Bond Market Overview

Tuesday, 27 May 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	75,000	0.00	95.90	4.73%	93	27/05/2025
3.25% AXG 2026 SI	12/20/2026	1,900	98.25	100.00	4.42%	98.25	27/05/2025
3.5% AXR 2032	02/06/2032	-	93.00	94.49	4.47%	94.49	27/05/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	94.50	97.80	3.93%	98	27/05/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	0.00	94.80	4.62%	94.9	27/05/2025
3.5% GO 2031	6/25/2031	-	96.65	97.95	4.13%	96.67	27/05/2025
3.5% SFC 2027	9/13/2027	-	99.95	100.00	3.49%	100	27/05/2025
3.65% IHI 2031	12/07/2031	19,000	92.02	94.00	4.74%	94	27/05/2025
3.65% MOF 2028-2031	10/15/2031	9,100	97.00	97.50	4.19%	97	27/05/2025
3.65% STV 2029	7/29/2029	-	98.00	99.82	4.18%	98	27/05/2025
3.75% AXG 2029 S2	12/20/2029	-	0.00	100.00	3.75%	100	27/05/2025
3.75% BOV 2026-2031	6/15/2031	-	0.00	97.80	4.16%	97.85	27/05/2025
3.75% BRX 2027	12/01/2027	-	97.25	100.00	3.74%	100	27/05/2025
3.75% MCY 2027	3/27/2027	-	97.01	99.99	5.45%	97.11	27/05/2025
3.75% PRC 2026	11/23/2026	-	95.00	99.70	3.88%	99.8	27/05/2025
3.75% TMF 2029	6/27/2029	-	97.00	98.99	4.57%	97	27/05/2025
3.75% TUM 2027	07/10/2027	-	98.01	99.95	4.76%	98.01	27/05/2025
3.75% VRT 2027	11/30/2027	-	97.02	99.00	4.17%	99	27/05/2025
3.8% HLF 2029	8/27/2029	10,000	97.00	97.50	4.46%	97.5	27/05/2025
3.85% HLF 2028	7/24/2028	-	96.01	99.00	4.54%	98	27/05/2025
3.9% BRW 2027-2031	07/09/2031	-	96.33	98.98	4.28%	98	27/05/2025
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.89%	100	27/05/2025
4% CBC 2027-2033	11/10/2033	-	95.01	98.00	4.28%	98	27/05/2025
4% CCS 2030	8/19/2030	-	98.00	98.99	4.66%	97	27/05/2025
4% EFC 2027	4/28/2027	-	99.50	99.90	4.05%	99.9	27/05/2025
4% EXF 2028	8/20/2028	-	0.00	99.99	4.00%	99.99	27/05/2025
4% HLF 2027	03/11/2027	-	97.00	100.99	3.99%	100	27/05/2025
4% IHI 2026	7/29/2026	-	99.10	100.00	3.99%	100	27/05/2025
4% IHI 2026 B	12/20/2026	-	98.60	99.95	3.99%	100	27/05/2025
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	27/05/2025
4% MED 2024-2029 EUR	11/05/2029	-	0.00	97.99	4.32%	98.7	27/05/2025
4% MIDI 2026	7/27/2026	-	98.21	99.75	4.21%	99.75	27/05/2025
4% MPC 2032 S1/22 T1	6/30/2032	-	98.50	99.99	4.00%	100	27/05/2025
4% SHM 2026	08/01/2026	-	0.00	100.00	3.99%	100	27/05/2025
4% SPF 2029	05/03/2029	2,000	100.00	0.00	4.00%	100	27/05/2025
4% STV 2027	10/18/2027	45,000	98.01	101.00	3.55%	101	27/05/2025
4.25% CCM 2024-2026	05/08/2026	-	97.50	0.00	4.85%	99.45	27/05/2025
4.25% CLP 2033	8/25/2033	-	100.00	102.00	3.96%	102	27/05/2025
4.25% CPHCL 2026	04/12/2026	-	99.00	100.27	5.42%	99	27/05/2025
4.25% IZI 2029	4/14/2029	-	0.00	99.98	4.25%	100	27/05/2025
4.25% MCY 2031	3/27/2031	-	97.10	101.00	4.25%	100	27/05/2025
4.3% MCY 2032	4/25/2032	20,000	99.50	100.50	4.30%	100	27/05/2025
4.35% HDS 2026	04/06/2026	-	99.50	101.00	4.32%	100	27/05/2025
4.35% SDF 2027	4/25/2027	30,000	98.09	100.00	4.35%	100	27/05/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	97.01	100.00	5.42%	98	27/05/2025
4.5% BNF 2027 - 2032	7/29/2032	-	0.00	98.50	5.18%	96.01	27/05/2025
4.5% END 2029	3/22/2029	-	0.00	99.90	4.52%	99.9	27/05/2025
4.5% G3 2032	04/06/2032	-	98.00	0.00	4.50%	100	27/05/2025
4.5% GHM 2027	8/23/2027	-	98.00	100.00	5.46%	98	27/05/2025
4.5% HIL 2025	10/16/2025	-	97.00	99.50	12.35%	97	27/05/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.32%	100	27/05/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	100.00	4.45%	99.99	27/05/2025
4.5% ONA 2028 - 2034	6/21/2034	-	0.00	99.97	4.50%	99.97	27/05/2025
4.5% SHM 2032	08/01/2032	900	0.00	98.50	4.83%	98	27/05/2025
4.55% STA 2032	02/07/2032	-	0.00	102.50	4.46%	100.5	27/05/2025
4.65% SMF 2031	4/22/2031	-	0.00	101.75	4.31%	101.75	27/05/2025
4.65% SMF 2032	8/23/2032	1,700	98.01	100.50	4.65%	100	27/05/2025
4.75% BDPH 2025-2027	11/30/2027	305,000	0.00	100.75	4.74%	100	27/05/2025
4.75% DNF 2033	11/19/2033	-	97.01	100.75	4.82%	99.5	27/05/2025
4.75% GAP 2025-2027	12/22/2027	139,000	100.00	100.50	4.74%	100	27/05/2025
4.75% GLR 2028	11/30/2028	-	93.64	99.99	6.84%	93.64	27/05/2025
4.75% KAF 2026-2029	8/23/2029	-	0.00	95.00	5.56%	97	27/05/2025
4.8% MMHF 2026	10/14/2026	-	0.00	0.00	11.79%	91.5	27/05/2025
4.85% JDC 2032 S1 T1	11/25/2032	29,700	0.00	100.00	4.85%	100	27/05/2025
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.90%	100	27/05/2025
5% BLF 2026-2029	02/07/2029	-	0.00	99.50	5.14%	99.5	27/05/2025
5% BOV 2029-2034 S1 T1	11/28/2034	-	0.00	103.00	4.76%	101.75	27/05/2025
5% BSB 2029	6/28/2029	-	0.00	102.00	5.00%	100	27/05/2025
5% CFE 2028-2033	01/06/2033	2,000	98.00	100.00	5.00%	100	27/05/2025
5% CVS 2026-2029	03/08/2029	-	98.55	100.00	5.60%	98	27/05/2025
5% DZF 2026	10/07/2026	-	98.00	100.00	4.98%	100	27/05/2025
5% FES 2029	3/18/2029	-	0.00	0.00	4.99%	100	27/05/2025
5% HHF 2023-2028	5/19/2028	-	0.00	99.50	5.18%	99.5	27/05/2025
5% HLF 2029	7/17/2029	-	100.00	101.49	4.59%	101.5	27/05/2025
5% HRZ 2026-2029	3/15/2029	-	0.00	0.00	5.59%	98	27/05/2025
5% IZB 2027 - 2032	9/15/2032	-	0.00	0.00	5.00%	100	27/05/2025
5% LLF 2028	7/29/2028	-	0.00	99.00	5.35%	99	27/05/2025
5% MDS 2029	12/20/2029	5,000	100.00	101.00	4.99%	100	27/05/2025
5% MED 2022-2027 EUR	10/13/2027	-	99.00	101.00	4.99%	100	27/05/2025
5% MRN 2032	12/16/2032	-	100.60	102.00	4.68%	102	27/05/2025
5% VDH 2032	12/16/2032	68,800	98.51	99.00	5.16%	99	27/05/2025
5.1% 6PM 2025	7/31/2025	-	98.50	100.00	10.55%	99	27/05/2025
5.2% TUM 2031-2034	11/22/2034	15,000	100.00	101.50	5.20%	100	27/05/2025
5.2% VBL 2030-2034	10/25/2034	2,000	99.01	101.50	4.99%	101.5	27/05/2025
5.25% BBP 2033 S1 T1	04/03/2033	-	102.10	0.00	4.93%	102	27/05/2025
5.25% CBC 2025 S2 T1	12/30/2025	-	99.00	101.00	5.14%	100	27/05/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.24%	100	27/05/2025
5.25% MIH 2027	07/06/2027	-	0.00	102.00	5.24%	100	27/05/2025
5.25% QWR 2033	2/27/2033	-	102.10	0.00	4.85%	102.5	27/05/2025
5.3% MCY 2034	09/10/2034	10,000	100.00	101.74	5.27%	100.21	27/05/2025
5.30% IHI 2035	04/01/2035	-	102.00	102.25	5.04%	102	27/05/2025
5.35% BDPH 2032	2/21/2032	-	0.00	101.80	5.00%	101.95	27/05/2025
5.35% DSM 2028	10/28/2028	-	92.25	94.00	6.69%	95.99	27/05/2025
5.35% HMV 2031-2034	7/26/2034	4,000	101.50	104.50	5.14%	101.5	27/05/2025
5.4% ECL 2031	12/30/2031	-	99.01	101.38	5.19%	101.1	27/05/2025
5.5% 9HC 2027	6/19/2027	-	0.00	100.00	5.50%	100	27/05/2025
5.5% AES 2036 S1 T2	10/08/2036	-	102.00	102.98	5.26%	102	27/05/2025
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	5.50%	100	27/05/2025
5.5% JUE 2035	6/27/2035	-	99.50	102.50	5.17%	102.5	27/05/2025
5.5% TST 2029	01/09/2029	-	0.00	100.00	5.49%	100	27/05/2025
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	12.09%	98	27/05/2025
5.6% JDC 2035	5/23/2035	32,600	101.50	102.29	5.30%	102.29	27/05/2025
5.7% MRK 2033	08/12/2033	-	100.50	104.00	5.09%	104	27/05/2025
5.75% BDPH 2027-2029	04/12/2029	-	100.25	104.40	5.16%	102	27/05/2025
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	50,000	102.10	103.00	5.43%	102.1	27/05/2025
5.75% PLG 2028	11/23/2028	-	0.00	103.00	5.10%	102	27/05/2025
5.8% AES 2036 S1 T1	03/01/2036	-	103.00	103.69	5.33%	103.75	27/05/2025
5.8% APS 2028-2033 S1 T1	12/01/2033	-	102.50	108.00	5.42%	102.5	27/05/2025
5.8% GPH 2032	4/22/2032	-	101.75	102.00	5.39%	102.31	27/05/2025
5.85% AXG 2033	11/07/2033	-	0.00	105.85	4.98%	105.85	27/05/2025
5.85% BGA 2034	5/14/2034	6,000	103.75	104.90	5.15%	104.9	27/05/2025
5.85% MIH 2028	7/31/2028	1,100	102.00	0.00	5.14%	102	27/05/2025
5.9% TGS 2024-2026	7/22/2026	-	0.00	102.00	4.97%	101	27/05/2025
6% IHI 2033	11/14/2033	-	104.20	105.50	5.18%	105.5	27/05/2025
6% JDC 2033 S2 T1	7/19/2033	18,500	102.00	105.48	5.24%	104.9	27/05/2025
6% MUL 2032 S1 T1	4/27/2032	-	0.00	104.00	6.00%	100	27/05/2025
6% PHC 2033	02/03/2033	-	103.00	105.00	5.19%	105	27/05/2025
6.25% AST 2033	6/16/2033	-	103.50	105.00	5.46%	105	27/05/2025
6.25% CMF 2034	2/23/2034	-	104.00	105.45	5.65%	104	27/05/2025
6.25% GPH 2030	03/10/2030	-	101.00	103.50	5.51%	103	27/05/2025
6.25% TGS 2030 -2032	2/14/2032	10,000	98.20	104.40	6.62%	98	27/05/2025
7.25% HRT 2025-2027	11/28/2027	-	99.50	0.00	6.78%	101	27/05/2025

* 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	4.89%		96.5	27/05/2025
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.99%		100	27/05/2025

* 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	5.80%		99.9	27/05/2025

* 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	-	96.69	0.00	3.07%
0.25% MGS 2026 (III)	11/18/2026	-	96.56	0.00	2.65%
0.40% MGS 2026 (II)	10/20/2026	-	96.79	0.00	2.76%
0.40% MGS 2027 (IV)	11/19/2027	-	93.31	0.00	3.24%
0.5% MGS 2025 (II)	11/08/2025	-	98.61	98.70	3.69%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-22.88%
0.80% MGS 2027 (III)	4/29/2027	-	90.10	0.00	6.36%
0.90% MGS 2027 (V)	08/12/2027	-	95.40	0.00	3.07%
0.90% MGS 2031 (V)	07/11/2031	-	88.28	0.00	3.01%
1.0% MGS 2031 (II)	4/23/2031	-	90.24	0.00	2.81%
1.00% MGS 2035 (II)	8/23/2035	-	79.21	0.00	3.42%
1.20% MGS 2037 (I)	5/13/2037	-	77.83	0.00	3.48%
1.40% MGS 2046 (I)	8/20/2046	-	63.88	60.00	3.92%
1.5% MGS 2027 (I)	6/15/2027	-	99.20	99.20	1.90%
1.50% MGS 2045 (I)	10/22/2045	-	66.68	0.00	3.88%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	2.99%
1.70% MGS 2028 (IV)	08/04/2028	-	90.83	0.00	4.84%
1.80% MGS 2051 (I)	8/28/2051	-	61.00	62.00	4.29%
1.85% MGS 2029 (III)	5/30/2029	-	96.25	0.00	2.85%
2.00% MGS 2051 (II)	07/10/2051	-	69.38	0.00	3.87%
2.1% MGS 2039 (I)	8/24/2039	-	83.00	0.00	3.64%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	2.98%
2.2% MGS 2035 (I)	11/24/2035	50,000	89.21	0.00	3.43%
2.3% MGS 2029 (II)	7/24/2029	-	99.06	99.25	2.54%
2.4% MGS 2041 (I)	7/25/2041	-	83.10	0.00	3.81%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.88%
2.5% MGS 2036 (I)	11/17/2036	150,000	90.50	88.00	3.51%
2.60% MGS 2028 (V)	5/22/2028	6,000	100.94	100.99	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	2.65%
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	-	99.39	0.00	2.99%
3% MGS 2040 (I)	06/11/2040	2,600	94.01	94.01	3.52%
3.00% MGS 2030 (IV)	11/05/2030	-	101.66	0.00	2.67%
3.15% MGS 2027 (VII)	5/20/2027	-	102.00	0.00	2.11%
3.25% MGS 2034 (IV)	09/05/2034	-	101.00	0.00	3.12%
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	-	103.28	0.00	2.57%
3.4% MGS 2027 (VI)	9/24/2027	7,000	102.87	0.00	2.13%
3.40% MGS 2042 (I)	8/26/2042	-	100.40	98.50	3.37%
3.50% MGS 2028 (VI)	07/07/2028	-	103.64	103.64	2.28%
3.50% MGS 2034 (III)	7/31/2034	-	102.00	101.00	3.25%
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) A	12/18/2035	-	100.34	0.00	3.46%
3.50% MGS 2035 (III) r	12/18/2035	-	101.75	100.50	3.30%
3.55% MGS 2026 (V)	07/08/2026	-	101.64	0.00	2.05%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.51%
3.75% MGS 2033 (III)	8/17/2033	-	104.81	0.00	3.08%
3.85% MGS 2026 (VI)	08/05/2026	-	102.31	0.00	1.87%
3.95% MGS 2028 (VII)	08/08/2028	-	104.05	0.00	2.62%
4% MGS 2032 (VII)	3/30/2032	-	106.30	106.62	2.97%
4.00% MGS 2033 (IV)	12/05/2033	-	106.50	0.00	3.12%
4.00% MGS 2038 (I)	8/25/2038	-	104.00	104.70	3.62%
4.00% MGS 2043 (I)	11/26/2043	-	102.50	103.00	3.81%
4.1% MGS 2034 (I)	10/18/2034	9,200	106.50	106.50	3.29%
4.3% MGS 2033 (I)	08/01/2033	-	108.10	0.00	3.17%
4.30% MGS 2038 (II)	11/15/2038	-	106.98	0.00	3.64%
4.45% MGS 2032 (II)	09/03/2032	-	109.32	0.00	3.01%
4.5% MGS 2028 (II)	10/25/2028	21,900	107.03	107.03	2.34%
4.65% MGS 2032 (I)	7/22/2032	-	110.42	0.00	3.02%
4.8% MGS 2028 (I)	09/11/2028	-	107.83	0.00	2.31%
5.1% MGS 2029 (I)	10/01/2029	-	110.55	110.52	2.52%
5.2% MGS 2031 (I)	9/16/2031	5,000	113.48	0.00	2.85%
5.25% MGS 2030 (I)	6/23/2030	1,000	112.15	112.15	2.67%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-53.16%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-20.79%
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.