Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 25 September 2020

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
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 No Trades - 96.00 11.20% 11.20% 96 22/09/2020 Unsecured
6% Mediterranean Investments Holdings plc 2021 22/06/2021 No Trades 96.00 101.40 5.90% 5.90% 100 14/09/2020 Unsecured
5.8% IHI plc 2021 21/12/2021 No Trades 98.17 100.00 5.78% 5.78% 100 07/09/2020 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 No Trades 100.00 102.50 5.73% 5.73% 100.01 17/09/2020 Unsecured
3.65% GAP Group plc Secured Bonds 2022 05/04/2022 No Trades 100.80 102.49 3.09% 3.09% 100.81 23/09/2020 Secured and Guaranteed
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 No Trades 80.09 99.98 4.99% 4.99% 100 03/09/2020 Unsecured
6% Pendergardens Developments plc Secured 2022 Series II 31/07/2022 No Trades 103.20 104.95 3.15% 3.15% 105 24/07/2020 Secured
5.5% Mediterranean Investments Holdings plc Unsecured 2023 31/07/2023 No Trades 99.00 100.00 4.99% 4.99% 100 24/09/2020 Unsecured
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2023 No Trades 94.00 96.00 7.51% 1,485.09% 96 24/09/2020 Secured and Guaranteed
4.25% GAP Group plc Secured Bonds 2023 03/10/2023 No Trades 101.12 104.00 2.85% 2.84% 104 04/08/2020 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades - 104.20 5.30% 5.30% 100 28/08/2020 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 98.50 100.50 5.62% 5.61% 100.5 24/09/2020 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 No Trades 104.25 106.00 3.95% 3.95% 106.45 17/09/2020 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 4000 99.50 100.00 4.55% 4.55% 99.5 25/09/2020 Unsecured and Guaranteed
6% International Hotel Investments plc 2024 15/05/2024 700 100.50 101.94 5.83% 5.83% 100.5 25/09/2020 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 6100 103.50 105.50 3.70% 3.70% 105.5 25/09/2020 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 101.00 102.99 4.85% 4.85% 100.51 18/09/2020 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 No Trades 103.00 105.50 4.19% 4.19% 103 23/09/2020 Secured
5.1% 1923 Unsecured Bonds 2024 04/12/2024 No Trades 99.00 100.50 4.96% 4.96% 100.5 24/09/2020 Unsecured
4.25% Best Deal Properties 2024 12/12/2024 No Trades 100.01 102.00 3.72% 3.72% 102 24/09/2020 Secured amd Guaranteed
5.75% International Hotel Investments plc 2025 13/05/2025 700 100.15 101.50 5.70% 5.70% 100.15 25/09/2020 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades 101.00 - 4.26% 4.26% 101 31/07/2020 Unsecured
5.1% 6PM Holdings plc Unsecured 2025 31/07/2025 62000 100.10 101.00 4.86% 4.86% 101 25/09/2020 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 No Trades 100.01 101.93 4.07% 4.07% 101.95 17/09/2020 Unsecured
5.25% Central Business Centres plc Unsecured 2025 S2T1 30/12/2025 No Trades 101.60 103.50 4.81% 4.81% 102 28/07/2020 Unsecured
4.5% Medserv plc Unsecured Bonds 2026 05/02/2026 No Trades - 96.00 5.59% 5.59% 95 10/09/2020 Unsecured
4.35% Hudson Malta plc Bonds 2026 06/04/2026 2000 99.00 99.50 4.45% 4.45% 99.5 25/09/2020 Unsecured and Guaranteed
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 No Trades 98.14 99.99 4.25% 4.25% 99.99 24/09/2020 Unsecured and Guaranteed
5.9% Together Gaming Solutions plc 2024-2026 22/07/2026 20000 - 99.00 6.10% 6.19% 99 25/09/2020 Unsecured
4% MIDI plc Secured Bonds 2026 27/07/2026 No Trades 100.30 101.00 3.94% 3.94% 100.3 23/09/2020 Secured
4% International Hotel Investments plc Secured 2026 29/07/2026 13900 98.31 100.90 4.33% 4.33% 98.3 25/09/2020 Secured
4% Shoreline Mall plc 2026 01/08/2026 No Trades - 101.75 4.00% 4.00% 100 17/09/2020 Secured
4% Merkanti Holdings plc 2026 12/08/2026 18000 100.13 101.29 3.97% 3.97% 100.13 25/09/2020 Secured
3.9% Plaza Centres plc Unsecured Bonds 2026 22/09/2026 50000 100.00 - 3.25% 3.25% 103.5 25/09/2020 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 No Trades 97.20 98.00 5.56% 5.56% 97.2 24/09/2020 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured Bonds 2026 14/10/2026 No Trades 98.00 99.99 4.80% 4.80% 99.99 24/09/2020 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 No Trades 102.00 103.00 3.38% 3.38% 102 17/09/2020 Unsecured
3.25% AX Investments plc Bonds 2026 20/12/2026 No Trades 101.25 102.69 3.03% 3.03% 101.25 24/09/2020 Unsecured and Guaranteed
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 3000 - 99.65 4.37% 4.37% 98 25/09/2020 Unsecured
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 No Trades - - 3.75% 3.75% 101.5 12/12/2019 Unsecured
4.5% Endo Finance plc Bonds 2027 22/03/2027 No Trades - 99.75 4.50% 4.50% 100 21/02/2020 Unsecured and Guaranteed
3.75% Mercury Finance plc 2027 27/03/2027 No Trades 100.53 101.99 3.40% 3.40% 101.99 24/09/2020 Secured
4.35% SD Finance plc Unsecured Bonds 2027 25/04/2027 7500 97.10 98.99 4.87% 4.87% 97.1 25/09/2020 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 No Trades 99.00 100.00 4.17% 4.17% 99 22/09/2020 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured 2027 S1/17 T1 07/07/2027 No Trades - 100.00 4.40% 4.40% 100 29/07/2020 Unsecured
3.75% Tumas Investments plc Unsecured Bonds 2027 10/07/2027 No Trades 100.12 101.00 3.73% 3.73% 100.12 23/09/2020 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 No Trades 101.25 - 4.33% 4.33% 101 14/09/2020 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 No Trades 106.00 - 2.55% 2.55% 106 22/09/2020 Unsecured
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades - 101.50 5.00% 5.00% 100 26/08/2020 Unsecured and Subordinated
4% Stivala Group Finance plc Secured 18/10/2027 No Trades 100.00 101.93 3.68% 3.68% 101.93 24/09/2020 Secured
3.75% Virtu Finance plc Unsecured Bonds 2027 30/11/2027 9500 103.50 105.00 3.20% 3.19% 103.5 25/09/2020 Unsecured and Guaranteed
3.75% Bortex Group Finance plc Unsecured 2027 01/12/2027 No Trades 100.03 100.50 3.67% 3.67% 100.5 24/09/2020 Unsecured and Guaranteed
3.85% Hili Finance Company plc Unsecured 2028 24/07/2028 No Trades 98.00 99.98 3.85% 3.85% 99.97 24/09/2020 Unsecured
4% Exalco Finance plc Secured Bonds 2028 20/08/2028 No Trades 101.60 - 3.85% 3.85% 101 18/05/2020 Secured and Guaranteed
4.85% Melite Finance Secured Bonds 2028 23/11/2028 No Trades 35.00 80.00 8.32% 8.32% 80 27/08/2020 Secured
4.15% Phoenicia Finance Company plc Unsecured 2023-2028 15/12/2028 No Trades 94.00 98.49 4.31% 4.52% 98.9 10/09/2020 Unsecured and Guaranteed
4% SP Finance plc Secured 2029 03/05/2029 No Trades - 101.00 3.86% 3.86% 101 23/09/2020 Secured
3.75% TUM Finance plc Secured Bonds 2029 27/06/2029 No Trades - 101.00 3.75% 3.75% 100 10/09/2020 Secured
3.65% Stivala 2029 29/07/2029 No Trades 97.00 100.00 3.65% 3.65% 100 17/09/2020 Secured
3.8% Hili Finance Company plc Unsecured 2029 27/08/2029 No Trades 96.00 98.95 3.93% 3.93% 99 24/09/2020 Unsecured
4% MeDirect Bank plc Subordinated Bonds 2024-2029 05/11/2029 No Trades - 100.00 4.00% 4.00% 100 14/09/2020 Unsecured and Subordinated
3.75% AX Investments plc Bonds 2029 20/12/2029 No Trades 100.80 101.99 3.62% 3.62% 101 10/09/2020 Unsecured and Guaranteed
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 No Trades 101.60 103.00 3.31% 3.31% 101.61 10/09/2020 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades 99.50 101.97 3.50% 3.50% 100 18/09/2020 Unsecured and Subordinated
4% Cablenet Communications plc Unsecured 2030 24/08/2030 3000 102.00 102.47 3.75% 3.75% 102 25/09/2020 Unsecured
4.25% Mercury Finance plc 2031 27/03/2031 No Trades 101.75 103.00 4.04% 4.04% 101.75 22/09/2020 Secured
3.75% Bank of Valletta plc Sub Notes 2026-2031 15/06/2031 No Trades 101.00 104.00 3.52% 3.36% 102 19/06/2020 Unsecured and Subordinated
4.5% Shoreline Mall plc 2032 01/08/2032 No Trades 99.75 101.00 4.28% 4.28% 102 23/09/2020 Secured

* 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
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades - - 5.00% 5.00% 100 - Unsecured and Subordinated
4% MeDirect Bank plc Subordinated Bonds 2024-2029 05/11/2029 No Trades 99.00 - 4.00% 4.00% 100 16/04/2020 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 Bonds 2026 05/02/2026 No Trades - 90.00 5.90% 5.90% 99.3 18/12/2019 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
(%) *
FR MGS 2020 (VI) 29/10/2020 No Trades 100.07 - 0.00%
5% MGS 2021 (I) 08/08/2021 41463 104.47 - -0.20%
7% MGS 2021 (II) 18/12/2021 No Trades 117.54 - -0.36%
7% MGS 2021 (III) 30/12/2021 No Trades 117.54 - -0.20%
4.3% MGS 2022 (II) 15/05/2022 44600 107.30 - -0.18%
1.5% MGS 2022(IV) 11/07/2022 No Trades 103.01 - -0.19%
5.1% MGS 2022 (I) 16/08/2022 13977 109.94 - -0.18%
7% MGS 2022 (III) 31/12/2022 No Trades 124.69 - -0.16%
0.5% MGS 2023 (IV) 05/05/2023 No Trades 101.65 - -0.13%
5.5% MGS 2023 (I) 06/07/2023 932 115.59 - -0.12%
1.4% MGS 2023 (III) 11/11/2023 No Trades 104.69 - -0.10%
7% MGS 2023 (II) 31/12/2023 No Trades 131.64 - -0.09%
1.4% MGS 2024 (III) 29/07/2024 No Trades 105.58 - -0.06%
3.3% MGS 2024 (I) 12/11/2024 No Trades 113.77 113.77 -0.04%
7% MGS 2024 (II) 31/12/2024 No Trades 138.44 - -1.68%
0.5% MGS 2025 (II) 08/11/2025 No Trades 102.40 - 0.03%
7% MGS 2025 (I) 31/12/2025 No Trades 145.02 - 0.04%
0.4% MGS 2026 (I) 20/10/2026 No Trades 101.88 - 0.09%
7% MGS 2026 (I) 31/12/2026 No Trades 151.37 - 0.11%
0.8% MGS 2027 (III) 29/04/2027 No Trades 104.30 - 0.14%
1.5% MGS 2027 (I) 15/06/2027 No Trades 108.96 - 0.16%
7% MGS 2027 (II) 31/12/2027 No Trades 157.21 - -0.68%
4.8% MGS 2028 (I) 11/09/2028 No Trades 135.67 - 0.26%
4.5% MGS 2028 (II) 25/10/2028 No Trades 133.69 - 0.28%
7% MGS 2028 (III) 31/12/2028 No Trades 162.92 - -0.47%
1.85% MGS 2029 (III) 30/05/2029 No Trades 112.91 - 0.34%
2.3% MGS 2029 (II) 24/07/2029 50000 116.89 121.01 0.35%
5.1% MGS 2029 (I) 01/10/2029 No Trades 141.80 141.80 0.38%
5.25% MGS 2030 (I) 23/06/2030 No Trades 145.46 145.00 0.47%
1% MGS 2031 (I) 23/04/2031 No Trades 104.65 - 0.55%
1% MGS 2031 (I) 23/04/2031 No Trades 104.65 - 0.55%
5.2% MGS 2031 (I) 16/09/2031 50000 148.97 - 0.58%
4.65% MGS 2032 (I) 22/07/2032 8000 145.27 146.00 0.66%
4.45% MGS 2032 (II) 03/09/2032 72500 143.20 142.00 0.68%
4.3% MGS 2033 (I) 01/08/2033 5000 143.33 145.00 0.75%
4.1% MGS 2034 (I) 18/10/2034 107000 142.75 - 0.86%
2.2% MGS 2035 (I) 24/11/2035 No Trades 117.13 124.10 0.98%
2.5% MGS 2036 (I) 17/11/2036 20000 121.18 136.00 1.07%
2.1% MGS 2039 (I) 24/08/2039 No Trades 113.17 130.25 1.31%
3% MGS 2040 (I) 11/06/2040 67600 127.83 145.50 1.38%
2.4% MGS 2041 (I) 25/07/2041 2000 117.49 136.50 1.43%
1.5% MGS 2045 (I) 22/10/2045 1000000 98.08 116.50 1.59%

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