Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 21 February 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 19/11/2030 - 0.00 97.50 2.49% 96 21/02/2025
3.25% AXG 2026 SI 20/12/2026 25,000 96.26 99.00 2.56% 99 21/02/2025
3.5% AXR 2032 06/02/2032 - 93.75 99.00 3.23% 99.5 21/02/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 94.00 96.00 2.34% 97.5 21/02/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 94.90 97.00 2.38% 94.9 21/02/2025
3.5% GO 2031 25/06/2031 4,500 96.00 97.50 2.41% 95.09 21/02/2025
3.5% SFC 2027 13/09/2027 - 98.75 100.00 2.33% 98.75 21/02/2025
3.65% IHI 2031 07/12/2031 - 94.60 95.50 2.80% 95.5 21/02/2025
3.65% MOF 2028-2031 15/10/2031 - 95.70 98.50 2.54% 95.7 21/02/2025
3.65% STV 2029 29/07/2029 - 0.00 100.00 2.36% 99.95 21/02/2025
3.75% AXG 2029 S2 20/12/2029 5,200 96.45 99.99 2.87% 100 21/02/2025
3.75% BOV 2026-2031 15/06/2031 50,000 98.00 98.05 2.49% 98.05 21/02/2025
3.75% BRX 2027 01/12/2027 - 96.86 99.99 2.71% 100 21/02/2025
3.75% MCY 2027 27/03/2027 14,500 97.67 99.00 2.97% 99 21/02/2025
3.75% PRC 2026 23/11/2026 16,200 99.00 100.00 2.60% 100 21/02/2025
3.75% TMF 2029 27/06/2029 5,000 96.50 98.25 2.48% 96.5 21/02/2025
3.75% TUM 2027 10/07/2027 - 98.30 102.00 2.37% 100 21/02/2025
3.75% VRT 2027 30/11/2027 - 99.25 100.00 2.71% 100 21/02/2025
3.8% HLF 2029 27/08/2029 - 97.00 98.46 2.45% 98.47 21/02/2025
3.85% HLF 2028 24/07/2028 12,900 94.00 98.99 2.44% 98.99 21/02/2025
3.9% BRW 2027-2031 09/07/2031 - 97.00 98.98 2.49% 98.5 21/02/2025
3.9% PZC 2026 22/09/2026 - 0.00 0.00 2.38% 100 21/02/2025
4% CBC 2027-2033 10/11/2033 - 0.00 97.50 2.73% 99 21/02/2025
4% CCS 2030 19/08/2030 - 96.59 98.00 2.51% 98 21/02/2025
4% EFC 2027 28/04/2027 96,500 99.00 100.80 2.74% 100 21/02/2025
4% EXF 2028 20/08/2028 - 100.00 101.50 2.46% 101.25 21/02/2025
4% HLF 2027 11/03/2027 5,300 97.71 100.45 3.46% 97.71 21/02/2025
4% IHI 2026 29/07/2026 - 99.60 100.00 2.34% 99.5 21/02/2025
4% IHI 2026 B 20/12/2026 - 99.05 100.00 2.94% 100 21/02/2025
4% LSI 2026-2031 02/06/2031 - 0.00 0.00 2.59% 100 21/02/2025
4% MED 2024-2029 EUR 05/11/2029 - 0.00 99.00 2.70% 99 21/02/2025
4% MIDI 2026 27/07/2026 - 98.11 100.00 2.33% 100 21/02/2025
4% MPC 2032 S1/22 T1 30/06/2032 - 0.00 100.00 2.51% 100 21/02/2025
4% SHM 2026 01/08/2026 - 0.00 100.00 2.33% 99.99 21/02/2025
4% SPF 2029 03/05/2029 - 98.50 0.00 2.74% 99.99 21/02/2025
4% STV 2027 18/10/2027 14,500 99.50 102.00 2.56% 102 21/02/2025
4.25% CCM 2024-2026 08/05/2026 - 97.50 99.45 2.66% 97.5 21/02/2025
4.25% CLP 2033 25/08/2033 10,000 100.00 101.85 2.57% 100.01 21/02/2025
4.25% CPHCL 2026 12/04/2026 - 99.70 99.90 2.85% 99.9 21/02/2025
4.25% IZI 2029 14/04/2029 - 100.00 101.00 3.01% 100.01 21/02/2025
4.25% MCY 2031 27/03/2031 - 99.00 100.70 3.23% 100.69 21/02/2025
4.3% MCY 2032 25/04/2032 4,000 99.99 100.00 2.92% 100 21/02/2025
4.35% HDS 2026 06/04/2026 - 0.00 100.00 2.97% 100 21/02/2025
4.35% SDF 2027 25/04/2027 - 98.05 101.50 2.90% 100 21/02/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 98.00 0.00 2.61% 98 21/02/2025
4.5% BNF 2027 - 2032 29/07/2032 4,000 99.00 99.99 2.63% 99.99 21/02/2025
4.5% END 2029 22/03/2029 50,000 0.00 100.99 3.49% 99 21/02/2025
4.5% G3 2032 06/04/2032 - 99.00 0.00 3.27% 98.01 21/02/2025
4.5% GHM 2027 23/08/2027 - 100.00 101.99 2.61% 100 21/02/2025
4.5% HIL 2025 16/10/2025 2,500 99.25 101.00 1.75% 99.25 21/02/2025
4.5% IZB 2025 30/06/2025 - 0.00 0.00 1.15% 100 21/02/2025
4.5% MDS 2026 EUR 05/02/2026 50,000 0.00 99.90 3.68% 99.9 21/02/2025
4.5% ONA 2028 - 2034 21/06/2034 10,000 98.05 100.00 2.69% 100 21/02/2025
4.5% SHM 2032 01/08/2032 - 0.00 99.50 2.63% 99.99 21/02/2025
4.55% STA 2032 07/02/2032 - 99.00 0.00 4.07% 100 21/02/2025
4.65% SMF 2031 22/04/2031 5,000 99.25 99.75 3.09% 99.7 21/02/2025
4.65% SMF 2032 23/08/2032 - 99.75 100.00 2.68% 100 21/02/2025
4.75% BDPH 2025-2027 30/11/2027 - 100.00 0.00 3.13% 100 21/02/2025
4.75% DNF 2033 19/11/2033 - 100.60 0.00 3.04% 101 21/02/2025
4.75% GAP 2025-2027 22/12/2027 32,600 99.00 101.00 3.34% 101 21/02/2025
4.75% GLR 2028 30/11/2028 - 0.00 0.00 3.15% 99.75 21/02/2025
4.75% KAF 2026-2029 23/08/2029 - 97.00 97.95 2.74% 97.95 21/02/2025
4.8% MMHF 2026 14/10/2026 - 0.00 97.00 2.81% 96 21/02/2025
4.85% JDC 2032 S1 T1 25/11/2032 - 99.80 101.95 3.12% 101 21/02/2025
4.9% CLS 2032 09/02/2032 - 0.00 0.00 4.39% 100 21/02/2025
5% BLF 2026-2029 07/02/2029 - 94.00 98.50 4.47% 98.5 21/02/2025
5% BOV 2029-2034 S1 T1 28/11/2034 - 104.00 104.50 3.16% 103.55 21/02/2025
5% BSB 2029 28/06/2029 - 0.00 99.50 2.81% 99.5 21/02/2025
5% CFE 2028-2033 06/01/2033 11,000 99.75 100.25 3.70% 100 21/02/2025
5% CVS 2026-2029 08/03/2029 - 0.00 99.00 4.19% 99 21/02/2025
5% DZF 2026 07/10/2026 - 0.00 99.77 2.79% 98.5 21/02/2025
5% FES 2029 18/03/2029 - 0.00 99.50 3.84% 99.5 21/02/2025
5% HHF 2023-2028 19/05/2028 - 0.00 99.50 2.97% 99.5 21/02/2025
5% HLF 2029 17/07/2029 - 101.01 102.96 2.75% 101.5 21/02/2025
5% HRZ 2026-2029 15/03/2029 - 0.00 98.00 3.97% 98 21/02/2025
5% IZB 2027 - 2032 15/09/2032 - 97.25 99.99 2.82% 99.99 21/02/2025
5% LLF 2028 29/07/2028 - 0.00 100.00 2.75% 100 21/02/2025
5% MDS 2029 20/12/2029 - 100.01 0.00 3.46% 100 21/02/2025
5% MED 2022-2027 EUR 13/10/2027 - 0.00 102.20 2.89% 100 21/02/2025
5% MRN 2032 16/12/2032 - 102.00 105.00 3.37% 102.01 21/02/2025
5% VDH 2032 16/12/2032 - 99.01 101.45 3.38% 101.49 21/02/2025
5.1% 6PM 2025 31/07/2025 - 0.00 102.00 1.30% 101 21/02/2025
5.2% TUM 2031-2034 22/11/2034 - 102.00 103.50 3.18% 103.5 21/02/2025
5.2% VBL 2030-2034 25/10/2034 - 101.55 102.50 3.01% 102 21/02/2025
5.25% BBP 2033 S1 T1 03/04/2033 - 101.60 0.00 3.56% 101.6 21/02/2025
5.25% CBC 2025 S2 T1 30/12/2025 - 0.00 0.00 2.96% 100 21/02/2025
5.25% KLF 2027 31/07/2027 - 0.00 0.00 2.78% 100 21/02/2025
5.25% MIH 2027 06/07/2027 - 100.30 103.00 2.78% 102.2 21/02/2025
5.25% QWR 2033 27/02/2033 17,500 102.00 103.00 4.80% 102.85 21/02/2025
5.3% MCY 2034 10/09/2034 - 100.50 103.00 2.86% 102 21/02/2025
5.35% DSM 2028 28/10/2028 - 92.25 95.95 3.16% 95.99 21/02/2025
5.35% HMV 2031-2034 26/07/2034 - 104.00 105.00 2.80% 104 21/02/2025
5.4% ECL 2031 30/12/2031 - 101.50 102.20 3.74% 102.2 21/02/2025
5.5% 9HC 2027 19/06/2027 - 0.00 100.00 2.91% 100 21/02/2025
5.5% AES 2036 S1 T2 08/10/2036 - 101.50 103.63 2.98% 103.62 21/02/2025
5.5% IGF 2024-2027 17/05/2027 - 0.00 0.00 3.08% 100 21/02/2025
5.5% JUE 2035 27/06/2035 7,400 103.00 103.99 2.89% 103 21/02/2025
5.5% TST 2029 09/01/2029 - 0.00 99.00 4.02% 99.5 21/02/2025
5.5% YCT 2021-2025 13/09/2025 - 0.00 0.00 1.62% 98 21/02/2025
5.7% MRK 2033 12/08/2033 - 103.00 105.25 2.88% 104 21/02/2025
5.75% BDPH 2027-2029 12/04/2029 - 104.00 104.40 3.53% 104 21/02/2025
5.75% IHI 2025 13/05/2025 - 0.00 0.00 1.03% 102 21/02/2025
5.75% PHN 2028-2033 30/12/2033 - 104.00 105.40 3.89% 102 21/02/2025
5.75% PLG 2028 23/11/2028 - 103.00 103.75 3.38% 102 21/02/2025
5.8% AES 2036 S1 T1 01/03/2036 - 103.00 105.50 4.91% 104 21/02/2025
5.8% APS 2028-2033 S1 T1 01/12/2033 - 104.50 0.00 3.45% 104.25 21/02/2025
5.85% AXG 2033 07/11/2033 - 104.50 106.50 3.23% 104.5 21/02/2025
5.85% BGA 2034 14/05/2034 5,300 105.00 106.00 3.15% 106 21/02/2025
5.85% MIH 2028 31/07/2028 - 100.50 104.00 2.90% 104 21/02/2025
5.9% TGS 2024-2026 22/07/2026 - 0.00 99.90 2.78% 100 21/02/2025
6% IHI 2033 14/11/2033 - 105.00 106.50 3.32% 105.1 21/02/2025
6% JDC 2033 S2 T1 19/07/2033 - 102.36 104.99 2.94% 104 21/02/2025
6% MUL 2032 S1 T1 27/04/2032 - 0.00 101.50 3.45% 100 21/02/2025
6% PHC 2033 03/02/2033 10,000 104.22 105.98 4.75% 105.98 21/02/2025
6.25% AST 2033 16/06/2033 - 102.10 106.00 3.07% 104.5 21/02/2025
6.25% CMF 2034 23/02/2034 23,400 104.00 109.00 5.95% 105 21/02/2025
6.25% GPH 2030 10/03/2030 - 103.50 104.68 4.64% 104.57 21/02/2025
7.25% HRT 2025-2027 28/11/2027 - 99.50 0.00 3.85% 101 21/02/2025

* 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 05/11/2029 - 0.00 100.00 2.74% 96.5 21/02/2025
5% MED 2022-2027 GBP 13/10/2027 - 0.00 100.00 2.89% 100 21/02/2025

* 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 05/02/2026 - 95.00 99.00 4.47% 99.9 21/02/2025

* 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) 20/07/2026 - 96.69 0.00 0.13%
0.25% MGS 2026 (III) 18/11/2026 - 96.56 96.56 0.27%
0.40% 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 5,000,000 98.61 0.00 0.46%
0.75% MGS 2025 (III) 17/07/2025 - 103.31 0.00 0.45%
0.80% MGS 2027 (III) 29/04/2027 - 90.10 0.00 0.87%
0.90% MGS 2027 (V) 12/08/2027 - 95.40 0.00 0.87%
0.90% MGS 2031 (V) 11/07/2031 - 84.52 0.00 0.98%
1.0% MGS 2031 (II) 23/04/2031 250,000 89.11 0.00 1.06%
1.00% MGS 2035 (II) 23/08/2035 - 79.48 0.00 1.13%
1.20% MGS 2037 (I) 13/05/2037 - 77.83 0.00 1.37%
1.40% MGS 2046 (I) 20/08/2046 - 65.18 0.00 1.70%
1.5% MGS 2027 (I) 15/06/2027 - 97.97 0.00 1.32%
1.50% MGS 2045 (I) 22/10/2045 - 67.71 0.00 1.79%
1.60% MGS 2032 (III) 03/05/2032 - 85.71 0.00 1.62%
1.70% MGS 2028 (IV) 04/08/2028 - 90.83 0.00 1.53%
1.80% MGS 2051 (I) 28/08/2051 - 65.00 0.00 2.02%
1.85% MGS 2029 (III) 30/05/2029 - 96.25 0.00 1.61%
2.00% MGS 2051 (II) 10/07/2051 - 69.38 0.00 2.08%
2.1% MGS 2039 (I) 24/08/2039 - 85.84 0.00 1.86%
2.10% MGS 2032 (IV) 15/04/2032 - 95.30 0.00 1.90%
2.2% MGS 2035 (I) 24/11/2035 - 89.25 0.00 2.01%
2.3% MGS 2029 (II) 24/07/2029 - 98.47 0.00 1.80%
2.4% MGS 2041 (I) 25/07/2041 - 87.80 83.00 2.00%
2.40% MGS 2052 (I) 13/08/2052 - 75.22 0.00 2.19%
2.5% MGS 2036 (I) 17/11/2036 100,000 90.93 88.00 2.16%
2.60% MGS 2028 (V) 22/05/2028 - 100.20 0.00 2.01%
2.60% MGS 2047 (I) 27/09/2047 - 85.83 0.00 2.17%
2.80% MGS 2030 (III) A 27/02/2030 - 99.99 0.00 2.73%
2.80% MGS 2030 (III) r 27/02/2030 - 101.14 0.00 2.70%
2.9% MGS 2032 (VI) 24/10/2032 - 99.00 0.00 2.18%
3% MGS 2040 (I) 11/06/2040 - 97.60 94.20 2.20%
3.15% MGS 2027 (VII) 20/05/2027 - 101.50 101.68 2.23%
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 0.00 2.23%
3.25% MGS 2034 (IV) r 05/09/2034 - 99.30 99.81 2.24%
3.35% MGS 2029 (V) 27/11/2029 50,000 102.57 0.00 2.47%
3.35% MGS 2029 (V) r 11/27/2029 No Trades 100.02 - 3.34%
3.4% MGS 2027 (VI) 24/09/2027 62,000 102.42 102.42 2.26%
3.40% MGS 2042 (I) 26/08/2042 - 102.00 0.00 2.26%
3.50% MGS 2028 (VI) 07/07/2028 - 102.80 103.05 2.28%
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%
3.55% MGS 2026 (V) 08/07/2026 54,500 101.71 101.71 2.17%
3.7% MGS 2030 (II) 25/11/2030 - 106.09 0.00 2.57%
3.75% MGS 2033 (III) 17/08/2033 - 103.69 0.00 2.36%
3.85% MGS 2026 (VI) 05/08/2026 - 102.31 0.00 2.25%
3.95% MGS 2028 (VII) 08/08/2028 - 104.51 0.00 2.40%
4% MGS 2032 (VII) 30/03/2032 5,000 106.10 0.00 2.95%
4.00% MGS 2033 (IV) 05/12/2033 500,000 106.00 0.00 2.77%
4.00% MGS 2038 (I) 25/08/2038 200,000 104.66 0.00 2.43%
4.00% MGS 2043 (I) 26/11/2043 400,000 102.83 102.00 2.76%
4.1% MGS 2034 (I) 18/10/2034 - 106.59 104.10 2.56%
4.3% MGS 2033 (I) 01/08/2033 - 108.67 108.34 2.47%
4.30% MGS 2038 (II) 15/11/2038 - 112.09 0.00 2.67%
4.45% MGS 2032 (II) 03/09/2032 - 109.08 0.00 2.53%
4.5% MGS 2028 (II) 25/10/2028 - 106.55 0.00 2.72%
4.65% MGS 2032 (I) 22/07/2032 - 110.90 110.43 2.55%
4.8% MGS 2028 (I) 11/09/2028 - 107.61 0.00 2.65%
5.1% MGS 2029 (I) 01/10/2029 10,000 109.84 0.00 2.76%
5.2% MGS 2031 (I) 16/09/2031 20,000 113.12 0.00 2.71%
5.25% MGS 2030 (I) 23/06/2030 25,000 111.68 0.00 2.74%
7% MGS 2025 (I) 31/12/2025 - 149.70 0.00 2.53%
7% MGS 2026 (I) 31/12/2026 - 155.80 0.00 3.25%
7% MGS 2032 (V) 31/12/2032 - 100.00 0.00 4.42%

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

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