Bond Market Overview

Thursday, 02 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	100,000	94.80	0.00	4.47%	95	02/04/2026
3.25% AXG 2026 SI	12/20/2026	-	0.00	0.00	3.22%	100	02/04/2026
3.5% AXR 2032	02/06/2032	-	92.10	93.30	4.84%	93.3	02/04/2026
3.5% BOV 2030 S1 T1	08/08/2030	-	0.00	94.00	4.01%	98	02/04/2026
3.5% BOV 2030 S2 T1	08/08/2030	-	92.00	94.10	5.04%	94.1	02/04/2026
3.5% GO 2031	6/25/2031	7,300	95.20	97.99	4.15%	96.99	02/04/2026
3.5% SFC 2027	9/13/2027	400	99.50	100.25	3.85%	99.5	02/04/2026
3.65% IHI 2031	12/07/2031	-	92.34	93.91	4.99%	93.47	02/04/2026
3.65% MOF 2028-2031	10/15/2031	-	95.55	97.45	4.57%	95.55	02/04/2026
3.65% STV 2029	7/29/2029	13,000	96.20	98.96	4.91%	96.2	02/04/2026
3.75% AXG 2029 S2	12/20/2029	-	94.00	98.50	4.49%	97.5	02/04/2026
3.75% BOV 2026-2031	6/15/2031	-	0.00	95.50	4.63%	96	02/04/2026
3.75% BRX 2027	12/01/2027	-	98.06	99.90	3.74%	100	02/04/2026
3.75% MCY 2027	3/27/2027	9,300	99.50	100.00	4.28%	99.5	02/04/2026
3.75% PRC 2026	11/23/2026	31,700	97.51	100.00	7.72%	97.51	02/04/2026
3.75% TMF 2029	6/27/2029	-	96.04	96.75	4.59%	97.5	02/04/2026
3.75% TUM 2027	07/10/2027	-	97.00	99.43	6.26%	97	02/04/2026
3.75% VRT 2027	11/30/2027	-	98.15	99.79	3.74%	100	02/04/2026
3.8% HLF 2029	8/27/2029	21,000	95.25	96.50	5.10%	96	02/04/2026
3.85% HLF 2028	7/24/2028	-	96.52	98.49	5.49%	96.52	02/04/2026
3.9% BRW 2027-2031	07/09/2031	-	94.30	98.00	5.19%	94.15	02/04/2026
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.82%	100	02/04/2026
4% CBC 2027-2033	11/10/2033	6,400	80.00	92.00	5.65%	90	02/04/2026
4% CCS 2030	8/19/2030	-	94.02	97.19	5.44%	94.5	02/04/2026
4% EFC 2027	4/28/2027	-	99.00	100.00	4.98%	99	02/04/2026
4% EXF 2028	8/20/2028	-	0.00	99.90	3.99%	100	02/04/2026
4% HLF 2027	03/11/2027	15,500	99.00	100.00	3.99%	100	02/04/2026
4% IHI 2026	7/29/2026	-	98.01	99.10	10.13%	98.01	02/04/2026
4% IHI 2026 B	12/20/2026	29,000	99.00	99.89	4.11%	99.89	02/04/2026
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	02/04/2026
4% MED 2024-2029 EUR	11/05/2029	-	0.00	97.00	4.77%	97.5	02/04/2026
4% MIDI 2026	7/27/2026	26,300	98.00	100.00	3.89%	100	02/04/2026
4% MPC 2032 S1/22 T1	6/30/2032	-	0.00	99.50	4.00%	100	02/04/2026
4% SHM 2026	08/01/2026	-	0.00	98.00	14.77%	96.5	02/04/2026
4% SPF 2029	05/03/2029	-	97.01	99.40	5.07%	97.01	02/04/2026
4% STV 2027	10/18/2027	14,600	98.33	99.85	4.16%	99.75	02/04/2026
4.25% CCM 2024-2026	05/08/2026	-	97.50	99.50	9.16%	99.5	02/04/2026
4.25% CLP 2033	8/25/2033	-	0.00	100.24	4.17%	100.49	02/04/2026
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	4.61%	99	02/04/2026
4.25% MCY 2031	3/27/2031	-	96.60	99.93	4.26%	99.95	02/04/2026
4.3% MCY 2032	4/25/2032	-	96.15	97.75	5.08%	96	02/04/2026
4.35% HDS 2026	04/06/2026	-	98.01	99.95	35.36%	98	13/03/2026
4.35% SDF 2027	4/25/2027	-	97.77	99.99	7.00%	97.37	02/04/2026
4.4% CBC 2027 S1/17 T1	07/07/2027	-	98.00	100.00	6.07%	98	02/04/2026
4.5% BNF 2027 - 2032	7/29/2032	-	95.20	97.24	5.01%	97.25	02/04/2026
4.5% END 2029	3/22/2029	-	0.00	99.50	4.54%	99.9	02/04/2026
4.5% G3 2032	04/06/2032	-	0.00	100.00	4.52%	99.9	02/04/2026
4.5% GHM 2027	8/23/2027	4,500	97.38	99.90	4.58%	99.87	02/04/2026
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	98.40	5.10%	96.01	02/04/2026
4.5% SHM 2032	08/01/2032	-	0.00	88.00	6.90%	88	02/04/2026
4.55% STA 2032	02/07/2032	-	98.01	99.35	4.95%	98.01	02/04/2026
4.65% SMF 2031	4/22/2031	-	98.50	100.40	4.99%	98.5	02/04/2026
4.65% SMF 2032	8/23/2032	-	97.50	101.00	5.21%	97.01	02/04/2026
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.73%	100	02/04/2026
4.75% DNF 2033	11/19/2033	-	0.00	98.99	5.55%	95.1	02/04/2026
4.75% GAP 2025-2027	12/22/2027	-	100.00	0.00	4.74%	100	02/04/2026
4.75% GLR 2028	11/30/2028	-	94.00	0.00	7.30%	94	02/04/2026
4.75% KAF 2026-2029	8/23/2029	-	0.00	95.00	6.43%	95	02/04/2026
4.8% MMHF 2026	10/14/2026	-	0.00	98.99	22.16%	91.51	02/04/2026
4.85% JDC 2032 S1 T1	11/25/2032	-	97.01	98.00	5.39%	97.01	02/04/2026
4.9% CLS 2032	02/09/2032	-	99.50	0.00	4.90%	100	02/04/2026
5% BLF 2026-2029	02/07/2029	7,000	0.00	100.00	4.99%	100	02/04/2026
5% BOV 2029-2034 S1 T1	11/28/2034	-	99.00	100.00	5.00%	100	02/04/2026
5% BSB 2029	6/28/2029	-	0.00	101.00	4.65%	101	02/04/2026
5% CFE 2028-2033	01/06/2033	10,000	98.00	100.00	5.17%	99	02/04/2026
5% CVS 2026-2029	03/08/2029	2,200	0.00	100.50	4.92%	100.2	02/04/2026
5% DZF 2026	10/07/2026	-	94.50	98.99	17.33%	94	02/04/2026
5% FES 2029	3/18/2029	-	0.00	98.40	5.37%	99	02/04/2026
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029	7/17/2029	-	100.00	101.00	4.51%	101.45	02/04/2026
5% HLF 2033	02/06/2033	13,500	98.01	101.75	5.35%	98.01	02/04/2026
5% HRZ 2026-2029	3/15/2029	5,000	0.00	0.00	5.00%	100	02/04/2026
5% IZB 2027 - 2032	9/15/2032	-	93.01	95.00	5.95%	95	02/04/2026
5% LLF 2028	7/29/2028	-	0.00	95.90	6.91%	96	02/04/2026
5% MDS 2029	12/20/2029	-	99.50	0.00	5.14%	99.5	02/04/2026
5% MED 2022-2027 EUR	10/13/2027	-	97.00	0.00	6.93%	97.25	02/04/2026
5% MRN 2032	12/16/2032	-	0.00	101.00	4.82%	101	02/04/2026
5% VDH 2032	12/16/2032	10,000	97.51	98.49	5.28%	98.4	02/04/2026
5.00% BOV 2030-2035 S1 T1	12/05/2035	-	100.25	100.50	4.96%	100.25	02/04/2026
5.00% BOV 2030-2035 S2 T1	07/07/2035	76,500	100.49	100.50	4.93%	100.5	02/04/2026
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	-	100.00	100.50	4.85%	100.99	02/04/2026
5.2% HHF 2035	10/28/2035	-	100.10	100.99	5.06%	101	02/04/2026
5.2% SDF 2031 S1/T1	2/15/2031	-	101.15	0.00	4.93%	101.15	02/04/2026
5.2% TUM 2031-2034	11/22/2034	5,000	99.00	100.00	5.20%	100	02/04/2026
5.2% VBL 2030-2034	10/25/2034	10,000	98.01	99.99	5.30%	99.3	02/04/2026
5.25% ACM 2028 -2030	8/20/2030	-	98.00	99.99	5.24%	99.99	02/04/2026
5.25% BBP 2033 S1 T1	04/03/2033	9,000	100.00	100.40	5.25%	100.01	02/04/2026
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	02/04/2026
5.25% MIH 2027	07/06/2027	-	99.00	100.00	5.23%	100	02/04/2026
5.25% QWR 2033	2/27/2033	-	0.00	0.00	5.07%	101	02/04/2026
5.3% GTR 2030	07/04/2030	-	100.01	101.61	4.87%	101.6	02/04/2026
5.3% MCY 2034	09/10/2034	-	99.00	100.00	5.29%	100	02/04/2026
5.30% IHI 2035	04/01/2035	-	101.39	102.50	4.95%	102.5	02/04/2026
5.35% BDPH 2032	2/21/2032	-	0.00	101.75	5.35%	100	02/04/2026
5.35% CPHCL 2035	12/18/2035	6,500	99.50	99.70	5.39%	99.7	02/04/2026
5.35% DSM 2028	10/28/2028	-	60.00	90.00	9.92%	89.99	02/04/2026
5.35% HMV 2031-2034	7/26/2034	-	0.00	101.50	5.12%	101.5	02/04/2026
5.35% JMB 2035	11/07/2035	8,000	98.06	101.00	5.35%	100	02/04/2026
5.35% MAR 2029-2031	6/27/2031	20,500	98.75	100.89	5.34%	100	02/04/2026
5.4% AGB 2035 S1 T1	10/10/2035	-	98.01	100.00	5.40%	100	02/04/2026
5.4% ECL 2031	12/30/2031	5,000	98.00	99.99	5.60%	99	02/04/2026
5.5% 9HC 2027	6/19/2027	-	0.00	101.00	5.48%	100	02/04/2026
5.5% AES 2036 S1 T2	10/08/2036	-	99.01	100.99	5.50%	100	02/04/2026
5.5% FTD 2036	2/27/2036	-	0.00	100.94	5.50%	100	02/04/2026
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.34%	99	17/02/2026
5.5% JUE 2035	6/27/2035	1,200	98.01	100.20	5.47%	100.2	02/04/2026
5.5% QLZ 2030 -2035 S1 T2	7/22/2035	-	98.09	99.99	5.50%	99.99	02/04/2026
5.5% QLZ 2030 -2035 S1T1	7/22/2035	8,300	98.01	99.25	5.64%	99	02/04/2026
5.5% TST 2029	01/09/2029	-	0.00	98.00	5.89%	99	02/04/2026
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	-	101.75	0.00	5.27%	101.75	02/04/2026
5.6% JDC 2035	5/23/2035	-	99.50	99.90	5.67%	99.5	02/04/2026
5.7% MRK 2033	08/12/2033	-	100.00	100.75	5.61%	100.49	02/04/2026
5.70% CBC 2030-2035 S1 T1	12/04/2035	7,000	0.00	99.00	5.83%	99	02/04/2026
5.75% AQC 2027	12/21/2027	-	98.00	100.49	5.42%	100.49	02/04/2026
5.75% BDPH 2027-2029	04/12/2029	5,500	0.00	102.90	4.84%	102.5	02/04/2026
5.75% IGI 2031-2036	02/12/2036	10,000	0.00	98.50	6.13%	97.2	02/04/2026
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	14,300	101.51	103.50	5.34%	102.5	02/04/2026
5.75% PLG 2028	11/23/2028	-	100.01	101.50	4.95%	101.9	02/04/2026
5.8% AES 2036 S1 T1	03/01/2036	-	100.00	101.79	5.56%	101.79	02/04/2026
5.8% APS 2028-2033 S1 T1	12/01/2033	-	103.00	104.49	5.04%	104.7	02/04/2026
5.8% GPH 2032	4/22/2032	-	0.00	99.99	5.80%	99.99	02/04/2026
5.85% AXG 2033	11/07/2033	3,800	102.00	103.50	5.51%	102	02/04/2026
5.85% BGA 2034	5/14/2034	-	101.00	102.50	5.31%	103.49	02/04/2026
5.85% MIH 2028	7/31/2028	-	100.10	100.90	5.83%	100	02/04/2026
5.9% TGS 2024-2026	7/22/2026	-	0.00	101.00	5.88%	100	06/12/2025
6% IHI 2033	11/14/2033	5,100	102.00	102.50	5.66%	102	02/04/2026
6% JDC 2033 S2 T1	7/19/2033	-	100.00	101.00	5.82%	101	02/04/2026
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	101.70	5.99%	100	02/04/2026
6% MUL 2032 S1 T1	4/27/2032	-	0.00	0.00	6.00%	100	02/04/2026
6% PHC 2033	02/03/2033	-	100.50	102.00	6.18%	99	02/04/2026
6.25% AST 2033	6/16/2033	-	102.50	102.86	6.03%	101.25	02/04/2026
6.25% CMF 2034	2/23/2034	-	101.50	101.99	5.92%	102	02/04/2026
6.25% GPH 2030	03/10/2030	-	100.00	102.00	6.25%	100	02/04/2026
6.25% TGS 2030 -2032	2/14/2032	5,000	100.00	100.50	6.25%	100	02/04/2026
7.25% HRT 2025-2027	11/28/2027	10,000	0.00	100.00	7.21%	100	02/04/2026

* 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	5.08%		96.5	02/04/2026
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.98%		100	02/04/2026

* 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	-	100.00	104.00	6.16%		102.5	02/04/2026

* 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	6.14%
0.25% MGS 2026 (III)	11/18/2026	-	98.08	0.00	3.38%
0.40% MGS 2026 (II)	10/20/2026	-	98.16	0.00	3.83%
0.40% MGS 2027 (IV)	11/19/2027	-	96.39	0.00	2.68%
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	2.71%
0.90% MGS 2027 (V)	08/12/2027	-	97.71	0.00	2.62%
0.90% MGS 2031 (V)	07/11/2031	-	89.97	0.00	2.97%
1.0% MGS 2031 (II)	4/23/2031	-	91.75	0.00	2.76%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.65%
1.20% MGS 2037 (I)	5/13/2037	-	78.01	0.00	3.62%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.94%
1.5% MGS 2027 (I)	6/15/2027	-	98.77	0.00	2.55%
1.50% MGS 2045 (I)	10/22/2045	-	63.00	0.00	4.32%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.17%
1.70% MGS 2028 (IV)	08/04/2028	-	97.56	0.00	2.78%
1.80% MGS 2051 (I)	8/28/2051	-	59.18	0.00	4.52%
1.85% MGS 2029 (III)	5/30/2029	-	97.30	0.00	2.75%
2.00% MGS 2051 (II)	07/10/2051	-	69.00	0.00	3.95%
2.1% MGS 2039 (I)	8/24/2039	-	82.00	81.00	3.83%
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	3.92%
2.3% MGS 2029 (II)	7/24/2029	-	97.68	0.00	3.04%
2.4% MGS 2041 (I)	7/25/2041	-	79.04	0.00	4.28%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.92%
2.5% MGS 2036 (I)	11/17/2036	-	89.00	89.00	3.77%
2.55% MGS 2030 (V)	02/06/2030	50,000	99.00	99.00	2.83%
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	-	99.50	99.50	2.84%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.28%
2.80% MGS 2030 (III)	2/27/2030	-	99.96	0.00	2.81%
2.9% MGS 2032 (VI)	10/24/2032	12,000	97.30	0.00	3.36%
3% MGS 2040 (I)	06/11/2040	600	92.50	89.04	3.68%
3.00% MGS 2030 (IV)	11/05/2030	-	99.59	0.00	3.10%
3.15% MGS 2027 (VII)	5/20/2027	-	100.63	0.00	2.58%
3.25% MGS 2034 (IV)	09/05/2034	22,500	97.37	96.00	3.61%
3.35% MGS 2029 (V)	11/27/2029	-	100.95	101.21	3.07%
3.4% MGS 2027 (VI)	9/24/2027	-	101.04	101.17	2.67%
3.40% MGS 2035 (IV)	7/16/2035	-	99.99	98.01	3.40%
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	-	89.33	0.00	4.31%
3.50% MGS 2028 (VI)	07/07/2028	-	101.16	0.00	2.96%
3.50% MGS 2034 (III)	7/31/2034	-	99.98	0.00	3.50%
3.50% MGS 2035 (III)	12/18/2035	25,300	99.00	99.00	3.62%
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	20,000	100.43	0.00	1.90%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.31%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.03%
3.80% MGS 2040 (II)	10/16/2040	9,000	99.90	99.50	3.81%
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	98.00	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	0.37%
3.95% MGS 2028 (VII)	08/08/2028	-	104.12	0.00	2.14%
4% MGS 2032 (VII)	3/30/2032	15,000	103.47	103.85	3.36%
4.00% MGS 2033 (IV)	12/05/2033	-	101.92	0.00	3.71%
4.00% MGS 2038 (I)	8/25/2038	5,200	100.50	100.70	3.95%
4.00% MGS 2043 (I)	11/26/2043	5,000	101.00	101.00	3.92%
4.1% MGS 2034 (I)	10/18/2034	-	104.70	103.42	3.46%
4.3% MGS 2033 (I)	08/01/2033	-	105.28	105.34	3.48%
4.30% MGS 2038 (II)	11/15/2038	-	104.90	0.00	3.81%
4.45% MGS 2032 (II)	09/03/2032	-	106.52	106.33	3.31%
4.5% MGS 2028 (II)	10/25/2028	-	103.48	0.00	3.08%
4.65% MGS 2032 (I)	7/22/2032	-	107.39	0.00	3.34%
4.8% MGS 2028 (I)	09/11/2028	-	104.37	104.53	2.93%
5.1% MGS 2029 (I)	10/01/2029	-	106.99	106.98	2.98%
5.2% MGS 2031 (I)	9/16/2031	-	109.81	109.84	3.22%
5.25% MGS 2030 (I)	6/23/2030	-	109.27	0.00	2.90%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-57.15%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-46.67%
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.