Bond Market Overview

Monday, 06 October 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	11/19/2030	-	94.00	96.00	4.13%	96	06/10/2025
3.25% AXG 2026 SI	12/20/2026	15,800	96.50	99.10	4.07%	99.05	06/10/2025
3.5% AXR 2032	02/06/2032	-	93.50	94.00	4.57%	94.23	06/10/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	94.00	97.00	4.80%	94.5	06/10/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	0.00	95.00	4.68%	95	06/10/2025
3.5% GO 2031	6/25/2031	48,000	94.00	96.79	4.14%	96.8	06/10/2025
3.5% SFC 2027	9/13/2027	41,500	99.00	100.00	4.05%	99	06/10/2025
3.65% IHI 2031	12/07/2031	12,000	91.00	92.00	5.20%	92	06/10/2025
3.65% MOF 2028-2031	10/15/2031	-	95.50	96.50	4.62%	95	06/10/2025
3.65% STV 2029	7/29/2029	12,000	94.00	97.97	4.24%	97.97	06/10/2025
3.75% AXG 2029 S2	12/20/2029	-	0.00	99.00	3.75%	99.99	06/10/2025
3.75% BOV 2026-2031	6/15/2031	-	0.00	97.10	4.33%	97.1	06/10/2025
3.75% BRX 2027	12/01/2027	-	97.00	99.95	3.75%	100	06/10/2025
3.75% MCY 2027	3/27/2027	-	95.01	97.85	5.55%	97.5	06/10/2025
3.75% PRC 2026	11/23/2026	-	97.50	98.50	4.67%	99	06/10/2025
3.75% TMF 2029	6/27/2029	-	0.00	98.00	4.64%	97	06/10/2025
3.75% TUM 2027	07/10/2027	-	98.00	100.00	3.74%	100	06/10/2025
3.75% VRT 2027	11/30/2027	-	97.51	99.50	4.24%	99	06/10/2025
3.8% HLF 2029	8/27/2029	15,000	96.25	97.89	4.52%	97.49	06/10/2025
3.85% HLF 2028	7/24/2028	-	96.50	97.49	4.82%	97.5	06/10/2025
3.9% BRW 2027-2031	07/09/2031	11,300	0.00	97.99	4.58%	96.6	06/10/2025
3.9% PZC 2026	9/22/2026	25,000	0.00	100.00	3.89%	100	06/10/2025
4% CBC 2027-2033	11/10/2033	-	0.00	94.50	4.68%	95.5	06/10/2025
4% CCS 2030	8/19/2030	-	95.22	97.97	4.47%	97.98	06/10/2025
4% EFC 2027	4/28/2027	-	98.20	99.90	3.99%	100	06/10/2025
4% EXF 2028	8/20/2028	-	100.00	101.00	4.00%	100	06/10/2025
4% HLF 2027	03/11/2027	10,000	96.16	98.79	4.89%	98.78	06/10/2025
4% IHI 2026	7/29/2026	6,000	100.00	100.50	3.34%	100.5	06/10/2025
4% IHI 2026 B	12/20/2026	-	98.00	99.70	5.76%	98	06/10/2025
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	06/10/2025
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.00	4.55%	97.99	06/10/2025
4% MIDI 2026	7/27/2026	-	90.00	95.50	18.17%	90	06/10/2025
4% MPC 2032 S1/22 T1	6/30/2032	-	0.00	99.90	4.00%	100	06/10/2025
4% SHM 2026	08/01/2026	-	0.00	97.00	9.22%	96	06/10/2025
4% SPF 2029	05/03/2029	-	98.25	99.79	4.61%	98.01	06/10/2025
4% STV 2027	10/18/2027	-	98.01	100.50	4.00%	100	06/10/2025
4.25% CCM 2024-2026	05/08/2026	-	97.50	0.00	8.62%	97.5	06/10/2025
4.25% CLP 2033	8/25/2033	-	100.00	100.50	4.25%	100	06/10/2025
4.25% CPHCL 2026	04/12/2026	18,000	99.95	100.90	4.26%	99.95	06/10/2025
4.25% IZI 2029	4/14/2029	-	96.50	99.00	4.56%	99	06/10/2025
4.25% MCY 2031	3/27/2031	-	97.12	99.87	4.85%	97.15	06/10/2025
4.3% MCY 2032	4/25/2032	-	93.00	97.01	4.84%	97.01	06/10/2025
4.35% HDS 2026	04/06/2026	13,500	0.00	0.00	4.26%	100	06/10/2025
4.35% SDF 2027	4/25/2027	-	96.51	100.00	4.33%	100	06/10/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	0.00	99.70	4.39%	100	06/10/2025
4.5% BNF 2027 - 2032	7/29/2032	-	0.00	97.50	4.94%	97.5	06/10/2025
4.5% END 2029	3/22/2029	-	0.00	99.90	4.52%	99.9	06/10/2025
4.5% G3 2032	04/06/2032	-	100.00	0.00	4.50%	100	06/10/2025
4.5% GHM 2027	8/23/2027	15,400	98.01	99.90	4.49%	100	06/10/2025
4.5% HIL 2025	10/16/2025	-	98.00	99.75	51.96%	98	29/09/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.31%	100	12/06/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	100.00	4.37%	100	06/10/2025
4.5% ONA 2028 - 2034	6/21/2034	-	0.00	99.98	4.39%	100.75	06/10/2025
4.5% SHM 2032	08/01/2032	-	0.00	93.00	5.39%	95	06/10/2025
4.55% STA 2032	02/07/2032	19,300	0.00	100.00	4.55%	100	06/10/2025
4.65% SMF 2031	4/22/2031	-	99.50	100.39	4.64%	100	06/10/2025
4.65% SMF 2032	8/23/2032	-	97.00	100.99	4.65%	100	06/10/2025
4.75% BDPH 2025-2027	11/30/2027	-	100.00	0.00	4.74%	100	06/10/2025
4.75% DNF 2033	11/19/2033	10,000	98.00	99.89	5.04%	98.11	06/10/2025
4.75% GAP 2025-2027	12/22/2027	-	100.00	100.50	4.74%	100	06/10/2025
4.75% GLR 2028	11/30/2028	5,400	0.00	99.50	4.92%	99.5	06/10/2025
4.75% KAF 2026-2029	8/23/2029	4,000	0.00	95.30	6.32%	94.75	06/10/2025
4.8% MMHF 2026	10/14/2026	-	0.00	0.00	14.37%	91.5	06/10/2025
4.85% JDC 2032 S1 T1	11/25/2032	-	98.20	99.99	5.19%	98.01	06/10/2025
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.90%	100	06/10/2025
5% BLF 2026-2029	02/07/2029	-	0.00	101.00	4.99%	100	06/10/2025
5% BOV 2029-2034 S1 T1	11/28/2034	-	0.00	99.99	5.00%	100	06/10/2025
5% BSB 2029	6/28/2029	-	99.00	102.00	5.30%	99	06/10/2025
5% CFE 2028-2033	01/06/2033	-	99.00	100.00	5.16%	99	06/10/2025
5% CVS 2026-2029	03/08/2029	13,300	0.00	100.50	4.99%	100	06/10/2025
5% DZF 2026	10/07/2026	10,000	94.00	94.90	10.66%	94.9	06/10/2025
5% FES 2029	3/18/2029	-	0.00	0.00	4.99%	100	06/10/2025
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	06/10/2025
5% HLF 2029	7/17/2029	-	100.15	101.00	4.96%	100.1	06/10/2025
5% HRZ 2026-2029	3/15/2029	3,400	0.00	0.00	5.65%	98	06/10/2025
5% IZB 2027 - 2032	9/15/2032	-	0.00	100.00	5.00%	100	06/10/2025
5% LLF 2028	7/29/2028	16,900	0.00	98.80	5.46%	98.8	06/10/2025
5% MDS 2029	12/20/2029	-	100.05	102.00	4.99%	100	06/10/2025
5% MED 2022-2027 EUR	10/13/2027	-	0.00	99.00	5.54%	99	06/10/2025
5% MRN 2032	12/16/2032	-	100.06	101.50	4.99%	100.07	06/10/2025
5% VDH 2032	12/16/2032	2,000	0.00	98.79	5.20%	98.79	06/10/2025
5.00% BOV 2030-2035 S2 T1	07/07/2035	-	100.50	101.00	4.93%	100.5	06/10/2025
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	22.49%	99	07/09/2025
5.2% TUM 2031-2034	11/22/2034	-	99.00	100.50	4.99%	101.5	06/10/2025
5.2% VBL 2030-2034	10/25/2034	-	0.00	100.49	5.34%	99.01	06/10/2025
5.25% ACM 2028 -2030	8/20/2030	15,000	100.00	100.70	5.13%	100.5	06/10/2025
5.25% BBP 2033 S1 T1	04/03/2033	-	100.00	102.38	5.08%	101	06/10/2025
5.25% CBC 2025 S2 T1	12/30/2025	-	98.00	99.50	9.36%	99	06/10/2025
5.25% KLF 2027	7/31/2027	-	100.00	103.00	5.24%	100	06/10/2025
5.25% MIH 2027	07/06/2027	-	100.00	101.85	5.23%	100	06/10/2025
5.25% QWR 2033	2/27/2033	6,000	101.50	0.00	4.92%	102	06/10/2025
5.3% GTR 2030	07/04/2030	-	101.25	102.46	4.99%	101.25	06/10/2025
5.3% MCY 2034	09/10/2034	12,000	101.00	101.99	5.02%	101.99	06/10/2025
5.30% IHI 2035	04/01/2035	-	100.00	102.45	4.96%	102.49	06/10/2025
5.35% BDPH 2032	2/21/2032	-	101.00	103.00	5.16%	101	06/10/2025
5.35% DSM 2028	10/28/2028	-	80.51	85.00	11.43%	85	06/10/2025
5.35% HMV 2031-2034	7/26/2034	68,500	101.50	105.75	5.13%	101.5	06/10/2025
5.35% MAR 2029-2031	6/27/2031	35,000	100.50	101.25	5.13%	101.06	06/10/2025
5.4% ECL 2031	12/30/2031	4,900	100.00	100.25	5.35%	100.23	06/10/2025
5.5% 9HC 2027	6/19/2027	-	0.00	101.70	5.48%	100	06/10/2025
5.5% AES 2036 S1 T2	10/08/2036	-	100.03	102.45	5.50%	100.01	06/10/2025
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.15%	99	06/10/2025
5.5% JUE 2035	6/27/2035	-	0.00	101.99	5.23%	101.99	06/10/2025
5.5% QLZ 2030 -2035	7/22/2035	15,000	99.25	101.45	5.36%	101	06/10/2025
5.5% TST 2029	01/09/2029	-	0.00	99.50	5.84%	99	06/10/2025
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.6% JDC 2035	5/23/2035	-	100.30	102.00	5.32%	102	06/10/2025
5.7% MRK 2033	08/12/2033	-	102.00	103.40	5.38%	102	06/10/2025
5.75% BDPH 2027-2029	04/12/2029	-	102.00	104.34	5.10%	102	06/10/2025
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	-	100.40	103.75	5.44%	102	06/10/2025
5.75% PLG 2028	11/23/2028	-	102.00	102.49	5.04%	102	06/10/2025
5.8% AES 2036 S1 T1	03/01/2036	-	101.50	102.00	5.66%	101.01	06/10/2025
5.8% APS 2028-2033 S1 T1	12/01/2033	10,000	105.00	106.50	5.03%	105	06/10/2025
5.8% GPH 2032	4/22/2032	-	100.12	102.68	5.29%	102.74	06/10/2025
5.85% AXG 2033	11/07/2033	-	103.50	0.00	5.30%	103.5	06/10/2025
5.85% BGA 2034	5/14/2034	-	101.50	105.00	5.62%	101.5	06/10/2025
5.85% MIH 2028	7/31/2028	-	101.00	104.00	5.45%	101	06/10/2025
5.9% TGS 2024-2026	7/22/2026	-	0.00	100.00	5.89%	100	07/09/2025
6% IHI 2033	11/14/2033	-	101.60	103.50	5.76%	101.5	06/10/2025
6% JDC 2033 S2 T1	7/19/2033	-	0.00	103.00	5.67%	102	06/10/2025
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	100.99	5.72%	102	06/10/2025
6% MUL 2032 S1 T1	4/27/2032	-	0.00	0.00	5.80%	101	06/10/2025
6% PHC 2033	02/03/2033	-	101.00	102.95	5.82%	101	06/10/2025
6.25% AST 2033	6/16/2033	10,000	0.00	104.95	6.08%	101	06/10/2025
6.25% CMF 2034	2/23/2034	-	101.16	104.50	5.52%	104.75	06/10/2025
6.25% GPH 2030	03/10/2030	-	100.66	102.74	6.09%	100.55	06/10/2025
6.25% TGS 2030 -2032	2/14/2032	5,000	99.00	102.99	6.05%	101	06/10/2025
7.25% HRT 2025-2027	11/28/2027	-	0.00	100.00	6.72%	101	06/10/2025

* 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	11/05/2029	-	0.00	96.50	4.97%		96.5	06/10/2025
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	5.00%		100	06/10/2025

* 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	02/05/2026	-	0.00	99.00	5.83%		99.9	06/10/2025

* 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)	7/20/2026	-	98.23	0.00	2.40%
0.25% MGS 2026 (III)	11/18/2026	-	97.81	0.00	2.26%
0.40% MGS 2026 (II)	10/20/2026	-	96.79	97.00	3.59%
0.40% MGS 2027 (IV)	11/19/2027	200,000	96.09	0.00	2.31%
0.5% MGS 2025 (II)	11/08/2025	-	98.61	98.61	17.20%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-51.83%
0.80% MGS 2027 (III)	4/29/2027	-	90.10	0.00	7.66%
0.90% MGS 2027 (V)	08/12/2027	-	97.43	0.00	2.33%
0.90% MGS 2031 (V)	07/11/2031	-	89.71	0.00	2.85%
1.0% MGS 2031 (II)	4/23/2031	-	90.42	0.00	2.88%
1.00% MGS 2035 (II)	8/23/2035	-	79.21	79.21	3.51%
1.20% MGS 2037 (I)	5/13/2037	-	77.83	0.00	3.55%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.89%
1.5% MGS 2027 (I)	6/15/2027	-	98.58	0.00	2.36%
1.50% MGS 2045 (I)	10/22/2045	-	65.00	0.00	4.07%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.06%
1.70% MGS 2028 (IV)	08/04/2028	-	90.83	0.00	5.24%
1.80% MGS 2051 (I)	8/28/2051	-	62.35	0.00	4.20%
1.85% MGS 2029 (III)	5/30/2029	-	97.70	0.00	2.51%
2.00% MGS 2051 (II)	07/10/2051	-	69.38	0.00	3.89%
2.1% MGS 2039 (I)	8/24/2039	1,000	81.61	0.00	3.82%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.03%
2.2% MGS 2035 (I)	11/24/2035	-	89.55	0.00	3.43%
2.3% MGS 2029 (II)	7/24/2029	-	99.02	0.00	2.57%
2.4% MGS 2041 (I)	7/25/2041	-	81.80	82.00	3.96%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.90%
2.5% MGS 2036 (I)	11/17/2036	-	90.06	88.00	3.59%
2.60% MGS 2028 (V)	5/22/2028	-	100.56	100.53	2.38%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.27%
2.80% MGS 2030 (III)	2/27/2030	-	100.54	0.00	2.67%
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)	10/24/2032	-	98.91	0.00	3.07%
3% MGS 2040 (I)	06/11/2040	-	95.50	90.50	3.39%
3.00% MGS 2030 (IV)	11/05/2030	-	101.04	0.00	2.78%
3.15% MGS 2027 (VII)	5/20/2027	25,000	101.42	0.00	2.25%
3.25% MGS 2034 (IV)	09/05/2034	40,000	100.40	0.00	3.20%
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)	11/27/2029	-	102.00	0.00	2.83%
3.4% MGS 2027 (VI)	9/24/2027	-	102.00	0.00	2.35%
3.40% MGS 2035 (IV) A	7/16/2035	-	99.43	0.00	3.47%
3.40% MGS 2035 (IV) r	7/16/2035	-	99.20	98.00	3.50%
3.40% MGS 2042 (I)	8/26/2042	-	100.20	100.20	3.38%
3.50% MGS 2028 (VI)	07/07/2028	8,000	102.87	102.87	2.41%
3.50% MGS 2034 (III)	7/31/2034	-	101.25	101.08	3.33%
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)	12/18/2035	14,300	100.00	0.00	3.50%
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	101.05	0.00	2.13%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.43%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.06%
3.80% MGS 2040 (II) A	10/16/2040	-	99.65	0.00	3.83%
3.80% MGS 2040 (II) r	10/16/2040	15,000	100.00	97.00	3.80%
3.85% MGS 2026 (VI)	08/05/2026	-	102.15	0.00	1.22%
3.95% MGS 2028 (VII)	08/08/2028	-	105.23	0.00	2.04%
4% MGS 2032 (VII)	3/30/2032	23,500	105.77	0.00	3.01%
4.00% MGS 2033 (IV)	12/05/2033	-	105.45	0.00	3.23%
4.00% MGS 2038 (I)	8/25/2038	-	102.76	102.54	3.73%
4.00% MGS 2043 (I)	11/26/2043	-	101.00	100.31	3.92%
4.1% MGS 2034 (I)	10/18/2034	-	105.10	0.00	3.44%
4.3% MGS 2033 (I)	08/01/2033	-	107.15	0.00	3.26%
4.30% MGS 2038 (II)	11/15/2038	10,000	105.49	105.49	3.77%
4.45% MGS 2032 (II)	09/03/2032	-	108.10	0.00	3.14%
4.5% MGS 2028 (II)	10/25/2028	10,000	105.95	0.00	2.46%
4.65% MGS 2032 (I)	7/22/2032	-	109.69	0.00	3.06%
4.8% MGS 2028 (I)	09/11/2028	-	106.86	0.00	2.36%
5.1% MGS 2029 (I)	10/01/2029	-	109.23	0.00	2.64%
5.2% MGS 2031 (I)	9/16/2031	-	112.39	0.00	2.91%
5.25% MGS 2030 (I)	6/23/2030	-	111.12	0.00	2.72%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-65.85%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-27.85%
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.