Bond Market Overview

Thursday, 27 March 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	19/11/2030	-	94.00	97.50	2.34%	97.5	27/03/2025
3.25% AXG 2026 SI	20/12/2026	-	96.26	99.99	2.33%	100	27/03/2025
3.5% AXR 2032	06/02/2032	94,000	94.00	94.50	2.93%	94.5	27/03/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	97.50	98.00	2.36%	97.99	27/03/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	94.90	96.99	2.38%	96.99	27/03/2025
3.5% GO 2031	25/06/2031	-	96.50	97.45	2.51%	96.5	27/03/2025
3.5% SFC 2027	13/09/2027	-	100.00	101.40	2.26%	101.4	27/03/2025
3.65% IHI 2031	07/12/2031	2,000	96.00	96.97	2.58%	96.97	27/03/2025
3.65% MOF 2028-2031	15/10/2031	-	96.50	98.25	2.41%	98.25	27/03/2025
3.65% STV 2029	29/07/2029	-	97.35	99.99	2.40%	99.99	27/03/2025
3.75% AXG 2029 S2	20/12/2029	-	97.04	100.00	2.63%	100	27/03/2025
3.75% BOV 2026-2031	15/06/2031	25,000	0.00	98.00	2.67%	96	27/03/2025
3.75% BRX 2027	01/12/2027	-	97.01	100.20	2.52%	100	27/03/2025
3.75% MCY 2027	27/03/2027	-	98.00	100.00	3.70%	100	27/03/2025
3.75% PRC 2026	23/11/2026	-	97.53	99.24	2.43%	99.25	27/03/2025
3.75% TMF 2029	27/06/2029	-	97.50	100.00	2.54%	100	27/03/2025
3.75% TUM 2027	10/07/2027	-	97.01	100.00	2.45%	100	27/03/2025
3.75% VRT 2027	30/11/2027	-	98.08	101.00	2.52%	100	27/03/2025
3.8% HLF 2029	27/08/2029	80,200	97.50	98.50	2.45%	97.5	27/03/2025
3.85% HLF 2028	24/07/2028	-	97.01	99.80	2.51%	98	27/03/2025
3.9% BRW 2027-2031	09/07/2031	-	97.00	99.00	2.57%	98.5	27/03/2025
3.9% PZC 2026	22/09/2026	-	0.00	0.00	2.31%	100	27/03/2025
4% CBC 2027-2033	10/11/2033	40,000	95.00	98.99	2.59%	98.75	27/03/2025
4% CCS 2030	19/08/2030	81,000	97.00	99.95	2.51%	99	27/03/2025
4% EFC 2027	28/04/2027	-	81.00	99.99	3.17%	99.99	27/03/2025
4% EXF 2028	20/08/2028	-	99.95	101.25	2.47%	101.25	27/03/2025
4% HLF 2027	11/03/2027	7,000	100.00	100.60	3.56%	100.6	27/03/2025
4% IHI 2026	29/07/2026	-	100.00	101.00	2.34%	101	27/03/2025
4% IHI 2026 B	20/12/2026	-	98.62	100.00	2.65%	100	27/03/2025
4% LSI 2026-2031	02/06/2031	-	0.00	0.00	2.80%	100	27/03/2025
4% MED 2024-2029 EUR	05/11/2029	-	0.00	99.00	2.57%	99	27/03/2025
4% MIDI 2026	27/07/2026	7,800	98.21	99.99	2.36%	100	27/03/2025
4% MPC 2032 S1/22 T1	30/06/2032	-	98.50	0.00	2.63%	100	27/03/2025
4% SHM 2026	01/08/2026	-	95.00	0.00	2.38%	98.5	27/03/2025
4% SPF 2029	03/05/2029	-	0.00	0.00	3.14%	99	27/03/2025
4% STV 2027	18/10/2027	-	98.53	99.98	2.48%	99.98	27/03/2025
4.25% CCM 2024-2026	08/05/2026	-	97.50	99.45	3.05%	97.5	27/03/2025
4.25% CLP 2033	25/08/2033	23,000	100.00	101.00	2.56%	100.5	27/03/2025
4.25% CPHCL 2026	12/04/2026	20,000	98.51	99.90	3.62%	99.9	27/03/2025
4.25% IZI 2029	14/04/2029	-	0.00	100.00	3.64%	101	27/03/2025
4.25% MCY 2031	27/03/2031	4,000	98.10	101.00	4.19%	100	27/03/2025
4.3% MCY 2032	25/04/2032	15,000	99.00	100.00	3.43%	100	27/03/2025
4.35% HDS 2026	06/04/2026	-	98.50	0.00	3.95%	100	27/03/2025
4.35% SDF 2027	25/04/2027	-	99.50	99.99	3.41%	100.5	27/03/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	98.70	0.00	2.71%	98	27/03/2025
4.5% BNF 2027 - 2032	29/07/2032	-	99.00	100.00	2.68%	100	27/03/2025
4.5% END 2029	22/03/2029	-	0.00	100.99	4.27%	100	27/03/2025
4.5% G3 2032	06/04/2032	-	98.00	0.00	4.21%	98.01	27/03/2025
4.5% GHM 2027	23/08/2027	-	99.00	100.50	2.57%	102	27/03/2025
4.5% HIL 2025	16/10/2025	-	99.50	99.99	1.48%	99.99	27/03/2025
4.5% IZB 2025	30/06/2025	-	0.00	100.00	1.03%	100	27/03/2025
4.5% MDS 2026 EUR	05/02/2026	-	0.00	100.00	2.69%	99.95	27/03/2025
4.5% ONA 2028 - 2034	21/06/2034	50,000	99.50	100.00	2.85%	100	27/03/2025
4.5% SHM 2032	01/08/2032	-	0.00	99.50	2.68%	99.49	27/03/2025
4.55% STA 2032	07/02/2032	-	100.05	101.00	3.33%	103	27/03/2025
4.65% SMF 2031	22/04/2031	-	99.27	100.00	3.71%	99.27	27/03/2025
4.65% SMF 2032	23/08/2032	-	101.99	0.00	2.66%	101.99	27/03/2025
4.75% BDPH 2025-2027	30/11/2027	-	100.00	0.00	2.87%	100.01	27/03/2025
4.75% DNF 2033	19/11/2033	-	0.00	0.00	2.83%	101	27/03/2025
4.75% GAP 2025-2027	22/12/2027	-	100.40	103.00	3.00%	101	27/03/2025
4.75% GLR 2028	30/11/2028	-	0.00	0.00	2.89%	100	27/03/2025
4.75% KAF 2026-2029	23/08/2029	-	97.00	98.00	2.73%	98	27/03/2025
4.8% MMHF 2026	14/10/2026	23,000	95.01	96.50	2.64%	97.75	27/03/2025
4.85% JDC 2032 S1 T1	25/11/2032	5,000	98.20	101.95	2.92%	98.75	27/03/2025
4.9% CLS 2032	09/02/2032	-	0.00	0.00	3.60%	100	27/03/2025
5% BLF 2026-2029	07/02/2029	-	0.00	0.00	3.66%	98.5	27/03/2025
5% BOV 2029-2034 S1 T1	28/11/2034	40,000	103.60	104.99	2.90%	104.41	27/03/2025
5% BSB 2029	28/06/2029	-	100.00	102.00	2.96%	99.4	27/03/2025
5% CFE 2028-2033	06/01/2033	-	100.00	101.00	3.22%	101	27/03/2025
5% CVS 2026-2029	08/03/2029	-	0.00	0.00	4.26%	100	27/03/2025
5% DZF 2026	07/10/2026	-	0.00	100.00	2.64%	100	27/03/2025
5% FES 2029	18/03/2029	-	0.00	102.00	4.57%	100	27/03/2025
5% HHF 2023-2028	19/05/2028	-	0.00	99.50	3.33%	99.5	27/03/2025
5% HLF 2029	17/07/2029	-	101.25	101.75	2.84%	101.25	27/03/2025
5% HRZ 2026-2029	15/03/2029	-	0.00	0.00	4.48%	99.75	27/03/2025
5% IZB 2027 - 2032	15/09/2032	-	0.00	0.00	2.76%	100	27/03/2025
5% LLF 2028	29/07/2028	-	0.00	99.00	2.81%	100	27/03/2025
5% MDS 2029	20/12/2029	-	100.50	0.00	3.09%	101	27/03/2025
5% MED 2022-2027 EUR	13/10/2027	-	0.00	0.00	2.73%	102.2	27/03/2025
5% MRN 2032	16/12/2032	-	101.00	104.00	3.00%	105	27/03/2025
5% VDH 2032	16/12/2032	-	99.51	100.50	3.07%	100	27/03/2025
5.1% 6PM 2025	31/07/2025	-	99.00	100.00	1.15%	100	27/03/2025
5.2% TUM 2031-2034	22/11/2034	-	102.00	103.50	2.96%	102.05	27/03/2025
5.2% VBL 2030-2034	25/10/2034	11,000	101.60	103.35	2.86%	101.6	27/03/2025
5.25% BBP 2033 S1 T1	03/04/2033	-	0.00	0.00	4.84%	102	27/03/2025
5.25% CBC 2025 S2 T1	30/12/2025	-	0.00	0.00	2.28%	100	27/03/2025
5.25% KLF 2027	31/07/2027	-	0.00	0.00	2.83%	100	27/03/2025
5.25% MIH 2027	06/07/2027	-	100.25	101.00	2.91%	101	27/03/2025
5.25% QWR 2033	27/02/2033	22,000	102.00	102.50	4.07%	102.5	27/03/2025
5.3% MCY 2034	10/09/2034	-	101.60	102.97	2.80%	102.95	27/03/2025
5.35% DSM 2028	28/10/2028	-	92.25	95.99	2.97%	96	27/03/2025
5.35% HMV 2031-2034	26/07/2034	-	104.50	110.00	2.84%	106	27/03/2025
5.4% ECL 2031	30/12/2031	18,500	101.50	102.00	3.29%	102	27/03/2025
5.5% 9HC 2027	19/06/2027	-	0.00	100.00	3.11%	100	27/03/2025
5.5% AES 2036 S1 T2	08/10/2036	-	100.25	103.49	2.87%	103.59	27/03/2025
5.5% IGF 2024-2027	17/05/2027	-	0.00	100.00	3.49%	100	27/03/2025
5.5% JUE 2035	27/06/2035	-	104.00	104.47	3.03%	104.46	27/03/2025
5.5% TST 2029	09/01/2029	-	0.00	100.00	3.44%	100	27/03/2025
5.5% YCT 2021-2025	13/09/2025	-	0.00	0.00	1.39%	98	27/03/2025
5.7% MRK 2033	12/08/2033	-	105.00	105.95	2.89%	105.3	27/03/2025
5.75% BDPH 2027-2029	12/04/2029	5,000	0.00	104.00	4.62%	103	27/03/2025
5.75% IHI 2025	13/05/2025	-	0.00	0.00	0.92%	102	27/03/2025
5.75% PHN 2028-2033	30/12/2033	-	104.50	105.40	3.36%	104	27/03/2025
5.75% PLG 2028	23/11/2028	-	101.50	0.00	3.11%	101.5	27/03/2025
5.8% AES 2036 S1 T1	01/03/2036	-	102.50	105.50	4.44%	104	27/03/2025
5.8% APS 2028-2033 S1 T1	01/12/2033	-	106.00	108.00	3.14%	104.5	27/03/2025
5.85% AXG 2033	07/11/2033	-	104.00	107.48	2.98%	107.5	27/03/2025
5.85% BGA 2034	14/05/2034	25,000	102.60	106.00	3.63%	104	27/03/2025
5.85% MIH 2028	31/07/2028	-	0.00	104.00	2.95%	104	27/03/2025
5.9% TGS 2024-2026	22/07/2026	-	98.00	0.00	2.86%	98	27/03/2025
6% IHI 2033	14/11/2033	-	105.15	105.50	3.08%	105	27/03/2025
6% JDC 2033 S2 T1	19/07/2033	-	102.90	103.00	3.05%	102.9	27/03/2025
6% MUL 2032 S1 T1	27/04/2032	-	0.00	100.00	4.20%	100	27/03/2025
6% PHC 2033	03/02/2033	10,000	104.01	0.00	3.89%	104.02	27/03/2025
6.25% AST 2033	16/06/2033	-	102.10	110.00	3.28%	106	27/03/2025
6.25% CMF 2034	23/02/2034	20,000	104.10	106.79	4.42%	105	27/03/2025
6.25% GPH 2030	10/03/2030	-	103.50	104.00	5.02%	103.8	27/03/2025
7.25% HRT 2025-2027	28/11/2027	-	99.50	0.00	3.45%	101	27/03/2025

* 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	96.50	2.60%		96.5	27/03/2025
5% MED 2022-2027 GBP	13/10/2027	-	0.00	0.00	2.76%		100	27/03/2025

* 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	99.98	3.09%		99.9	27/03/2025

* 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	0.00	0.27%
0.40% MGS 2026 (II)	20/10/2026	-	96.79	0.00	0.42%
0.40% MGS 2027 (IV)	19/11/2027	-	93.31	0.00	0.44%
0.5% MGS 2025 (II)	08/11/2025	-	98.61	0.00	0.44%
0.75% MGS 2025 (III)	17/07/2025	-	103.31	0.00	0.41%
0.80% MGS 2027 (III)	29/04/2027	-	90.10	0.00	0.89%
0.90% MGS 2027 (V)	12/08/2027	-	95.40	0.00	0.88%
0.90% MGS 2031 (V)	11/07/2031	-	88.28	0.00	0.95%
1.0% MGS 2031 (II)	23/04/2031	-	89.32	0.00	1.09%
1.00% MGS 2035 (II)	23/08/2035	-	79.35	0.00	1.13%
1.20% MGS 2037 (I)	13/05/2037	-	77.83	0.00	1.43%
1.40% MGS 2046 (I)	20/08/2046	-	65.18	0.00	1.71%
1.5% MGS 2027 (I)	15/06/2027	-	97.97	0.00	1.35%
1.50% MGS 2045 (I)	22/10/2045	-	67.71	0.00	1.75%
1.60% MGS 2032 (III)	03/05/2032	-	90.93	0.00	1.63%
1.70% MGS 2028 (IV)	04/08/2028	-	90.83	0.00	1.55%
1.80% MGS 2051 (I)	28/08/2051	-	61.00	0.00	2.10%
1.85% MGS 2029 (III)	30/05/2029	-	96.25	0.00	1.68%
2.00% MGS 2051 (II)	10/07/2051	-	69.38	0.00	2.13%
2.1% MGS 2039 (I)	24/08/2039	-	81.15	0.00	1.93%
2.10% MGS 2032 (IV)	15/04/2032	-	94.20	0.00	2.10%
2.2% MGS 2035 (I)	24/11/2035	-	89.25	0.00	1.93%
2.3% MGS 2029 (II)	24/07/2029	87,000	100.00	0.00	1.81%
2.4% MGS 2041 (I)	25/07/2041	-	80.50	0.00	2.15%
2.40% MGS 2052 (I)	13/08/2052	-	75.22	0.00	2.21%
2.5% MGS 2036 (I)	17/11/2036	-	88.84	88.00	2.10%
2.60% MGS 2028 (V)	22/05/2028	119,000	102.50	0.00	2.10%
2.60% MGS 2047 (I)	27/09/2047	-	85.83	0.00	2.13%
2.80% MGS 2030 (III)	27/02/2030	-	100.00	99.84	2.51%
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)	24/10/2032	-	97.78	97.00	2.13%
3% MGS 2040 (I)	11/06/2040	1,000	94.50	94.60	2.37%
3.00% MGS 2030 (IV) A	05/11/2030	-	100.87	0.00	2.15%
3.00% MGS 2030 (IV) r	05/11/2030	10,000	102.50	101.00	2.13%
3.15% MGS 2027 (VII)	20/05/2027	-	101.46	0.00	2.42%
3.15% MGS 2027 (VII) r (xd)	5/20/2027	No Trades	99.70	-	3.26%
3.25% MGS 2034 (IV)	05/09/2034	-	100.00	98.00	2.22%
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)	27/11/2029	20,000	102.60	102.00	2.33%
3.35% MGS 2029 (V) r	11/27/2029	No Trades	100.02	-	3.34%
3.4% MGS 2027 (VI)	24/09/2027	-	102.50	0.00	2.21%
3.40% MGS 2042 (I)	26/08/2042	-	101.85	94.00	2.26%
3.50% MGS 2028 (VI)	07/07/2028	-	102.77	0.00	2.36%
3.50% MGS 2034 (III)	31/07/2034	35,000	100.00	100.74	2.35%
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	18/12/2035	-	100.26	0.00	2.51%
3.50% MGS 2035 (III) r	18/12/2035	-	100.45	0.00	2.50%
3.55% MGS 2026 (V)	08/07/2026	6,000	101.63	0.00	2.23%
3.7% MGS 2030 (II)	25/11/2030	-	106.09	0.00	2.42%
3.75% MGS 2033 (III)	17/08/2033	-	103.69	0.00	2.37%
3.85% MGS 2026 (VI)	05/08/2026	-	102.31	0.00	2.27%
3.95% MGS 2028 (VII)	08/08/2028	-	104.05	0.00	2.43%
4% MGS 2032 (VII)	30/03/2032	13,100	105.50	105.53	3.75%
4.00% MGS 2033 (IV)	05/12/2033	-	104.73	0.00	2.59%
4.00% MGS 2038 (I)	25/08/2038	-	105.02	105.02	2.43%
4.00% MGS 2043 (I)	26/11/2043	30,000	104.80	101.70	2.56%
4.1% MGS 2034 (I)	18/10/2034	-	105.05	104.10	2.48%
4.3% MGS 2033 (I)	01/08/2033	-	107.00	107.37	2.53%
4.30% MGS 2038 (II)	15/11/2038	-	112.09	0.00	2.53%
4.45% MGS 2032 (II)	03/09/2032	-	108.11	0.00	2.52%
4.5% MGS 2028 (II)	25/10/2028	-	106.28	0.00	2.60%
4.65% MGS 2032 (I)	22/07/2032	-	109.40	100.00	2.63%
4.8% MGS 2028 (I)	11/09/2028	-	106.80	0.00	2.62%
5.1% MGS 2029 (I)	01/10/2029	-	109.84	0.00	2.68%
5.2% MGS 2031 (I)	16/09/2031	-	112.27	0.00	2.67%
5.25% MGS 2030 (I)	23/06/2030	-	111.12	0.00	2.90%
7% MGS 2025 (I)	31/12/2025	-	149.70	0.00	1.96%
7% MGS 2026 (I)	31/12/2026	-	155.80	0.00	2.85%
7% MGS 2032 (V)	31/12/2032	-	100.00	0.00	3.77%

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