Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Wednesday, 26 March 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 19/11/2030 - 94.00 97.50 2.34% 97.5 26/03/2025
3.25% AXG 2026 SI 20/12/2026 - 96.26 100.00 2.33% 100 26/03/2025
3.5% AXR 2032 06/02/2032 29,800 94.00 94.50 2.94% 94.5 26/03/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 97.50 98.00 2.36% 97.99 26/03/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 94.90 96.99 2.37% 96.99 26/03/2025
3.5% GO 2031 25/06/2031 - 96.50 97.50 2.50% 96.5 26/03/2025
3.5% SFC 2027 13/09/2027 6,000 100.00 101.40 2.26% 101.4 26/03/2025
3.65% IHI 2031 07/12/2031 - 96.00 96.97 2.58% 96.98 26/03/2025
3.65% MOF 2028-2031 15/10/2031 - 96.50 98.25 2.42% 98.25 26/03/2025
3.65% STV 2029 29/07/2029 - 97.23 99.99 2.40% 99.99 26/03/2025
3.75% AXG 2029 S2 20/12/2029 - 97.04 100.00 2.64% 100 26/03/2025
3.75% BOV 2026-2031 15/06/2031 - 96.00 98.00 2.64% 97.5 26/03/2025
3.75% BRX 2027 01/12/2027 13,500 97.01 100.20 2.53% 100 26/03/2025
3.75% MCY 2027 27/03/2027 - 98.00 100.00 3.73% 100 26/03/2025
3.75% PRC 2026 23/11/2026 24,000 97.53 99.25 2.43% 99.25 26/03/2025
3.75% TMF 2029 27/06/2029 - 97.50 100.00 2.54% 100 26/03/2025
3.75% TUM 2027 10/07/2027 - 97.01 100.00 2.45% 100 26/03/2025
3.75% VRT 2027 30/11/2027 12,400 98.06 101.00 2.52% 100 26/03/2025
3.8% HLF 2029 27/08/2029 2,400 97.50 98.45 2.44% 98.45 26/03/2025
3.85% HLF 2028 24/07/2028 - 97.01 99.80 2.50% 98 26/03/2025
3.9% BRW 2027-2031 09/07/2031 40,000 97.00 99.00 2.57% 98.5 26/03/2025
3.9% PZC 2026 22/09/2026 - 0.00 0.00 2.31% 100 26/03/2025
4% CBC 2027-2033 10/11/2033 - 95.00 97.50 2.61% 97.45 26/03/2025
4% CCS 2030 19/08/2030 - 97.00 99.00 2.51% 99 26/03/2025
4% EFC 2027 28/04/2027 20,000 81.00 99.99 3.15% 99.99 26/03/2025
4% EXF 2028 20/08/2028 10,000 99.95 101.25 2.47% 101.25 26/03/2025
4% HLF 2027 11/03/2027 - 100.00 100.80 3.57% 100.89 26/03/2025
4% IHI 2026 29/07/2026 - 100.00 101.00 2.34% 101 26/03/2025
4% IHI 2026 B 20/12/2026 24,500 99.00 100.00 2.66% 100 26/03/2025
4% LSI 2026-2031 02/06/2031 - 0.00 0.00 2.79% 100 26/03/2025
4% MED 2024-2029 EUR 05/11/2029 - 0.00 99.00 2.57% 99 26/03/2025
4% MIDI 2026 27/07/2026 3,400 98.20 100.00 2.36% 100 26/03/2025
4% MPC 2032 S1/22 T1 30/06/2032 - 98.50 0.00 2.62% 100 26/03/2025
4% SHM 2026 01/08/2026 - 95.00 0.00 2.37% 98.5 26/03/2025
4% SPF 2029 03/05/2029 - 0.00 0.00 3.12% 99 26/03/2025
4% STV 2027 18/10/2027 - 98.53 99.98 2.49% 99.98 26/03/2025
4.25% CCM 2024-2026 08/05/2026 - 97.50 99.45 3.04% 97.5 26/03/2025
4.25% CLP 2033 25/08/2033 70,000 100.50 101.00 2.55% 101 26/03/2025
4.25% CPHCL 2026 12/04/2026 - 98.40 99.50 3.65% 98.2 26/03/2025
4.25% IZI 2029 14/04/2029 6,000 0.00 101.00 3.61% 101 26/03/2025
4.25% MCY 2031 27/03/2031 10,000 98.02 100.00 4.18% 101 26/03/2025
4.3% MCY 2032 25/04/2032 - 99.00 100.00 3.40% 99.99 26/03/2025
4.35% HDS 2026 06/04/2026 - 98.50 0.00 3.90% 100 26/03/2025
4.35% SDF 2027 25/04/2027 - 99.50 100.00 3.39% 100.5 26/03/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 98.25 0.00 2.71% 98 26/03/2025
4.5% BNF 2027 - 2032 29/07/2032 - 99.00 100.00 2.68% 100 26/03/2025
4.5% END 2029 22/03/2029 - 0.00 100.50 4.30% 100 26/03/2025
4.5% G3 2032 06/04/2032 - 98.00 0.00 4.17% 98.01 26/03/2025
4.5% GHM 2027 23/08/2027 - 99.00 100.99 2.57% 102 26/03/2025
4.5% HIL 2025 16/10/2025 20,600 99.50 99.99 1.49% 99.99 26/03/2025
4.5% IZB 2025 30/06/2025 - 0.00 100.00 1.03% 100 26/03/2025
4.5% MDS 2026 EUR 05/02/2026 - 0.00 100.00 2.71% 99.95 26/03/2025
4.5% ONA 2028 - 2034 21/06/2034 44,400 99.50 100.00 2.84% 100 26/03/2025
4.5% SHM 2032 01/08/2032 - 0.00 99.50 2.68% 99.49 26/03/2025
4.55% STA 2032 07/02/2032 22,000 100.05 0.00 3.35% 103 26/03/2025
4.65% SMF 2031 22/04/2031 1,700 99.27 100.00 3.69% 99.27 26/03/2025
4.65% SMF 2032 23/08/2032 - 101.99 0.00 2.66% 101.99 26/03/2025
4.75% BDPH 2025-2027 30/11/2027 - 100.00 0.00 2.88% 100.01 26/03/2025
4.75% DNF 2033 19/11/2033 - 0.00 0.00 2.84% 101 26/03/2025
4.75% GAP 2025-2027 22/12/2027 - 100.40 103.00 3.00% 101 26/03/2025
4.75% GLR 2028 30/11/2028 - 0.00 0.00 2.90% 100 26/03/2025
4.75% KAF 2026-2029 23/08/2029 4,000 97.00 98.00 2.73% 98 26/03/2025
4.8% MMHF 2026 14/10/2026 - 0.00 96.00 2.67% 96 26/03/2025
4.85% JDC 2032 S1 T1 25/11/2032 4,000 98.20 101.95 2.92% 99.5 26/03/2025
4.9% CLS 2032 09/02/2032 - 0.00 0.00 3.62% 100 26/03/2025
5% BLF 2026-2029 07/02/2029 - 0.00 0.00 3.67% 98.5 26/03/2025
5% BOV 2029-2034 S1 T1 28/11/2034 - 104.41 104.99 2.90% 104.41 26/03/2025
5% BSB 2029 28/06/2029 - 100.00 102.00 2.95% 99.4 26/03/2025
5% CFE 2028-2033 06/01/2033 - 99.50 101.00 3.23% 101 26/03/2025
5% CVS 2026-2029 08/03/2029 - 0.00 0.00 4.29% 100 26/03/2025
5% DZF 2026 07/10/2026 - 0.00 102.00 2.64% 100 26/03/2025
5% FES 2029 18/03/2029 - 0.00 102.00 4.61% 100 26/03/2025
5% HHF 2023-2028 19/05/2028 - 0.00 99.50 3.31% 99.5 26/03/2025
5% HLF 2029 17/07/2029 19,400 101.25 101.75 2.84% 101.25 26/03/2025
5% HRZ 2026-2029 15/03/2029 - 0.00 0.00 4.51% 99.75 26/03/2025
5% IZB 2027 - 2032 15/09/2032 - 99.50 0.00 2.77% 100 26/03/2025
5% LLF 2028 29/07/2028 - 0.00 99.00 2.80% 100 26/03/2025
5% MDS 2029 20/12/2029 - 100.50 0.00 3.09% 101 26/03/2025
5% MED 2022-2027 EUR 13/10/2027 - 0.00 0.00 2.74% 102.2 26/03/2025
5% MRN 2032 16/12/2032 4,500 101.01 105.00 3.00% 105 26/03/2025
5% VDH 2032 16/12/2032 3,000 99.50 100.50 3.08% 100 26/03/2025
5.1% 6PM 2025 31/07/2025 - 99.00 0.00 1.16% 100 26/03/2025
5.2% TUM 2031-2034 22/11/2034 - 102.00 103.50 2.96% 102.05 26/03/2025
5.2% VBL 2030-2034 25/10/2034 - 101.60 102.99 2.86% 101.6 26/03/2025
5.25% BBP 2033 S1 T1 03/04/2033 - 0.00 0.00 4.77% 102 26/03/2025
5.25% CBC 2025 S2 T1 30/12/2025 - 0.00 0.00 2.30% 100 26/03/2025
5.25% KLF 2027 31/07/2027 - 0.00 0.00 2.83% 100 26/03/2025
5.25% MIH 2027 06/07/2027 10,000 100.25 101.00 2.91% 101 26/03/2025
5.25% QWR 2033 27/02/2033 - 102.00 0.00 4.10% 102.04 26/03/2025
5.3% MCY 2034 10/09/2034 15,000 101.60 102.97 2.80% 102.95 26/03/2025
5.35% DSM 2028 28/10/2028 - 94.00 95.99 2.98% 96 26/03/2025
5.35% HMV 2031-2034 26/07/2034 - 104.50 110.00 2.84% 106 26/03/2025
5.4% ECL 2031 30/12/2031 1,400 102.00 102.74 3.30% 102 26/03/2025
5.5% 9HC 2027 19/06/2027 - 0.00 100.00 3.10% 100 26/03/2025
5.5% AES 2036 S1 T2 08/10/2036 - 103.00 103.49 2.87% 103.59 26/03/2025
5.5% IGF 2024-2027 17/05/2027 - 0.00 100.00 3.48% 100 26/03/2025
5.5% JUE 2035 27/06/2035 - 104.00 104.47 3.03% 104.46 26/03/2025
5.5% TST 2029 09/01/2029 - 0.00 100.00 3.46% 100 26/03/2025
5.5% YCT 2021-2025 13/09/2025 - 0.00 0.00 1.40% 98 26/03/2025
5.7% MRK 2033 12/08/2033 4,000 105.00 105.30 2.89% 105.3 26/03/2025
5.75% BDPH 2027-2029 12/04/2029 - 103.00 104.00 4.52% 104.5 26/03/2025
5.75% IHI 2025 13/05/2025 - 0.00 0.00 0.92% 102 26/03/2025
5.75% PHN 2028-2033 30/12/2033 - 104.50 105.40 3.37% 104 26/03/2025
5.75% PLG 2028 23/11/2028 - 101.50 0.00 3.12% 101.5 26/03/2025
5.8% AES 2036 S1 T1 01/03/2036 - 104.00 105.50 4.47% 104 26/03/2025
5.8% APS 2028-2033 S1 T1 01/12/2033 - 106.00 108.00 3.14% 104.5 26/03/2025
5.85% AXG 2033 07/11/2033 - 104.00 107.48 2.99% 107.5 26/03/2025
5.85% BGA 2034 14/05/2034 - 105.00 106.00 3.65% 102.1 26/03/2025
5.85% MIH 2028 31/07/2028 - 0.00 104.00 2.95% 104 26/03/2025
5.9% TGS 2024-2026 22/07/2026 - 98.00 0.00 2.86% 98 26/03/2025
6% IHI 2033 14/11/2033 - 105.25 105.50 3.09% 105 26/03/2025
6% JDC 2033 S2 T1 19/07/2033 - 102.90 103.00 3.05% 102.9 26/03/2025
6% MUL 2032 S1 T1 27/04/2032 - 0.00 100.00 4.17% 100 26/03/2025
6% PHC 2033 03/02/2033 - 104.02 0.00 3.91% 104.01 26/03/2025
6.25% AST 2033 16/06/2033 - 102.10 110.00 3.27% 106 26/03/2025
6.25% CMF 2034 23/02/2034 - 104.10 106.79 4.47% 104.1 26/03/2025
6.25% GPH 2030 10/03/2030 - 103.50 104.00 5.06% 103.8 26/03/2025
7.25% HRT 2025-2027 28/11/2027 - 99.50 0.00 3.46% 101 26/03/2025

* 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 05/11/2029 - 0.00 96.50 2.61% 96.5 26/03/2025
5% MED 2022-2027 GBP 13/10/2027 - 0.00 0.00 2.77% 100 26/03/2025

* 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 05/02/2026 - 95.00 99.98 3.12% 99.9 26/03/2025

* 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) 20/07/2026 - 96.69 0.00 0.13%
0.25% MGS 2026 (III) 18/11/2026 - 96.56 0.00 0.27%
0.40% MGS 2026 (II) 20/10/2026 - 96.79 0.00 0.42%
0.40% MGS 2027 (IV) 19/11/2027 - 93.31 0.00 0.44%
0.5% MGS 2025 (II) 08/11/2025 - 98.61 0.00 0.44%
0.75% MGS 2025 (III) 17/07/2025 - 103.31 0.00 0.41%
0.80% MGS 2027 (III) 29/04/2027 - 90.10 0.00 0.89%
0.90% MGS 2027 (V) 12/08/2027 - 95.40 0.00 0.88%
0.90% MGS 2031 (V) 11/07/2031 - 88.28 0.00 0.95%
1.0% MGS 2031 (II) 23/04/2031 - 89.32 0.00 1.09%
1.00% MGS 2035 (II) 23/08/2035 - 79.35 0.00 1.13%
1.20% MGS 2037 (I) 13/05/2037 - 77.83 0.00 1.42%
1.40% MGS 2046 (I) 20/08/2046 - 65.18 0.00 1.71%
1.5% MGS 2027 (I) 15/06/2027 - 97.97 0.00 1.35%
1.50% MGS 2045 (I) 22/10/2045 - 67.71 0.00 1.75%
1.60% MGS 2032 (III) 03/05/2032 - 90.93 0.00 1.62%
1.70% MGS 2028 (IV) 04/08/2028 - 90.83 0.00 1.55%
1.80% MGS 2051 (I) 28/08/2051 - 61.00 0.00 2.10%
1.85% MGS 2029 (III) 30/05/2029 - 96.25 0.00 1.67%
2.00% MGS 2051 (II) 10/07/2051 - 69.38 0.00 2.13%
2.1% MGS 2039 (I) 24/08/2039 - 81.15 0.00 1.93%
2.10% MGS 2032 (IV) 15/04/2032 - 94.20 0.00 2.09%
2.2% MGS 2035 (I) 24/11/2035 - 89.25 0.00 1.93%
2.3% MGS 2029 (II) 24/07/2029 - 97.69 0.00 1.84%
2.4% MGS 2041 (I) 25/07/2041 - 80.50 0.00 2.14%
2.40% MGS 2052 (I) 13/08/2052 - 75.22 0.00 2.21%
2.5% MGS 2036 (I) 17/11/2036 - 88.84 88.00 2.10%
2.60% MGS 2028 (V) 22/05/2028 - 99.81 0.00 2.14%
2.60% MGS 2047 (I) 27/09/2047 - 85.83 0.00 2.13%
2.80% MGS 2030 (III) 27/02/2030 - 100.00 99.65 2.51%
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) 24/10/2032 - 97.78 97.00 2.13%
3% MGS 2040 (I) 11/06/2040 - 99.80 94.00 2.28%
3.00% MGS 2030 (IV) A 05/11/2030 - 100.87 0.00 2.15%
3.00% MGS 2030 (IV) r 05/11/2030 - 101.00 101.00 2.15%
3.15% MGS 2027 (VII) 20/05/2027 - 101.46 0.00 2.41%
3.15% MGS 2027 (VII) r (xd) 5/20/2027 No Trades 99.70 - 3.26%
3.25% MGS 2034 (IV) 05/09/2034 - 100.00 0.00 2.22%
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) 27/11/2029 - 102.00 102.24 2.34%
3.35% MGS 2029 (V) r 11/27/2029 No Trades 100.02 - 3.34%
3.4% MGS 2027 (VI) 24/09/2027 - 102.50 0.00 2.21%
3.40% MGS 2042 (I) 26/08/2042 - 101.85 0.00 2.26%
3.50% MGS 2028 (VI) 07/07/2028 - 102.77 0.00 2.35%
3.50% MGS 2034 (III) 31/07/2034 - 100.00 100.52 2.35%
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) A 18/12/2035 - 100.26 0.00 2.51%
3.50% MGS 2035 (III) r 18/12/2035 79,900 100.45 0.00 2.51%
3.55% MGS 2026 (V) 08/07/2026 - 101.56 0.00 2.23%
3.7% MGS 2030 (II) 25/11/2030 - 106.09 0.00 2.42%
3.75% MGS 2033 (III) 17/08/2033 - 103.69 0.00 2.37%
3.85% MGS 2026 (VI) 05/08/2026 - 102.31 0.00 2.26%
3.95% MGS 2028 (VII) 08/08/2028 - 104.05 0.00 2.43%
4% MGS 2032 (VII) 30/03/2032 20,000 105.26 105.31 3.72%
4.00% MGS 2033 (IV) 05/12/2033 - 104.73 0.00 2.60%
4.00% MGS 2038 (I) 25/08/2038 - 105.02 105.02 2.43%
4.00% MGS 2043 (I) 26/11/2043 - 104.80 101.70 2.56%
4.1% MGS 2034 (I) 18/10/2034 - 105.05 104.10 2.49%
4.3% MGS 2033 (I) 01/08/2033 4,000 107.00 107.15 2.53%
4.30% MGS 2038 (II) 15/11/2038 - 112.09 0.00 2.53%
4.45% MGS 2032 (II) 03/09/2032 - 108.11 0.00 2.52%
4.5% MGS 2028 (II) 25/10/2028 - 106.28 0.00 2.60%
4.65% MGS 2032 (I) 22/07/2032 - 109.40 100.00 2.62%
4.8% MGS 2028 (I) 11/09/2028 - 106.80 0.00 2.62%
5.1% MGS 2029 (I) 01/10/2029 - 109.84 0.00 2.68%
5.2% MGS 2031 (I) 16/09/2031 - 112.27 0.00 2.67%
5.25% MGS 2030 (I) 23/06/2030 - 111.12 0.00 2.90%
7% MGS 2025 (I) 31/12/2025 - 149.70 0.00 1.97%
7% MGS 2026 (I) 31/12/2026 - 155.80 0.00 2.86%
7% MGS 2032 (V) 31/12/2032 - 100.00 0.00 3.79%

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