Bond Market Overview

Monday, 03 November 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	-	95.00	96.00	4.38%	95	03/11/2025
3.25% AXG 2026 SI	12/20/2026	9,000	95.00	99.09	8.07%	95	03/11/2025
3.5% AXR 2032	02/06/2032	-	93.25	94.22	4.77%	93.25	03/11/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	0.00	94.00	4.94%	94	03/11/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	0.00	93.50	4.69%	95	03/11/2025
3.5% GO 2031	6/25/2031	-	0.00	95.00	4.31%	96	03/11/2025
3.5% SFC 2027	9/13/2027	-	100.50	101.40	3.21%	100.5	03/11/2025
3.65% IHI 2031	12/07/2031	-	89.00	92.00	5.22%	92	03/11/2025
3.65% MOF 2028-2031	10/15/2031	-	95.50	96.00	4.53%	95.5	03/11/2025
3.65% STV 2029	7/29/2029	-	0.00	99.90	4.24%	98	03/11/2025
3.75% AXG 2029 S2	12/20/2029	-	0.00	95.00	4.02%	99	03/11/2025
3.75% BOV 2026-2031	6/15/2031	-	0.00	96.90	4.34%	97.1	03/11/2025
3.75% BRX 2027	12/01/2027	2,000	97.00	98.50	5.31%	97	03/11/2025
3.75% MCY 2027	3/27/2027	-	94.02	96.99	8.47%	94.01	03/11/2025
3.75% PRC 2026	11/23/2026	10,000	98.01	98.50	5.25%	98.5	03/11/2025
3.75% TMF 2029	6/27/2029	-	0.00	98.00	3.83%	99.7	03/11/2025
3.75% TUM 2027	07/10/2027	-	0.00	99.90	3.74%	100	03/11/2025
3.75% VRT 2027	11/30/2027	-	97.41	100.00	5.16%	97.3	03/11/2025
3.8% HLF 2029	8/27/2029	6,800	96.50	97.48	4.67%	97	03/11/2025
3.85% HLF 2028	7/24/2028	-	0.00	97.45	4.87%	97.45	03/11/2025
3.9% BRW 2027-2031	07/09/2031	-	0.00	97.00	4.59%	96.6	03/11/2025
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.88%	100	03/11/2025
4% CBC 2027-2033	11/10/2033	-	0.00	93.50	4.69%	95.5	03/11/2025
4% CCS 2030	8/19/2030	-	90.00	95.00	4.96%	96	03/11/2025
4% EFC 2027	4/28/2027	-	96.12	98.00	5.43%	98	03/11/2025
4% EXF 2028	8/20/2028	-	100.00	101.00	3.99%	100	03/11/2025
4% HLF 2027	03/11/2027	-	97.50	98.48	6.38%	97	03/11/2025
4% IHI 2026	7/29/2026	10,000	0.00	100.00	3.96%	100	03/11/2025
4% IHI 2026 B	12/20/2026	-	0.00	99.60	6.85%	97	03/11/2025
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	03/11/2025
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.70	4.56%	98	03/11/2025
4% MIDI 2026	7/27/2026	6,500	92.50	96.50	9.06%	96.5	03/11/2025
4% MPC 2032 S1/22 T1	6/30/2032	-	0.00	99.99	4.01%	99.9	03/11/2025
4% SHM 2026	08/01/2026	-	0.00	98.00	8.23%	97	03/11/2025
4% SPF 2029	05/03/2029	-	0.00	99.00	4.34%	98.9	03/11/2025
4% STV 2027	10/18/2027	-	0.00	98.00	5.10%	98	03/11/2025
4.25% CCM 2024-2026	05/08/2026	-	97.50	0.00	9.25%	97.5	03/11/2025
4.25% CLP 2033	8/25/2033	-	0.00	99.99	4.25%	99.99	03/11/2025
4.25% CPHCL 2026	04/12/2026	-	98.01	100.50	8.81%	98.01	03/11/2025
4.25% IZI 2029	4/14/2029	4,000	0.00	95.00	5.89%	95	03/11/2025
4.25% MCY 2031	3/27/2031	-	0.00	99.50	4.35%	99.5	03/11/2025
4.3% MCY 2032	4/25/2032	-	0.00	96.90	4.83%	97.1	03/11/2025
4.35% HDS 2026	04/06/2026	-	98.01	100.50	4.24%	100	03/11/2025
4.35% SDF 2027	4/25/2027	3,000	96.51	98.99	6.90%	96.51	03/11/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	0.00	99.70	5.02%	99	03/11/2025
4.5% BNF 2027 - 2032	7/29/2032	-	0.00	97.48	4.94%	97.5	03/11/2025
4.5% END 2029	3/22/2029	-	0.00	99.90	4.52%	99.9	03/11/2025
4.5% G3 2032	04/06/2032	-	0.00	100.00	4.50%	100	03/11/2025
4.5% GHM 2027	8/23/2027	-	0.00	99.90	4.55%	99.9	03/11/2025
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	0.00	4.35%	100	03/11/2025
4.5% ONA 2028 - 2034	6/21/2034	-	0.00	99.70	4.54%	99.7	03/11/2025
4.5% SHM 2032	08/01/2032	-	0.00	92.00	5.40%	95	03/11/2025
4.55% STA 2032	02/07/2032	-	0.00	99.00	4.55%	100	03/11/2025
4.65% SMF 2031	4/22/2031	-	100.00	100.73	4.64%	100	03/11/2025
4.65% SMF 2032	8/23/2032	-	0.00	99.99	5.18%	97	03/11/2025
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.75%	100	03/11/2025
4.75% DNF 2033	11/19/2033	-	0.00	98.00	5.22%	97	03/11/2025
4.75% GAP 2025-2027	12/22/2027	-	100.00	101.00	4.74%	100	03/11/2025
4.75% GLR 2028	11/30/2028	-	91.00	98.00	4.93%	99.5	03/11/2025
4.75% KAF 2026-2029	8/23/2029	-	0.00	95.30	6.17%	95.3	03/11/2025
4.8% MMHF 2026	10/14/2026	-	0.00	0.00	15.08%	91.5	03/11/2025
4.85% JDC 2032 S1 T1	11/25/2032	-	0.00	98.00	5.37%	97.01	03/11/2025
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.90%	100	03/11/2025
5% BLF 2026-2029	02/07/2029	-	0.00	98.00	4.65%	101	03/11/2025
5% BOV 2029-2034 S1 T1	11/28/2034	-	99.00	99.77	5.14%	99	03/11/2025
5% BSB 2029	6/28/2029	-	0.00	102.00	5.30%	99	03/11/2025
5% CFE 2028-2033	01/06/2033	-	0.00	99.00	5.17%	99	03/11/2025
5% CVS 2026-2029	03/08/2029	-	0.00	99.70	4.99%	100	03/11/2025
5% DZF 2026	10/07/2026	-	87.00	94.50	21.88%	87	03/11/2025
5% FES 2029	3/18/2029	-	0.00	0.00	4.99%	100	03/11/2025
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029	7/17/2029	9,200	99.95	101.99	5.01%	99.95	03/11/2025
5% HRZ 2026-2029	3/15/2029	-	0.00	100.00	5.66%	98	03/11/2025
5% IZB 2027 - 2032	9/15/2032	-	0.00	99.00	5.00%	100	03/11/2025
5% LLF 2028	7/29/2028	-	0.00	96.99	5.47%	98.8	03/11/2025
5% MDS 2029	12/20/2029	-	0.00	100.00	5.00%	100	03/11/2025
5% MED 2022-2027 EUR	10/13/2027	-	0.00	99.00	5.55%	99	03/11/2025
5% MRN 2032	12/16/2032	-	0.00	100.00	4.75%	101.49	03/11/2025
5% VDH 2032	12/16/2032	-	98.00	99.00	5.55%	96.8	03/11/2025
5.00% BOV 2030-2035 S2 T1	07/07/2035	21,000	99.75	100.74	4.96%	100.3	03/11/2025
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	-	97.00	100.00	5.19%	100.1	03/11/2025
5.2% VBL 2030-2034	10/25/2034	-	0.00	100.97	5.27%	99.5	03/11/2025
5.25% ACM 2028 -2030	8/20/2030	15,000	0.00	99.90	5.27%	99.9	03/11/2025
5.25% BBP 2033 S1 T1	04/03/2033	-	0.00	100.99	5.08%	101	03/11/2025
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	0.00	24.80%	97	03/11/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.23%	100	03/11/2025
5.25% MIH 2027	07/06/2027	-	100.00	101.00	5.23%	100	03/11/2025
5.25% QWR 2033	2/27/2033	-	101.50	102.50	5.00%	101.5	03/11/2025
5.3% GTR 2030	07/04/2030	-	100.00	101.96	5.29%	100	03/11/2025
5.3% MCY 2034	09/10/2034	-	98.01	100.00	5.30%	100	03/11/2025
5.30% IHI 2035	04/01/2035	2,800	100.01	102.00	5.29%	100.01	03/11/2025
5.35% BDPH 2032	2/21/2032	6,900	0.00	101.50	5.34%	100	03/11/2025
5.35% DSM 2028	10/28/2028	-	60.05	92.00	9.35%	90	03/11/2025
5.35% HMV 2031-2034	7/26/2034	-	101.50	103.00	5.13%	101.5	03/11/2025
5.35% MAR 2029-2031	6/27/2031	-	0.00	99.99	5.66%	98.5	03/11/2025
5.4% AGB 2035 S1 T1	10/10/2035	-	97.00	99.95	5.40%	99.98	03/11/2025
5.4% ECL 2031	12/30/2031	-	96.00	99.00	5.69%	98.5	03/11/2025
5.5% 9HC 2027	6/19/2027	-	0.00	101.70	5.48%	100	03/11/2025
5.5% AES 2036 S1 T2	10/08/2036	-	0.00	101.99	5.25%	101.99	03/11/2025
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.18%	99	03/11/2025
5.5% JUE 2035	6/27/2035	-	0.00	101.75	5.26%	101.75	03/11/2025
5.5% QLZ 2030 -2035	7/22/2035	13,500	98.01	101.45	5.63%	99	03/11/2025
5.5% TST 2029	01/09/2029	-	0.00	99.00	5.85%	99	03/11/2025
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	2,700	100.00	101.99	5.59%	100	03/11/2025
5.7% MRK 2033	08/12/2033	-	0.00	101.93	5.70%	100	03/11/2025
5.75% BDPH 2027-2029	04/12/2029	-	102.00	103.99	5.09%	102	03/11/2025
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	-	101.50	103.00	5.51%	101.5	03/11/2025
5.75% PLG 2028	11/23/2028	3,500	101.75	102.00	5.11%	101.75	03/11/2025
5.8% AES 2036 S1 T1	03/01/2036	-	101.01	102.00	5.66%	101	03/11/2025
5.8% APS 2028-2033 S1 T1	12/01/2033	-	103.00	104.50	5.33%	103	03/11/2025
5.8% GPH 2032	4/22/2032	-	100.20	102.55	5.78%	100.05	03/11/2025
5.85% AXG 2033	11/07/2033	-	103.30	103.50	5.33%	103.3	03/11/2025
5.85% BGA 2034	5/14/2034	-	103.00	104.69	5.62%	101.5	03/11/2025
5.85% MIH 2028	7/31/2028	2,300	100.50	103.50	5.63%	100.5	03/11/2025
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	103.40	5.74%	101.6	03/11/2025
6% JDC 2033 S2 T1	7/19/2033	-	100.10	103.49	5.91%	100.51	03/11/2025
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	100.89	5.72%	102	03/11/2025
6% MUL 2032 S1 T1	4/27/2032	-	0.00	101.00	5.80%	101	03/11/2025
6% PHC 2033	02/03/2033	-	98.15	102.90	6.53%	97	03/11/2025
6.25% AST 2033	6/16/2033	-	102.00	104.00	6.07%	101	03/11/2025
6.25% CMF 2034	2/23/2034	-	101.37	104.29	6.04%	101.3	03/11/2025
6.25% GPH 2030	03/10/2030	-	100.00	102.30	6.24%	100	03/11/2025
6.25% TGS 2030 -2032	2/14/2032	-	0.00	100.00	6.24%	100	03/11/2025
7.25% HRT 2025-2027	11/28/2027	-	99.00	100.00	7.24%	100	03/11/2025

* 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	4.99%		96.5	03/11/2025
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	5.00%		100	03/11/2025

* 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	0.00	5.90%		99.9	03/11/2025

* 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	2.65%
0.25% MGS 2026 (III)	11/18/2026	-	97.81	0.00	2.40%
0.40% MGS 2026 (II)	10/20/2026	-	98.16	0.00	2.36%
0.40% MGS 2027 (IV)	11/19/2027	-	96.39	0.00	2.22%
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	8.02%
0.90% MGS 2027 (V)	08/12/2027	-	97.70	0.00	2.23%
0.90% MGS 2031 (V)	07/11/2031	-	89.42	0.00	2.94%
1.0% MGS 2031 (II)	4/23/2031	-	91.34	0.00	2.72%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.54%
1.20% MGS 2037 (I)	5/13/2037	-	78.01	0.00	3.54%
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	2.40%
1.50% MGS 2045 (I)	10/22/2045	-	67.10	0.00	3.88%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.08%
1.70% MGS 2028 (IV)	08/04/2028	-	90.83	0.00	5.33%
1.80% MGS 2051 (I)	8/28/2051	-	62.35	64.14	4.20%
1.85% MGS 2029 (III)	5/30/2029	-	97.70	0.00	2.53%
2.00% MGS 2051 (II)	07/10/2051	-	69.38	0.00	3.90%
2.1% MGS 2039 (I)	8/24/2039	4,300	82.96	0.00	3.69%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.04%
2.2% MGS 2035 (I)	11/24/2035	-	89.84	0.00	3.40%
2.3% MGS 2029 (II)	7/24/2029	-	99.27	99.29	2.51%
2.4% MGS 2041 (I)	7/25/2041	3,000	83.36	0.00	3.82%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.90%
2.5% MGS 2036 (I)	11/17/2036	12,700	91.12	88.00	3.48%
2.60% MGS 2028 (V)	5/22/2028	-	100.79	100.66	2.28%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.27%
2.80% MGS 2030 (III)	2/27/2030	-	100.00	0.00	2.80%
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	-	99.54	99.60	2.97%
3% MGS 2040 (I)	06/11/2040	4,000	91.66	91.10	3.75%
3.00% MGS 2030 (IV)	11/05/2030	-	101.04	0.00	2.78%
3.15% MGS 2027 (VII)	5/20/2027	-	101.53	0.00	2.13%
3.25% MGS 2034 (IV)	09/05/2034	3,000	100.00	100.18	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	-	103.03	103.07	2.56%
3.4% MGS 2027 (VI)	9/24/2027	10,000	102.12	0.00	2.24%
3.40% MGS 2035 (IV) A	7/16/2035	1,000,000	100.28	0.00	3.37%
3.40% MGS 2035 (IV) r	7/16/2035	-	100.40	100.44	3.35%
3.40% MGS 2042 (I)	8/26/2042	-	100.20	0.00	3.38%
3.50% MGS 2028 (VI)	07/07/2028	10,000	102.96	0.00	2.35%
3.50% MGS 2034 (III)	7/31/2034	15,000	102.18	102.18	3.21%
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	137,600	100.80	100.80	3.41%
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	25,000	100.70	0.00	2.49%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.41%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.06%
3.80% MGS 2040 (II)	10/16/2040	57,500	100.32	100.32	3.77%
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	0.96%
3.95% MGS 2028 (VII)	08/08/2028	-	105.23	0.00	1.99%
4% MGS 2032 (VII)	3/30/2032	11,500	106.48	0.00	2.88%
4.00% MGS 2033 (IV)	12/05/2033	-	106.16	0.00	3.13%
4.00% MGS 2038 (I)	8/25/2038	125,000	103.96	101.00	3.61%
4.00% MGS 2043 (I)	11/26/2043	-	101.58	100.01	3.88%
4.1% MGS 2034 (I)	10/18/2034	-	106.69	105.00	3.23%
4.3% MGS 2033 (I)	08/01/2033	27,000	108.94	0.00	3.00%
4.30% MGS 2038 (II)	11/15/2038	-	107.47	0.00	3.58%
4.45% MGS 2032 (II)	09/03/2032	-	109.57	0.00	2.89%
4.5% MGS 2028 (II)	10/25/2028	-	106.00	106.01	2.39%
4.65% MGS 2032 (I)	7/22/2032	5,000	110.43	0.00	2.93%
4.8% MGS 2028 (I)	09/11/2028	-	106.69	0.00	2.36%
5.1% MGS 2029 (I)	10/01/2029	20,000	109.51	0.00	2.53%
5.2% MGS 2031 (I)	9/16/2031	-	112.79	0.00	2.82%
5.25% MGS 2030 (I)	6/23/2030	-	111.31	0.00	2.64%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-65.85%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-29.86%
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.