Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Monday, 06 April 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
5.5% Pendergardens Developments plc Secured 2020 Series I 31/05/2020 No Trades - 99.50 5.25% 5.25% 100 03/04/2020 Secured
5.5% Mediterranean Investments Holdings plc Unsecured 2020 31/07/2020 No Trades 90.00 98.49 5.30% 5.30% 100 24/02/2020 Unsecured and Subordinated
5% GlobalCapital plc Unsecured Bond 2021 02/06/2021 No Trades - 96.90 6.85% 6.85% 98 02/03/2020 Unsecured
6% Mediterranean Investments Holdings plc 2021 22/06/2021 No Trades 94.00 98.00 5.10% 5.10% 101 12/02/2020 Unsecured
5.8% IHI plc 2021 21/12/2021 6,000.00 98.00 98.99 7.06% 7.06% 98 06/04/2020 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 No Trades - 101.00 4.23% 4.23% 102.5 13/02/2020 Unsecured
3.65% GAP Group plc Secured Bonds 2022 05/04/2022 11,900.00 96.03 101.00 3.65% 3.65% 100 06/04/2020 Secured and Guaranteed
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 No Trades 90.03 97.89 4.99% 4.99% 99.99 27/03/2020 Unsecured
6% Pendergardens Developments plc Secured 2022 Series II 31/07/2022 111,000.00 100.50 103.75 4.59% 4.59% 103 06/04/2020 Secured
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2023 No Trades 97.00 99.97 6.65% 10.38% 98 02/04/2020 Secured and Guaranteed
4.25% GAP Group plc Secured Bonds 2023 03/10/2023 No Trades 101.00 103.90 3.62% 3.62% 102 24/03/2020 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 500 98.00 102.00 5.93% 5.92% 98 06/04/2020 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 96.53 100.00 4.56% 4.56% 104 23/01/2020 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 3,000.00 101.85 105.00 5.46% 5.46% 101.85 06/04/2020 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 No Trades - 99.90 4.68% 4.68% 99 01/04/2020 Unsecured and Guaranteed
6% International Hotel Investments plc 2024 15/05/2024 23,400.00 100.00 100.50 5.93% 5.93% 100.25 06/04/2020 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 No Trades 100.00 103.95 5.29% 5.29% 100 03/04/2020 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 100.00 105.00 4.46% 4.46% 102.1 03/04/2020 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 2,500.00 101.00 102.00 4.75% 4.74% 101 06/04/2020 Secured
5.1% 1923 Unsecured Bonds 2024 04/12/2024 No Trades 16.00 99.95 6.10% 6.10% 96 03/04/2020 Unsecured
4.25% Best Deal Properties 2024 12/12/2024 35,000.00 97.00 98.75 4.61% 4.61% 98.5 06/04/2020 Secured amd Guaranteed
5.75% International Hotel Investments plc 2025 13/05/2025 22,800.00 96.00 100.50 5.75% 5.75% 100 06/04/2020 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 100,000.00 100.00 105.00 4.50% 4.50% 100 06/04/2020 Unsecured
5.1% 6PM Holdings plc Unsecured 2025 31/07/2025 15,000.00 - 99.90 5.12% 5.12% 99.9 06/04/2020 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 15,500.00 97.50 98.50 4.92% 4.92% 98 06/04/2020 Unsecured
5.25% Central Business Centres plc Unsecured 2025 S2T1 30/12/2025 No Trades 20.06 99.50 5.25% 5.25% 100 02/04/2020 Unsecured
4.5% Medserv plc Unsecured Bonds 2026 05/02/2026 No Trades - 100.00 4.50% 4.50% 100 05/03/2020 Unsecured
4.35% Hudson Malta plc Bonds 2026 06/04/2026 No Trades 91.00 103.00 3.69% 3.69% 103.5 18/03/2020 Unsecured and Guaranteed
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 2,500.00 95.51 97.00 4.64% 4.64% 98 06/04/2020 Unsecured and Guaranteed
5.9% Together Gaming Solutions plc 2024-2026 22/07/2026 No Trades 94.50 98.00 6.29% 6.44% 98 03/04/2020 Unsecured
4% MIDI plc Secured Bonds 2026 27/07/2026 39,500.00 100.00 100.20 4.00% 4.00% 100 06/04/2020 Secured
4% International Hotel Investments plc Secured 2026 29/07/2026 12,000.00 99.00 99.99 4.00% 4.00% 99.99 06/04/2020 Secured
4% Merkanti Holdings plc 2026 12/08/2026 No Trades 95.00 98.49 4.27% 4.27% 98.49 03/04/2020 Secured
3.9% Plaza Centres plc Unsecured Bonds 2026 22/09/2026 No Trades 100.25 - 3.85% 3.85% 100.25 03/04/2020 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 No Trades - 99.00 4.99% 4.99% 100 23/03/2020 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured Bonds 2026 14/10/2026 No Trades 96.00 98.00 5.16% 5.16% 98 03/04/2020 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 20,500.00 97.25 99.00 4.23% 4.23% 97.25 06/04/2020 Unsecured
3.25% AX Investments plc Bonds 2026 20/12/2026 No Trades 98.00 100.00 3.25% 3.25% 100 03/04/2020 Unsecured and Guaranteed
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 20,000.00 91.72 95.00 4.89% 4.89% 95 06/04/2020 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 - 100.00 4.50% 4.50% 100 21/02/2020 Unsecured and Guaranteed
3.75% Mercury Finance plc 2027 27/03/2027 10,000.00 97.00 99.50 3.83% 3.83% 99.5 06/04/2020 Secured
4.35% SD Finance plc Unsecured Bonds 2027 25/04/2027 No Trades 98.00 99.89 4.69% 4.69% 98 03/04/2020 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 5,000.00 96.00 98.00 4.33% 4.33% 98 06/04/2020 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured 2027 S1/17 T1 07/07/2027 No Trades 97.00 98.00 4.90% 4.90% 97 27/03/2020 Unsecured
3.75% Tumas Investments plc Unsecured Bonds 2027 10/07/2027 No Trades 98.00 99.99 3.91% 3.91% 99 03/04/2020 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 6,000.00 95.00 100.00 4.50% 4.50% 100 06/04/2020 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 No Trades 102.00 103.50 2.17% 2.17% 102 30/03/2020 Unsecured
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades - 103.00 4.36% 3.31% 104 05/03/2020 Unsecured and Subordinated
4% Stivala Group Finance plc Secured 18/10/2027 35,000.00 98.50 100.00 4.00% 4.00% 100 06/04/2020 Secured
3.75% Virtu Finance plc Unsecured Bonds 2027 30/11/2027 25,000.00 98.00 100.00 3.75% 3.75% 100 06/04/2020 Unsecured and Guaranteed
3.75% Bortex Group Finance plc Unsecured 2027 01/12/2027 25,000.00 85.03 100.00 3.75% 3.75% 100 06/04/2020 Unsecured and Guaranteed
3.85% Hili Finance Company plc Unsecured 2028 24/07/2028 3,000.00 90.00 94.00 4.74% 4.74% 94 06/04/2020 Unsecured
4% Exalco Finance plc Secured Bonds 2028 20/08/2028 No Trades 99.60 105.60 4.00% 4.00% 100 23/03/2020 Secured and Guaranteed
4.85% Melite Finance Secured Bonds 2028 23/11/2028 No Trades - 99.00 3.88% 3.88% 106.97 20/09/2019 Secured
4.15% Phoenicia Finance Company plc Unsecured 2023-2028 15/12/2028 No Trades 96.00 98.00 4.72% 5.37% 96 03/04/2020 Unsecured and Guaranteed
4% SP Finance plc Secured 2029 03/05/2029 25,000.00 97.00 97.99 4.27% 4.27% 97.99 06/04/2020 Secured
3.75% TUM Finance plc Secured Bonds 2029 27/06/2029 5,400.00 70.00 100.00 3.75% 3.75% 100 06/04/2020 Secured
3.65% Stivala 2029 29/07/2029 No Trades - 99.89 3.66% 3.66% 99.9 26/03/2020 Secured
3.8% Hili Finance Company plc Unsecured 2029 27/08/2029 30,000.00 21.01 95.00 4.46% 4.46% 95 06/04/2020 Unsecured
4% MeDirect Bank plc Subordinated Bonds 2024-2029 05/11/2029 No Trades - 98.50 4.13% 4.24% 99 02/04/2020 Unsecured and Subordinated
3.75% AX Investments plc Bonds 2026 20/12/2029 12,500.00 - 100.00 3.75% 3.75% 100 06/04/2020 Unsecured and Guaranteed
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 25,000.00 98.00 103.00 3.62% 3.62% 99 06/04/2020 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades 95.00 100.00 3.50% 3.50% 100 27/03/2020 Unsecured and Subordinated
4.25% Mercury Finance plc 2031 27/03/2031 5,500.00 99.00 100.00 4.25% 4.25% 100 06/04/2020 Secured
3.75% Bank of Valletta plc Sub Notes 2026-2031 15/06/2031 25,000.00 - 100.31 3.75% 3.75% 100 06/04/2020 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
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades - - 5.00% 4.99% 100 - Unsecured and Subordinated
4% MeDirect Bank plc Subordinated Bonds 2024-2029 05/11/2029 No Trades 99.00 - 4.00% 4.00% 100 02/04/2020 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 - 99.25 5.89% 5.89% 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
(%) *
4.6% MGS 2020 (II) 25/04/2020 No Trades - - #VALUE!
5.2% MGS 2020 (I) 10/06/2020 No Trades 100.95 - -0.31%
3.35% MGS 2020 (IV) 31/07/2020 No Trades 101.13 - -0.25%
2% MGS 2020 (V) 26/09/2020 No Trades 101.05 - -0.26%
FR MGS 2020 (VI) 29/10/2020 No Trades 100.46 - -0.33%
7% MGS 2020 (III) 30/12/2020 No Trades 113.80 - -0.26%
5% MGS 2021 (I) 08/08/2021 15,484.00 106.94 106.93 -0.19%
7% MGS 2021 (II) 18/12/2021 No Trades 120.93 - -0.29%
7% MGS 2021 (III) 30/12/2021 No Trades 120.93 - -0.17%
4.3% MGS 2022 (II) 15/05/2022 15,000.00 109.31 109.31 -0.12%
1.5% MGS 2022(IV) 11/07/2022 No Trades 103.64 - -0.11%
5.1% MGS 2022 (I) 16/08/2022 No Trades 112.27 - -0.10%
7% MGS 2022 (III) 31/12/2022 No Trades 127.85 - -0.08%
5.5% MGS 2023 (I) 06/07/2023 4,659.00 117.95 - -0.03%
1.4% MGS 2023 (III) 11/11/2023 No Trades 105.05 - -0.01%
7% MGS 2023 (II) 31/12/2023 No Trades 134.58 - 0.00%
1.4% MGS 2024 (III) 29/07/2024 No Trades 105.80 - 0.05%
3.3% MGS 2024 (I) 12/11/2024 No Trades 114.81 - 0.07%
7% MGS 2024 (II) 31/12/2024 No Trades 141.13 - -1.39%
0.5% MGS 2025 (II) 08/11/2025 No Trades 102.03 - 0.14%
7% MGS 2025 (I) 31/12/2025 No Trades 147.52 - 0.15%
0.4% MGS 2026 (I) 20/10/2026 No Trades 101.24 - 0.21%
7% MGS 2026 (I) 31/12/2026 No Trades 153.58 - 0.23%
1.5% MGS 2027 (I) 15/06/2027 No Trades 108.66 - 0.28%
7% MGS 2027 (II) 31/12/2027 No Trades 158.86 - -0.47%
4.8% MGS 2028 (I) 11/09/2028 8,000.00 136.25 - 0.42%
4.5% MGS 2028 (II) 25/10/2028 15,000.00 134.15 - 0.43%
7% MGS 2028 (III) 31/12/2028 No Trades 164.26 - -0.27%
1.85% MGS 2029 (III) 30/05/2029 No Trades 112.21 - 0.48%
2.3% MGS 2029 (II) 24/07/2029 59,000.00 116.33 117.56 0.50%
5.1% MGS 2029 (I) 01/10/2029 No Trades 142.32 - 0.52%
5.25% MGS 2030 (I) 23/06/2030 9,600.00 146.13 - 0.59%
1% MGS 2031 (I) 23/04/2031 No Trades 103.88 - 0.64%
5.2% MGS 2031 (I) 16/09/2031 30,500.00 149.95 - 0.66%
4.65% MGS 2032 (I) 22/07/2032 10,000.00 146.31 - 0.71%
4.45% MGS 2032 (II) 03/09/2032 10,000.00 144.25 - 0.72%
4.3% MGS 2033 (I) 01/08/2033 No Trades 144.63 - 0.77%
4.1% MGS 2034 (I) 18/10/2034 19,000.00 144.50 - 0.84%
2.2% MGS 2035 (I) 24/11/2035 No Trades 119.32 - 0.88%
2.5% MGS 2036 (I) 17/11/2036 105,000.00 124.53 128.00 0.91%
2.1% MGS 2039 (I) 24/08/2039 209,300.00 119.48 129.50 0.99%
3% MGS 2040 (I) 11/06/2040 107,000.00 136.15 139.00 1.01%
2.4% MGS 2041 (I) 25/07/2041 70,000.00 125.53 131.00 1.06%
1.5% MGS 2041 (I) 22/10/2045 No Trades 106.24 - 1.22%

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