Curmi & Partners

Bond Market Overview

Thursday, 19 October 2017

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
4.8% Bank of Valletta plc Notes 2018 II 27/08/2018 5,100 100.50 101.60 2.86% 2.86% 101.6 19/10/2017 Unsecured and Subordinated
5.9% HSBC Subordinated Bonds 2018 07/10/2018 No Trades 100.26 103.50 5.90% 5.90% 100 18/10/2017 Unsecured and Subordinated
6% Corinthia Finance plc 2019/22 29/03/2019 No Trades 103.50 - 5.09% 3.44% 103.5 19/07/2017 Unsecured and Guaranteed
4.25% Bank of Valletta plc € Notes 2019 Series 2 Tranche 1 17/05/2019 No Trades 100.50 104.00 2.13% 2.13% 103.25 16/10/2017 Unsecured
5.35% Bank Of Valletta plc Sub Bonds 2019 15/06/2019 No Trades 102.80 - 3.57% 3.57% 102.81 11/10/2017 Unsecured and Subordinated
6% Mediterranean Bank plc EUR Subordinated Bonds 2019-2024 28/11/2019 No Trades 103.00 - 5.47% 4.46% 103.01 13/10/2017 Unsecured and Subordinated
4.9% Gasan Finance Company plc Bonds 2019/2021 30/11/2019 No Trades 102.26 104.71 4.29% 3.76% 102.26 12/10/2017 Unsecured
7.5% Mediterranean Bank plc EUR Sub Bonds 2019 14/12/2019 No Trades 100.00 109.00 4.48% 4.48% 106.02 11/10/2017 Unsecured and Subordinated
4.8% Bank of Valletta plc Sub Bonds 2020 15/03/2020 No Trades 102.50 105.00 3.75% 3.75% 102.35 17/10/2017 Unsecured and Subordinated
5.5% Pendergardens Developments plc Secured € 2020 Series I 31/05/2020 No Trades 104.11 106.50 3.80% 3.80% 104.11 05/10/2017 Secured
5.5% Mediterranean Investments Holdings plc Unsecured € 2020 31/07/2020 No Trades 103.50 107.00 4.05% 4.05% 103.72 09/10/2017 Unsecured and Subordinated
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2020 No Trades 100.00 106.75 4.78% 3.73% 106.25 10/10/2017 Secured and Guaranteed
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 No Trades 99.25 102.00 5.22% 5.22% 99.25 17/10/2017 Unsecured
6% Mediterranean Investments Holdings plc Euro 2021 22/06/2021 No Trades 102.31 105.75 5.28% 5.28% 102.3 29/09/2017 Unsecured
5.8% IHI plc 2021 21/12/2021 No Trades 105.00 106.00 4.71% 4.71% 104 29/09/2017 Unsecured
5.75% Central Business Centres plc Unsecured € 2021 S1T1 30/12/2021 No Trades 102.00 104.99 4.81% 4.81% 103.51 26/09/2017 Unsecured
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 No Trades 103.60 106.00 4.16% 4.16% 103.5 13/10/2017 Unsecured
6% Pendergardens Developments plc Secured € 2022 Series II 31/07/2022 No Trades 107.50 109.00 4.57% 4.57% 106 16/10/2017 Secured
4.25% GAP Group plc Secured € Bonds 2023 03/10/2023 No Trades 102.50 103.00 3.68% 3.68% 103 17/10/2017 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades 104.00 106.00 4.34% 4.34% 105.01 17/10/2017 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 106.00 106.99 4.97% 4.97% 104.25 25/07/2017 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 No Trades 110.00 113.00 4.00% 4.00% 111 18/10/2017 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 No Trades 98.51 99.00 4.58% 4.58% 99 13/10/2017 Unsecured
6% Island Hotels Group Holdings plc € 2024 15/05/2024 No Trades 108.00 108.99 4.70% 4.70% 107.15 18/10/2017 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 No Trades 106.50 106.65 4.14% 4.14% 106.65 16/10/2017 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 106.80 107.60 3.82% 3.82% 107 11/10/2017 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 No Trades 104.00 106.00 4.37% 4.37% 103.75 11/10/2017 Secured
5.1% PTL Holdings plc Unsecured Bonds 2024 04/12/2024 No Trades 103.50 103.75 4.51% 4.51% 103.5 18/10/2017 Unsecured
5.75% International Hotel Investments plc 2025 13/05/2025 28,200 109.00 110.50 4.32% 4.32% 109 19/10/2017 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades 106.00 107.00 3.59% 3.59% 106 05/10/2017 Unsecured
5.1% 6PM Holdings plc Unsecured €2025 31/07/2025 Suspended as from 02/05/2017 - - 3.53% 3.53% 106.5 26/09/2017 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 No Trades 103.01 104.49 4.06% 4.06% 103 18/10/2017 Unsecured
5.25% Central Business Centres plc Unsecured € 2025 S2T1 30/12/2025 No Trades 101.50 - 4.51% 4.51% 105 22/09/2017 Unsecured
4.5% Medserv plc Unsecured EUR Bonds 2026 05/02/2026 No Trades 102.81 103.50 4.10% 4.10% 102.81 11/10/2017 Unsecured
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 No Trades 102.03 105.00 3.96% 3.96% 102 06/10/2017 Unsecured and Guaranteed
4% MIDI plc Secured Bonds 2026 27/07/2026 No Trades 103.00 103.95 3.60% 3.60% 102.96 11/10/2017 Secured
4% International Hotel Investments plc Secured € 2026 29/07/2026 15,000 102.95 103.19 3.60% 3.60% 102.95 19/10/2017 Secured
3.9% Plaza Centres plc Unsecured Bonds € 2026 22/09/2026 No Trades - - 3.75% 3.75% 101.15 25/09/2017 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 4,000 106.50 109.00 4.12% 4.12% 106.5 25/09/2017 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured € Bonds 2026 14/10/2026 No Trades 103.00 105.99 4.39% 4.39% 103.01 16/10/2017 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 2,000 102.50 102.95 3.37% 3.37% 102.94 19/10/2017 Unsecured
4% International Hotel Investments plc Unsecured Bonds € 2026 20/12/2026 26,000 102.50 102.60 3.67% 3.67% 102.5 19/10/2017 Unsecured
4.35% SD Finance plc Unsecured € Bonds 2027 25/04/2027 30,000 102.81 103.49 3.90% 3.90% 103.49 19/10/2017 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 9,500.00 103.25 103.49 3.59% 3.59% 103.25 19/10/2017 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured € 2027 S1/17 T1 07/07/2027 No Trades 101.01 102.80 4.07% 4.07% 102.59 12/10/2017 Unsecured
3.75% Tumas Investments plc Unsecured € Bonds 2027 10/07/2027 4,000 103.60 - 3.20% 3.20% 104.5 19/10/2017 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 No Trades 104.49 104.99 3.95% 3.95% 104.48 16/10/2017 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 No Trades 104.00 105.50 3.15% 3.15% 105 16/10/2017 Unsecured
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 No Trades 97.50 99.98 3.50% 3.50% 99.99 17/10/2017 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades 95.90 97.98 3.95% 3.95% 95.55 18/10/2017 Unsecured and Subordinated

* 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
6% Mediterranean Bank plc GBP Subordinated Bonds 2019-24 28/11/2019 No Trades 104.05 - 5.30% 3.94% 104.06 13/09/2017 Unsecured and Subordinated
7.5% Mediterranean Bank plc GBP Sub Bonds 2019 14/12/2019 No Trades - - 5.95% 5.95% 103.01 13/09/2017 Unsecured and Subordinated

* 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% Medserv plc Unsecured USD Bonds 2026 05/02/2026 No Trades 103.00 - 5.22% 5.22% 103.51 22/09/2017 Unsecured

* 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
(%) *
4.25% MGS 2017 (III) 06/11/2017 No Trades - 100.17 -0.14%
7% MGS 2017 (II) 31/12/2017 No Trades 0.00 109.84 -0.13%
3.85% MGS 2018 (V) 18/04/2018 No Trades - 101.95 -0.16%
7.8% MGS 2018 (I) 15/07/2018 No Trades - 105.78 -0.15%
7% MGS 2018 (II) 31/12/2018 No Trades - 116.95 -0.11%
7% MGS 2018 (III) 31/12/2018 No Trades - 116.95 -0.11%
3.2% MGS 2019 (V) 31/07/2019 No Trades - 105.82 -0.09%
6.6% MGS 2019 (I) 01/09/2019 No Trades - 112.40 -0.07%
3% MGS 2019 (III) 22/09/2019 No Trades - 105.90 -0.08%
7% MGS 2019 (II) 31/12/2019 No Trades - 123.97 -0.07%
4.6% MGS 2020 (II) 25/04/2020 10,000 111.63 111.63 -0.04%
5.2% MGS 2020 (I) 10/06/2020 No Trades 113.77 113.77 -0.03%
3.35% MGS 2020 (IV) 31/07/2020 No Trades - 109.35 -0.02%
2% MGS 2020 (V) 26/09/2020 No Trades - 105.89 -0.01%
7% MGS 2020 (III) 31/12/2020 No Trades - 130.81 0.00%
5% MGS 2021 (I) 08/08/2021 No Trades - 118.77 0.05%
7% MGS 2021 (II) 31/12/2021 No Trades - 137.42 0.07%
7% MGS 2021 (III) 31/12/2021 No Trades - 137.42 0.07%
4.3% MGS 2022 (II) 15/05/2022 No Trades - 119.12 0.10%
1.5% MGS 2022 (IV) 11/07/2022 No Trades - 106.54 0.11%
5.1% MGS 2022 (I) 16/08/2022 No Trades - 123.92 0.12%
7% MGS 2022 (III) 31/12/2022 No Trades - 143.46 0.20%
5.5% MGS 2023 (I) 06/07/2023 No Trades - 129.28 0.31%
1.4% MGS 2023 (III) 11/11/2023 No Trades - 106.04 0.39%
1.4% MGS 2023 (III) FI 11/11/2023 No Trades - 105.83 0.45%
7% MGS 2023 (II) 31/12/2023 No Trades - 148.46 0.41%
3.3% MGS 2024 (I) 12/11/2024 47,000 118.63 118.63 0.60%
7% MGS 2024 (II) 31/12/2024 No Trades - 152.83 0.63%
7% MGS 2025 (I) 31/12/2025 No Trades - 156.38 0.86%
7% MGS 2026 (I) 31/12/2026 No Trades - 159.08 1.10%
1.5% MGS 2027 (I) 15/06/2027 No Trades - 102.61 1.21%
7% MGS 2027 (II) 31/12/2027 No Trades - 161.37 1.41%
4.8% MGS 2028 (I) 11/09/2028 No Trades - 134.61 1.37%
4.5% MGS 2028 (II) 25/10/2028 200,000 131.50 131.50 1.40%
2.3% MGS 2029 (II) 24/07/2029 No Trades - 109.00 1.46%
5.1% MGS 2029 (I) 01/10/2029 No Trades - 139.43 1.48%
5.25% MGS 2030 (I) 23/06/2030 48,800 142.14 142.14 1.57%
5.2% MGS 2031 (I) 16/09/2031 No Trades - 143.13 1.70%
4.65% MGS 2032 (I) 22/07/2032 No Trades - 137.20 1.77%
4.45% MGS 2032 (II) 03/09/2032 1,000 134.38 134.38 1.80%
4.3% MGS 2033 (I) 01/08/2033 No Trades - 133.80 1.82%
4.1% MGS 2034 (I) 18/10/2034 No Trades - 132.16 1.88%
2.2% MGS 2035 (I) 24/11/2035 No Trades - 104.12 1.93%
2.5% MGS 2036 (I) 17/11/2036 No Trades - 107.51 2.02%
2.1% MGS 2039 (I) 24/08/2039 No Trades - 100.90 2.05%
3% MGS 2040 (I) 11/06/2040 19,600 116.49 116.49 2.08%
2.4% MGS 2041 (I) 25/07/2041 No Trades - 105.26 2.12%

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