 2026 (V) (xd)	08/07/2026	-	101.78	101.67	2.18%
3.7% MGS 2030 (II)	25/11/2030	-	106.09	0.00	2.90%
3.75% MGS 2033 (III)	17/08/2033	-	103.69	103.70	2.42%
3.85% MGS 2026 (VI)	05/08/2026	-	102.31	0.00	2.33%
3.95% MGS 2028 (VII)	08/08/2028	-	104.91	0.00	2.45%
4% MGS 2032 (VII)	30/03/2032	5,000	108.00	0.00	2.56%
4.00% MGS 2033 (IV)	05/12/2033	-	106.76	0.00	3.18%
4.00% MGS 2038 (I)	25/08/2038	-	105.52	0.00	2.51%
4.00% MGS 2043 (I)	26/11/2043	-	104.55	102.00	3.12%
4.1% MGS 2034 (I)	18/10/2034	2,500	107.60	104.10	2.77%
4.3% MGS 2033 (I)	01/08/2033	-	110.50	0.00	2.49%
4.30% MGS 2038 (II)	15/11/2038	-	112.09	0.00	3.01%
4.45% MGS 2032 (II)	03/09/2032	-	109.83	0.00	2.64%
4.5% MGS 2028 (II)	25/10/2028	17,800	106.50	0.00	3.01%
4.65% MGS 2032 (I) (xd)	22/07/2032	-	112.93	110.58	2.55%
4.8% MGS 2028 (I)	11/09/2028	-	107.69	0.00	2.80%
5.1% MGS 2029 (I)	01/10/2029	-	111.46	0.00	2.97%
5.2% MGS 2031 (I)	16/09/2031	20,000	113.32	0.00	2.88%
5.25% MGS 2030 (I)	23/06/2030	25,000	111.94	0.00	2.68%
7% MGS 2025 (I) R	31/12/2025	-	149.70	0.00	3.92%
7% MGS 2026 (I) R (xd)	31/12/2026	-	155.80	0.00	4.17%
7% MGS 2032 (V) R	31/12/2032	-	100.00	0.00	6.33%

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