Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 18 July 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
(%)
Yield To Worst
(%) *
Closing Price
(EUR)
Last Trade
Ranking
3.25% APS 2025-2030 11/19/2030 - 93.00 96.00 4.10% 96 18/07/2025
3.25% AXG 2026 SI 12/20/2026 176,100 0.00 0.00 3.24% 100 18/07/2025
3.5% AXR 2032 02/06/2032 13,200 93.25 94.50 4.72% 93.25 18/07/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 94.50 97.50 4.82% 94.2 18/07/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 0.00 95.00 4.87% 94 18/07/2025
3.5% GO 2031 6/25/2031 800 97.45 97.50 3.98% 97.5 18/07/2025
3.5% SFC 2027 9/13/2027 46,300 99.50 101.40 3.50% 100 18/07/2025
3.65% IHI 2031 12/07/2031 - 93.50 94.00 4.76% 94 18/07/2025
3.65% MOF 2028-2031 10/15/2031 6,300 95.01 96.50 4.59% 95.01 18/07/2025
3.65% STV 2029 7/29/2029 - 96.10 98.00 3.92% 99 18/07/2025
3.75% AXG 2029 S2 12/20/2029 - 0.00 99.00 4.00% 99 18/07/2025
3.75% BOV 2026-2031 6/15/2031 25,000 0.00 97.20 4.74% 95 18/07/2025
3.75% BRX 2027 12/01/2027 - 97.51 98.99 4.20% 98.99 18/07/2025
3.75% MCY 2027 3/27/2027 - 98.03 99.50 4.99% 98.02 18/07/2025
3.75% PRC 2026 11/23/2026 112,000 98.60 100.00 3.74% 100 18/07/2025
3.75% TMF 2029 6/27/2029 8,000 96.50 98.48 4.18% 98.48 18/07/2025
3.75% TUM 2027 07/10/2027 - 0.00 99.75 3.75% 100 18/07/2025
3.75% VRT 2027 11/30/2027 75,000 97.55 100.00 3.74% 100 18/07/2025
3.8% HLF 2029 8/27/2029 - 96.25 97.00 4.48% 97.49 18/07/2025
3.85% HLF 2028 7/24/2028 62,100 95.00 97.00 4.95% 97 18/07/2025
3.9% BRW 2027-2031 07/09/2031 - 96.50 97.50 4.63% 96.25 18/07/2025
3.9% PZC 2026 9/22/2026 - 0.00 100.00 3.89% 100 18/07/2025
4% CBC 2027-2033 11/10/2033 - 0.00 97.00 4.59% 96 18/07/2025
4% CCS 2030 8/19/2030 - 97.00 97.50 4.91% 96 18/07/2025
4% EFC 2027 4/28/2027 - 99.50 100.80 4.29% 99.5 18/07/2025
4% EXF 2028 8/20/2028 - 0.00 99.50 4.17% 99.5 18/07/2025
4% HLF 2027 03/11/2027 - 96.71 99.75 4.15% 99.75 18/07/2025
4% IHI 2026 7/29/2026 4,800 100.00 101.00 4.00% 100 18/07/2025
4% IHI 2026 B 12/20/2026 10,000 98.01 99.00 4.73% 99 18/07/2025
4% LSI 2026-2031 06/02/2031 - 0.00 0.00 4.00% 100 18/07/2025
4% MED 2024-2029 EUR 11/05/2029 - 0.00 97.99 4.33% 98.7 18/07/2025
4% MIDI 2026 7/27/2026 9,200 93.00 97.00 8.25% 96 18/07/2025
4% MPC 2032 S1/22 T1 6/30/2032 900 98.00 99.00 4.17% 99 18/07/2025
4% SHM 2026 08/01/2026 - 0.00 97.50 4.00% 100 18/07/2025
4% SPF 2029 05/03/2029 - 98.01 100.00 3.99% 100.01 18/07/2025
4% STV 2027 10/18/2027 9,300 100.00 100.30 3.99% 100 18/07/2025
4.25% CCM 2024-2026 05/08/2026 - 97.50 0.00 7.50% 97.5 18/07/2025
4.25% CLP 2033 8/25/2033 - 0.00 101.99 3.96% 101.99 18/07/2025
4.25% CPHCL 2026 04/12/2026 - 98.50 99.75 6.98% 98.05 18/07/2025
4.25% IZI 2029 4/14/2029 - 0.00 99.70 4.31% 99.79 18/07/2025
4.25% MCY 2031 3/27/2031 - 97.11 99.00 4.46% 98.95 18/07/2025
4.3% MCY 2032 4/25/2032 5,000 97.11 99.89 4.32% 99.89 18/07/2025
4.35% HDS 2026 04/06/2026 - 0.00 99.99 5.01% 99.5 18/07/2025
4.35% SDF 2027 4/25/2027 5,000 99.00 99.50 4.94% 99 18/07/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 0.00 0.00 4.67% 99.5 18/07/2025
4.5% BNF 2027 - 2032 7/29/2032 - 97.00 100.00 4.84% 98 18/07/2025
4.5% END 2029 3/22/2029 - 0.00 99.90 4.52% 99.9 18/07/2025
4.5% G3 2032 04/06/2032 - 99.90 101.00 4.50% 100 18/07/2025
4.5% GHM 2027 8/23/2027 - 0.00 101.50 4.50% 100 18/07/2025
4.5% HIL 2025 10/16/2025 - 98.00 99.10 6.39% 99.5 18/07/2025
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 0.00 8.15% 98 18/07/2025
4.5% ONA 2028 - 2034 6/21/2034 - 100.00 101.50 4.50% 100 18/07/2025
4.5% SHM 2032 08/01/2032 - 0.00 94.00 5.37% 95 18/07/2025
4.55% STA 2032 02/07/2032 5,000 0.00 0.00 4.46% 100.5 18/07/2025
4.65% SMF 2031 4/22/2031 - 0.00 100.73 4.70% 99.75 18/07/2025
4.65% SMF 2032 8/23/2032 - 98.05 100.49 4.56% 100.5 18/07/2025
4.75% BDPH 2025-2027 11/30/2027 - 100.00 0.00 4.74% 100 18/07/2025
4.75% DNF 2033 11/19/2033 - 0.00 100.49 4.73% 100.1 18/07/2025
4.75% GAP 2025-2027 12/22/2027 - 100.00 101.00 4.74% 100 18/07/2025
4.75% GLR 2028 11/30/2028 - 0.00 0.00 4.74% 100 18/07/2025
4.75% KAF 2026-2029 8/23/2029 - 0.00 96.99 5.59% 97 18/07/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 12.61% 91.5 18/07/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 98.13 98.99 4.81% 100.23 18/07/2025
4.9% CLS 2032 02/09/2032 - 0.00 100.00 4.89% 100 18/07/2025
5% BLF 2026-2029 02/07/2029 - 0.00 0.00 4.99% 100 18/07/2025
5% BOV 2029-2034 S1 T1 11/28/2034 - 100.25 101.95 4.73% 101.99 18/07/2025
5% BSB 2029 6/28/2029 - 100.00 101.00 5.00% 100 18/07/2025
5% CFE 2028-2033 01/06/2033 8,100 100.00 101.50 5.00% 100 18/07/2025
5% CVS 2026-2029 03/08/2029 - 0.00 99.50 5.15% 99.5 18/07/2025
5% DZF 2026 10/07/2026 - 100.00 100.50 4.98% 100 18/07/2025
5% FES 2029 3/18/2029 - 0.00 0.00 4.99% 100 18/07/2025
5% HHF 2023-2028 5/19/2028 - 0.00 99.50 5.58% 98.5 18/07/2025
5% HLF 2029 7/17/2029 - 100.00 101.50 5.00% 100.01 18/07/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 0.00 5.61% 98 18/07/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 100.00 5.00% 100 18/07/2025
5% LLF 2028 7/29/2028 - 0.00 98.90 5.37% 99 18/07/2025
5% MDS 2029 12/20/2029 2,000 100.00 101.00 4.99% 100 18/07/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 0.00 5.48% 99 18/07/2025
5% MRN 2032 12/16/2032 - 100.60 103.49 4.90% 100.6 18/07/2025
5% VDH 2032 12/16/2032 15,000 98.01 99.75 5.04% 99.75 18/07/2025
5.00% BOV 2030-2035 S2 T1 07/07/2035 - 101.00 101.67 4.87% 101 18/07/2025
5.1% 6PM 2025 7/31/2025 - 0.00 100.00 18.45% 99 03/07/2025
5.2% TUM 2031-2034 11/22/2034 - 100.01 103.20 4.92% 102 18/07/2025
5.2% VBL 2030-2034 10/25/2034 - 100.01 102.00 4.92% 102 18/07/2025
5.25% BBP 2033 S1 T1 04/03/2033 - 0.00 102.40 4.85% 102.49 18/07/2025
5.25% CBC 2025 S2 T1 12/30/2025 - 100.00 100.95 5.10% 100 18/07/2025
5.25% KLF 2027 7/31/2027 - 0.00 0.00 5.25% 100 18/07/2025
5.25% MIH 2027 07/06/2027 2,000 100.00 101.00 4.70% 101 18/07/2025
5.25% QWR 2033 2/27/2033 - 100.05 0.00 5.24% 100.05 18/07/2025
5.3% GTR 2030 07/04/2030 - 100.00 101.60 4.93% 101.6 18/07/2025
5.3% MCY 2034 09/10/2034 - 100.00 101.40 5.10% 101.4 18/07/2025
5.30% IHI 2035 04/01/2035 7,400 101.60 102.95 4.91% 102.94 18/07/2025
5.35% BDPH 2032 2/21/2032 - 100.50 102.73 5.07% 101.5 18/07/2025
5.35% DSM 2028 10/28/2028 - 94.99 95.00 7.11% 94.99 18/07/2025
5.35% HMV 2031-2034 7/26/2034 - 101.50 105.75 4.66% 105 18/07/2025
5.35% MAR 2029-2031 6/27/2031 41,000 101.60 101.92 4.97% 101.92 18/07/2025
5.4% ECL 2031 12/30/2031 - 99.00 100.00 5.23% 100.9 18/07/2025
5.5% 9HC 2027 6/19/2027 - 0.00 101.00 5.49% 100 18/07/2025
5.5% AES 2036 S1 T2 10/08/2036 - 101.50 102.50 5.32% 101.49 18/07/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 5.49% 100 18/07/2025
5.5% JUE 2035 6/27/2035 1,300 100.00 104.00 5.50% 100 18/07/2025
5.5% TST 2029 01/09/2029 - 0.00 99.99 5.49% 100 18/07/2025
5.5% YCT 2021-2025 9/13/2025 - 0.00 0.00 18.28% 98 18/07/2025
5.6% JDC 2035 5/23/2035 - 101.00 102.00 5.27% 102.5 18/07/2025
5.7% MRK 2033 08/12/2033 - 100.51 103.00 5.62% 100.5 18/07/2025
5.75% BDPH 2027-2029 04/12/2029 - 101.00 104.39 5.44% 101 18/07/2025
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 - 102.25 103.00 5.37% 102.5 18/07/2025
5.75% PLG 2028 11/23/2028 1,000 100.55 102.50 4.75% 103 18/07/2025
5.8% AES 2036 S1 T1 03/01/2036 - 101.50 103.39 5.48% 102.5 18/07/2025
5.8% APS 2028-2033 S1 T1 12/01/2033 - 102.50 108.00 5.05% 104.99 18/07/2025
5.8% GPH 2032 4/22/2032 - 100.25 100.30 5.79% 100.01 18/07/2025
5.85% AXG 2033 11/07/2033 600 103.00 103.50 5.53% 102.06 18/07/2025
5.85% BGA 2034 5/14/2034 - 102.20 105.25 5.13% 105 18/07/2025
5.85% MIH 2028 7/31/2028 2,000 100.00 0.00 5.85% 100 18/07/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 100.00 5.89% 100 03/07/2025
6% IHI 2033 11/14/2033 - 104.75 105.50 5.24% 105 18/07/2025
6% JDC 2033 S2 T1 7/19/2033 - 104.00 105.25 5.37% 104 18/07/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 0.00 5.99% 100 18/07/2025
6% PHC 2033 02/03/2033 - 101.20 105.00 5.18% 105 18/07/2025
6.25% AST 2033 6/16/2033 - 103.50 107.00 5.69% 103.5 18/07/2025
6.25% CMF 2034 2/23/2034 - 0.00 104.97 5.50% 104.97 18/07/2025
6.25% GPH 2030 03/10/2030 - 101.80 103.44 5.86% 101.5 18/07/2025
6.25% TGS 2030 -2032 2/14/2032 - 98.70 103.00 5.68% 103 18/07/2025
7.25% HRT 2025-2027 11/28/2027 - 0.00 0.00 7.46% 99.5 18/07/2025

* 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 4.92% 96.5 18/07/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.99% 100 18/07/2025

* 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 99.95 5.79% 99.9 18/07/2025

* 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 - 98.09 0.00 2.04%
0.25% MGS 2026 (III) 11/18/2026 - 97.63 0.00 2.07%
0.40% MGS 2026 (II) 10/20/2026 - 96.79 0.00 3.03%
0.40% MGS 2027 (IV) 11/19/2027 - 93.31 0.00 3.41%
0.5% MGS 2025 (II) 11/08/2025 - 98.61 0.00 5.18%
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 6.81%
0.90% MGS 2027 (V) 08/12/2027 - 97.40 0.00 2.20%
0.90% MGS 2031 (V) 07/11/2031 - 89.79 0.00 2.77%
1.0% MGS 2031 (II) 4/23/2031 - 90.54 0.00 2.79%
1.00% MGS 2035 (II) 8/23/2035 - 79.21 0.00 3.46%
1.20% MGS 2037 (I) 5/13/2037 - 77.83 0.00 3.51%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.87%
1.5% MGS 2027 (I) 6/15/2027 - 98.88 0.00 2.10%
1.50% MGS 2045 (I) 10/22/2045 - 66.68 0.00 3.89%
1.60% MGS 2032 (III) 05/03/2032 - 91.36 0.00 3.02%
1.70% MGS 2028 (IV) 08/04/2028 - 90.83 0.00 4.99%
1.80% MGS 2051 (I) 8/28/2051 - 64.28 60.00 4.02%
1.85% MGS 2029 (III) 5/30/2029 - 96.25 0.00 2.88%
2.00% MGS 2051 (II) 07/10/2051 - 69.38 0.00 3.88%
2.1% MGS 2039 (I) 8/24/2039 - 81.70 0.00 3.79%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 0.00 3.00%
2.2% MGS 2035 (I) 11/24/2035 - 89.55 0.00 3.41%
2.3% MGS 2029 (II) 7/24/2029 - 99.28 99.28 2.49%
2.4% MGS 2041 (I) 7/25/2041 - 86.90 0.00 3.47%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.89%
2.5% MGS 2036 (I) 11/17/2036 - 90.02 88.00 3.58%
2.60% MGS 2028 (V) 5/22/2028 - 100.89 0.00 2.27%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 75.00 3.26%
2.80% MGS 2030 (III) 2/27/2030 - 100.68 0.00 2.64%
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 - 99.36 99.32 3.00%
3% MGS 2040 (I) 06/11/2040 - 92.60 91.00 3.65%
3.00% MGS 2030 (IV) 11/05/2030 - 101.54 101.51 2.69%
3.15% MGS 2027 (VII) 5/20/2027 - 101.84 101.87 2.12%
3.25% MGS 2034 (IV) 09/05/2034 10,000 99.55 0.00 3.31%
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 68,500 103.27 0.00 2.55%
3.4% MGS 2027 (VI) 9/24/2027 20,300 102.62 0.00 2.16%
3.40% MGS 2042 (I) 8/26/2042 - 100.40 0.00 3.37%
3.50% MGS 2028 (VI) 07/07/2028 - 103.43 103.51 2.30%
3.50% MGS 2034 (III) 7/31/2034 10,000 101.50 0.00 3.31%
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 10,000 99.96 100.14 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 67,000 101.47 101.47 2.01%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.48%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.08%
3.85% MGS 2026 (VI) 08/05/2026 - 102.15 0.00 1.76%
3.95% MGS 2028 (VII) 08/08/2028 - 105.23 0.00 2.17%
4% MGS 2032 (VII) 3/30/2032 - 106.36 106.53 2.95%
4.00% MGS 2033 (IV) 12/05/2033 - 105.84 106.03 3.20%
4.00% MGS 2038 (I) 8/25/2038 - 102.50 103.00 3.76%
4.00% MGS 2043 (I) 11/26/2043 14,000 101.00 101.00 3.92%
4.1% MGS 2034 (I) 10/18/2034 - 106.09 0.00 3.33%
4.3% MGS 2033 (I) 08/01/2033 - 108.04 108.31 3.16%
4.30% MGS 2038 (II) 11/15/2038 - 107.47 0.00 3.59%
4.45% MGS 2032 (II) 09/03/2032 - 110.00 0.00 2.89%
4.5% MGS 2028 (II) 10/25/2028 - 106.72 0.00 2.35%
4.65% MGS 2032 (I) 7/22/2032 - 110.40 0.00 2.99%
4.8% MGS 2028 (I) 09/11/2028 - 107.45 0.00 2.33%
5.1% MGS 2029 (I) 10/01/2029 - 110.00 0.00 2.57%
5.2% MGS 2031 (I) 9/16/2031 - 113.09 0.00 2.87%
5.25% MGS 2030 (I) 6/23/2030 - 111.92 112.05 2.65%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -69.64%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -23.21%
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.

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