Bond Market Overview

Thursday, 23 April 2026

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	-	0.00	0.00	4.53%	94.8	23/04/2026
3.25% AXG 2026 SI	12/20/2026	-	98.00	0.00	6.35%	98	23/04/2026
3.5% AXR 2032	02/06/2032	27,000	92.25	94.00	5.08%	92.25	23/04/2026
3.5% BOV 2030 S1 T1	08/08/2030	-	94.00	96.00	4.81%	95	23/04/2026
3.5% BOV 2030 S2 T1	08/08/2030	-	93.00	94.90	4.81%	95	23/04/2026
3.5% GO 2031	6/25/2031	5,000	95.50	96.50	4.49%	95.5	23/04/2026
3.5% SFC 2027	9/13/2027	98,500	100.00	100.50	3.49%	100	23/04/2026
3.65% IHI 2031	12/07/2031	-	92.57	93.93	4.91%	93.93	23/04/2026
3.65% MOF 2028-2031	10/15/2031	10,000	95.55	97.45	4.58%	95.55	23/04/2026
3.65% STV 2029	7/29/2029	-	96.37	97.90	4.93%	96.21	23/04/2026
3.75% AXG 2029 S2	12/20/2029	20,000	95.01	98.50	4.20%	98.48	23/04/2026
3.75% BOV 2026-2031	6/15/2031	-	0.00	95.00	4.64%	96	23/04/2026
3.75% BRX 2027	12/01/2027	-	97.01	97.50	5.02%	98.06	23/04/2026
3.75% MCY 2027	3/27/2027	-	98.00	98.87	5.00%	98.88	23/04/2026
3.75% PRC 2026	11/23/2026	-	98.03	100.50	7.21%	98	23/04/2026
3.75% TMF 2029	6/27/2029	-	96.32	96.73	5.09%	96.15	23/04/2026
3.75% TUM 2027	07/10/2027	-	97.01	98.00	6.38%	97.01	23/04/2026
3.75% VRT 2027	11/30/2027	440,000	99.25	99.90	3.74%	100	23/04/2026
3.8% HLF 2029	8/27/2029	2,000	95.25	96.00	5.38%	95.25	23/04/2026
3.85% HLF 2028	7/24/2028	-	96.55	97.00	5.53%	96.52	23/04/2026
3.9% BRW 2027-2031	07/09/2031	-	94.73	98.00	5.21%	94.15	23/04/2026
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.81%	100	23/04/2026
4% CBC 2027-2033	11/10/2033	5,000	0.00	90.00	5.66%	90	23/04/2026
4% CCS 2030	8/19/2030	10,000	94.00	97.17	5.59%	94.01	23/04/2026
4% EFC 2027	4/28/2027	-	99.00	0.00	4.00%	100	23/04/2026
4% EXF 2028	8/20/2028	-	97.01	99.78	3.99%	100	23/04/2026
4% HLF 2027	03/11/2027	7,000	99.10	100.00	5.04%	99.1	23/04/2026
4% IHI 2026	7/29/2026	-	98.60	99.89	11.46%	98.01	23/04/2026
4% IHI 2026 B	12/20/2026	-	98.01	99.87	4.13%	99.88	23/04/2026
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	23/04/2026
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.70	4.78%	97.5	23/04/2026
4% MIDI 2026	7/27/2026	-	0.00	98.00	11.65%	98	23/04/2026
4% MPC 2032 S1/22 T1	6/30/2032	-	0.00	99.40	4.00%	100	23/04/2026
4% SHM 2026	08/01/2026	14,000	0.00	98.00	15.07%	97	23/04/2026
4% SPF 2029	05/03/2029	-	97.01	98.50	4.10%	99.73	23/04/2026
4% STV 2027	10/18/2027	-	98.35	99.85	4.09%	99.85	23/04/2026
4.25% CCM 2024-2026	05/08/2026	-	0.00	0.00	16.69%	99.5	23/04/2026
4.25% CLP 2033	8/25/2033	-	0.00	100.00	4.25%	100	23/04/2026
4.25% CPHCL 2026	04/12/2026	-	0.00	0.00	54.98%	98.01	30/03/2026
4.25% IZI 2029	4/14/2029	-	0.00	99.90	4.29%	99.9	23/04/2026
4.25% MCY 2031	3/27/2031	-	96.67	98.99	5.04%	96.61	23/04/2026
4.3% MCY 2032	4/25/2032	-	96.10	98.00	4.59%	98.5	23/04/2026
4.35% HDS 2026	04/06/2026	-	98.01	99.95	35.36%	98	13/03/2026
4.35% SDF 2027	4/25/2027	-	98.50	99.90	6.42%	98.05	23/04/2026
4.4% CBC 2027 S1/17 T1	07/07/2027	-	0.00	100.00	6.16%	98	23/04/2026
4.5% BNF 2027 - 2032	7/29/2032	-	95.20	97.20	5.24%	96.1	23/04/2026
4.5% END 2029	3/22/2029	-	0.00	99.50	4.53%	99.9	23/04/2026
4.5% G3 2032	04/06/2032	-	0.00	99.90	4.50%	100	23/04/2026
4.5% GHM 2027	8/23/2027	-	97.65	99.50	4.88%	99.5	23/04/2026
4.5% HIL 2025	10/16/2025	-	98.00	99.00	7.30%	99	06/12/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.31%	100	06/12/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	0.00	4.31%	100	21/01/2026
4.5% ONA 2028 - 2034	6/21/2034	-	96.05	98.39	5.10%	96.05	23/04/2026
4.5% SHM 2032	08/01/2032	2,000	0.00	86.00	7.36%	86	23/04/2026
4.55% STA 2032	02/07/2032	-	0.00	98.90	4.95%	98.01	23/04/2026
4.65% SMF 2031	4/22/2031	10,000	98.50	99.96	5.00%	98.5	23/04/2026
4.65% SMF 2032	8/23/2032	-	97.01	100.00	4.65%	100	23/04/2026
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.73%	100	23/04/2026
4.75% DNF 2033	11/19/2033	-	0.00	98.97	5.40%	96.01	23/04/2026
4.75% GAP 2025-2027	12/22/2027	-	100.00	0.00	4.73%	100	23/04/2026
4.75% GLR 2028	11/30/2028	-	94.00	95.00	7.35%	94	23/04/2026
4.75% KAF 2026-2029	8/23/2029	-	0.00	94.00	6.45%	95	23/04/2026
4.8% MMHF 2026	10/14/2026	-	0.00	98.99	24.15%	91.51	23/04/2026
4.85% JDC 2032 S1 T1	11/25/2032	-	97.01	99.59	4.92%	99.59	23/04/2026
4.9% CLS 2032	02/09/2032	-	99.50	0.00	4.90%	100	23/04/2026
5% BLF 2026-2029	02/07/2029	-	0.00	100.00	4.99%	100	23/04/2026
5% BOV 2029-2034 S1 T1	11/28/2034	-	100.00	100.25	4.95%	100.3	23/04/2026
5% BSB 2029	6/28/2029	-	0.00	100.00	4.65%	101	23/04/2026
5% CFE 2028-2033	01/06/2033	5,000	98.00	99.85	5.32%	98.2	23/04/2026
5% CVS 2026-2029	03/08/2029	-	0.00	99.90	5.19%	99.5	23/04/2026
5% DZF 2026	10/07/2026	-	0.00	96.99	17.58%	94.5	23/04/2026
5% FES 2029	3/18/2029	-	0.00	98.50	5.57%	98.5	23/04/2026
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029	7/17/2029	10,400	100.00	100.97	4.99%	100	23/04/2026
5% HLF 2033	02/06/2033	-	100.01	100.20	4.96%	100.2	23/04/2026
5% HRZ 2026-2029	3/15/2029	-	0.00	100.00	5.00%	100	23/04/2026
5% IZB 2027 - 2032	9/15/2032	-	95.00	99.75	5.96%	95	23/04/2026
5% LLF 2028	7/29/2028	-	0.00	95.90	6.95%	96	23/04/2026
5% MDS 2029	12/20/2029	-	100.00	0.00	5.14%	99.5	23/04/2026
5% MED 2022-2027 EUR	10/13/2027	-	97.00	0.00	7.00%	97.25	23/04/2026
5% MRN 2032	12/16/2032	-	98.01	0.00	4.82%	101	23/04/2026
5% VDH 2032	12/16/2032	-	96.51	98.50	5.19%	98.94	23/04/2026
5.00% BOV 2030-2035 S1 T1	12/05/2035	10,000	100.25	100.49	4.96%	100.25	23/04/2026
5.00% BOV 2030-2035 S2 T1	07/07/2035	-	100.10	100.25	5.00%	100	23/04/2026
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	12.44%	99	06/12/2025
5.10% PLG 2028 -2030	11/19/2030	7,300	99.50	100.00	5.09%	100	23/04/2026
5.2% HHF 2035	10/28/2035	13,500	97.07	100.87	5.08%	100.87	23/04/2026
5.2% SDF 2031 S1/T1	2/15/2031	1,000	98.05	0.00	5.67%	98.05	23/04/2026
5.2% TUM 2031-2034	11/22/2034	-	99.01	101.50	4.98%	101.49	23/04/2026
5.2% VBL 2030-2034	10/25/2034	25,000	99.00	100.20	5.17%	100.2	23/04/2026
5.25% ACM 2028 -2030	8/20/2030	-	98.03	99.00	5.51%	99	23/04/2026
5.25% BBP 2033 S1 T1	04/03/2033	-	99.03	101.49	4.99%	101.49	23/04/2026
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	101.00	5.13%	100	06/12/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.23%	100	23/04/2026
5.25% MIH 2027	07/06/2027	-	100.00	101.00	5.23%	100	23/04/2026
5.25% QWR 2033	2/27/2033	-	100.50	0.00	5.16%	100.51	23/04/2026
5.3% GTR 2030	07/04/2030	18,000	99.51	100.50	5.29%	100	23/04/2026
5.3% MCY 2034	09/10/2034	5,000	100.00	102.00	5.30%	100	23/04/2026
5.30% IHI 2035	04/01/2035	-	100.00	101.39	5.30%	100	23/04/2026
5.35% BDPH 2032	2/21/2032	-	100.00	101.73	5.04%	101.5	23/04/2026
5.35% CPHCL 2035	12/18/2035	-	100.00	101.50	5.35%	100	23/04/2026
5.35% DSM 2028	10/28/2028	-	40.00	89.99	10.02%	89.99	23/04/2026
5.35% HMV 2031-2034	7/26/2034	-	100.00	101.50	5.35%	100	23/04/2026
5.35% JMB 2035	11/07/2035	20,400	98.05	101.99	5.28%	100.5	23/04/2026
5.35% MAR 2029-2031	6/27/2031	-	98.01	100.00	5.63%	98.75	23/04/2026
5.4% AGB 2035 S1 T1	10/10/2035	25,000	97.21	99.98	5.40%	99.94	23/04/2026
5.4% BBT 2032-2036	04/09/2036	-	0.00	100.49	5.33%	100.49	23/04/2026
5.4% ECL 2031	12/30/2031	-	98.05	100.75	5.50%	99.5	23/04/2026
5.5% 9HC 2027	6/19/2027	-	0.00	101.00	5.48%	100	23/04/2026
5.5% AES 2036 S1 T2	10/08/2036	-	0.00	101.00	5.37%	101	23/04/2026
5.5% FTD 2036	2/27/2036	-	100.00	101.49	5.50%	100	23/04/2026
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.34%	99	17/02/2026
5.5% IZI 2036	04/02/2036	16,000	0.00	100.99	5.37%	100.99	23/04/2026
5.5% JUE 2035	6/27/2035	-	99.50	100.99	5.57%	99.5	23/04/2026
5.5% QLZ 2030 -2035 S1 T2	7/22/2035	-	98.09	101.26	5.50%	99.99	23/04/2026
5.5% QLZ 2030 -2035 S1T1	7/22/2035	25,000	98.01	99.99	5.50%	100	23/04/2026
5.5% TST 2029	01/09/2029	-	0.00	98.00	5.90%	99	23/04/2026
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.50% MDS 2031-2036	6/30/2036	-	102.00	0.00	5.27%	101.75	23/04/2026
5.50% TTM 2032	04/02/2032	-	101.00	101.85	5.26%	101.2	23/04/2026
5.6% JDC 2035	5/23/2035	26,000	98.00	99.90	5.61%	99.9	23/04/2026
5.7% MRK 2033	08/12/2033	-	97.01	99.01	6.22%	97.01	23/04/2026
5.70% CBC 2030-2035 S1 T1	12/04/2035	-	0.00	99.00	5.72%	99.85	23/04/2026
5.75% AQC 2027	12/21/2027	-	0.00	100.49	5.77%	99.94	23/04/2026
5.75% BDPH 2027-2029	04/12/2029	-	100.01	102.90	5.01%	102	23/04/2026
5.75% IGI 2031-2036	02/12/2036	25,000	0.00	99.00	5.88%	99	23/04/2026
5.75% PHN 2028-2033	12/30/2033	10,500	101.90	103.50	5.44%	101.9	23/04/2026
5.75% PLG 2028	11/23/2028	-	100.01	101.90	4.93%	101.9	23/04/2026
5.8% AES 2036 S1 T1	03/01/2036	-	100.05	101.75	5.56%	101.77	23/04/2026
5.8% APS 2028-2033 S1 T1	12/01/2033	-	103.00	104.00	5.04%	104.7	23/04/2026
5.8% GPH 2032	4/22/2032	-	0.00	100.00	5.80%	100	23/04/2026
5.85% AXG 2033	11/07/2033	-	102.00	0.00	5.51%	102	23/04/2026
5.85% BGA 2034	5/14/2034	-	100.02	102.48	5.53%	102	23/04/2026
5.85% MIH 2028	7/31/2028	6,600	101.00	101.70	5.36%	101	23/04/2026
5.9% TGS 2024-2026	7/22/2026	-	0.00	101.00	5.88%	100	06/12/2025
6% IHI 2033	11/14/2033	-	102.00	103.00	5.66%	102	23/04/2026
6% JDC 2033 S2 T1	7/19/2033	-	100.00	100.99	5.99%	100	23/04/2026
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	101.75	6.00%	100	23/04/2026
6% MUL 2032 S1 T1	4/27/2032	10,000	100.00	0.00	6.00%	100	23/04/2026
6% PHC 2033	02/03/2033	-	100.51	102.00	5.63%	102	23/04/2026
6.25% AST 2033	6/16/2033	-	101.50	102.75	5.76%	102.79	23/04/2026
6.25% CMF 2034	2/23/2034	-	102.00	104.00	5.78%	102.89	23/04/2026
6.25% GPH 2030	03/10/2030	20,000	101.00	102.16	5.95%	101	23/04/2026
6.25% TGS 2030 -2032	2/14/2032	5,000	100.00	100.50	6.24%	100	23/04/2026
7.25% HRT 2025-2027	11/28/2027	-	0.00	100.00	7.21%	100	23/04/2026

* 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	5.10%		96.5	23/04/2026
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.98%		100	23/04/2026

* 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	5.45%		100	21/01/2026
6.50% MDS 2031-2036	6/30/2036	-	0.00	0.00	6.16%		102.5	23/04/2026

* 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	7.60%
0.25% MGS 2026 (III)	11/18/2026	-	98.08	98.25	3.71%
0.40% MGS 2026 (II)	10/20/2026	-	98.16	0.00	4.24%
0.40% MGS 2027 (IV)	11/19/2027	-	96.39	0.00	2.77%
0.5% MGS 2025 (II)	11/8/2025	-	98.61	0.00	4.03%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-34.32%
0.80% MGS 2027 (III)	4/29/2027	-	98.00	0.00	2.81%
0.90% MGS 2027 (V)	08/12/2027	-	97.71	0.00	2.70%
0.90% MGS 2031 (V)	07/11/2031	-	89.97	0.00	2.99%
1.0% MGS 2031 (II)	4/23/2031	-	91.75	0.00	2.78%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.67%
1.20% MGS 2037 (I)	5/13/2037	-	78.01	0.00	3.63%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.95%
1.5% MGS 2027 (I)	6/15/2027	-	98.77	99.10	2.60%
1.50% MGS 2045 (I)	10/22/2045	-	63.00	0.00	4.33%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.19%
1.70% MGS 2028 (IV)	08/04/2028	-	97.56	0.00	2.81%
1.80% MGS 2051 (I)	8/28/2051	-	60.07	59.55	4.44%
1.85% MGS 2029 (III)	5/30/2029	-	97.30	0.00	2.76%
2.00% MGS 2051 (II)	07/10/2051	-	69.00	0.00	3.95%
2.1% MGS 2039 (I)	8/24/2039	-	80.51	0.00	4.00%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.10%
2.2% MGS 2035 (I)	11/24/2035	-	86.29	0.00	3.93%
2.3% MGS 2029 (II)	7/24/2029	-	97.96	0.00	2.96%
2.4% MGS 2041 (I)	7/25/2041	-	80.57	0.00	4.13%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.92%
2.5% MGS 2036 (I)	11/17/2036	-	88.46	88.00	3.84%
2.55% MGS 2030 (V)	02/06/2030	-	98.33	0.00	3.02%
2.55% MGS 2030 (V) A	02/06/2030	-	99.19	0.00	2.77%
2.55% MGS 2030 (V) r	02/06/2030	-	100.00	0.00	2.55%
2.60% MGS 2028 (V)	5/22/2028	-	99.79	0.00	2.70%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.28%
2.80% MGS 2030 (III)	2/27/2030	-	98.88	0.00	3.11%
2.9% MGS 2032 (VI)	10/24/2032	-	97.46	0.00	3.34%
3% MGS 2040 (I)	06/11/2040	-	88.86	87.00	4.04%
3.00% MGS 2030 (IV)	11/05/2030	-	99.59	0.00	3.10%
3.15% MGS 2027 (VII)	5/20/2027	-	100.75	0.00	2.44%
3.25% MGS 2034 (IV)	09/05/2034	-	97.15	0.00	3.65%
3.35% MGS 2029 (V)	11/27/2029	164,000	101.26	101.26	2.98%
3.4% MGS 2027 (VI)	9/24/2027	200,000	101.21	0.00	2.52%
3.40% MGS 2035 (IV)	7/16/2035	531,200	97.13	0.00	3.77%
3.40% MGS 2035 (IV) A	7/16/2035	-	98.24	0.00	3.62%
3.40% MGS 2035 (IV) FI A	7/16/2035	-	98.18	0.00	3.63%
3.40% MGS 2035 (IV) r	7/16/2035	-	100.00	0.00	3.40%
3.40% MGS 2042 (I)	8/26/2042	-	90.87	0.00	4.18%
3.50% MGS 2028 (VI)	07/07/2028	50,000	101.52	101.52	2.78%
3.50% MGS 2034 (III)	7/31/2034	-	99.19	0.00	3.61%
3.50% MGS 2035 (III)	12/18/2035	-	97.50	0.00	3.81%
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	500,000	100.25	0.00	2.31%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.29%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.02%
3.80% MGS 2040 (II)	10/16/2040	-	97.22	97.00	4.06%
3.80% MGS 2040 (II) A	10/16/2040	-	99.65	0.00	3.83%
3.80% MGS 2040 (II) FI A	10/16/2040	-	100.10	0.00	3.79%
3.80% MGS 2040 (II) FI r	10/16/2040	-	98.00	0.00	3.98%
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	-	101.19	0.00	-0.33%
3.95% MGS 2028 (VII)	08/08/2028	-	104.12	0.00	2.10%
4% MGS 2032 (VII)	3/30/2032	81,000	103.80	101.00	3.29%
4.00% MGS 2033 (IV)	12/05/2033	-	103.13	100.64	3.53%
4.00% MGS 2038 (I)	8/25/2038	-	100.61	100.10	3.94%
4.00% MGS 2043 (I)	11/26/2043	-	98.01	99.00	4.16%
4.1% MGS 2034 (I)	10/18/2034	-	103.19	104.50	3.66%
4.3% MGS 2033 (I)	08/01/2033	-	105.15	105.22	3.49%
4.30% MGS 2038 (II)	11/15/2038	-	104.70	0.00	3.82%
4.45% MGS 2032 (II)	09/03/2032	40,200	106.24	0.00	3.35%
4.5% MGS 2028 (II)	10/25/2028	-	104.09	0.00	2.80%
4.65% MGS 2032 (I)	7/22/2032	-	107.30	0.00	3.34%
4.8% MGS 2028 (I)	09/11/2028	-	104.50	104.52	2.83%
5.1% MGS 2029 (I)	10/01/2029	-	106.53	0.00	3.08%
5.2% MGS 2031 (I)	9/16/2031	-	109.81	0.00	3.20%
5.25% MGS 2030 (I)	6/23/2030	97,200	108.54	0.00	3.05%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-57.15%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-50.43%
7% MGS 2032 (V)	12/31/2032	-	100.00	0.00	7.00%
7% MGS 2034 (II)	12/31/2034	-	100.00	100.00	7.00%

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