Bond Market Overview

Friday, 02 December 2022

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 Bank plc Unsecured Sub € 2025-2030	19/11/2030	No Trades	-	94.50	4.07%	5.31%	94.5	29/11/2022	Subordinated
3.25% AX Group plc Unsec Bds 2026 Series I (xd)	20/12/2026	No Trades	95.00	99.80	3.25%	3.25%	99.99	20/10/2022	Unsecured
3.5% AX Real Estate plc Unsecured € 2032	06/02/2032	No Trades	-	94.99	4.52%	4.52%	92.5	25/11/2022	Sr Unsecured
3.5% Bank of Valletta plc € Notes 2030 S1 T1	08/08/2030	No Trades	86.00	94.90	4.76%	4.76%	92	23/11/2022	Subordinated
3.5% Bank of Valletta plc € Notes 2030 S2 T1	08/08/2030	15,000	80.00	85.00	5.96%	5.96%	85	02/12/2022	Subordinated
3.5% GO plc € Unsecured 2031	25/06/2031	No Trades	92.50	94.50	4.28%	4.28%	94.5	29/11/2022	Unsecured
3.5% Simonds Farsons Cisk plc Unsecured € 2027	13/09/2027	No Trades	92.00	100.00	3.50%	3.50%	100	24/11/2022	Unsecured
3.65% IHI plc € Unsecured 2031 (xd)	07/12/2031	11,700	88.00	91.80	4.79%	4.79%	91.8	02/12/2022	Unsecured
3.65% Mizzi Organisation Finance plc € Unsecured 2028-2031	15/10/2031	No Trades	91.50	92.50	4.85%	5.38%	91.5	01/12/2022	Unsecured
3.65% Stivala Group Finance plc Secured € 2029	29/07/2029	No Trades	90.01	97.90	3.36%	3.36%	101.7	04/10/2022	Secured
3.7% GAP Group plc Secured € 2023-2025 Series 1	18/12/2025	No Trades	-	99.90	3.70%	3.71%	99.99	18/10/2022	Secured
3.75% AX Group plc Unsec Bds 2029 Series II (xd)	20/12/2029	No Trades	92.09	95.00	3.75%	3.75%	99.99	18/10/2022	Unsecured
3.75% Bank of Valletta plc Unsecured Sub € 2026-2031 (xd)	15/06/2031	No Trades	-	90.00	5.22%	7.00%	90	29/11/2022	Subordinated
3.75% Bortex Group Finance plc Unsecured € 2027	01/12/2027	No Trades	-	98.00	3.75%	3.75%	100	13/10/2022	Sr Unsecured
3.75% Mercury Projects Finance plc Secured € 2027	27/03/2027	No Trades	-	96.99	4.53%	4.53%	97	25/10/2022	Secured
3.75% Premier Capital plc Unsecured € 2026	23/11/2026	No Trades	92.00	98.50	5.03%	5.03%	95.5	29/11/2022	Unsecured
3.75% TUM Finance plc Secured € 2029	27/06/2029	No Trades	90.01	95.00	4.28%	4.28%	97	27/10/2022	Secured
3.75% Tumas Investments plc Unsecured € 2027	10/07/2027	No Trades	90.01	99.00	3.99%	3.99%	99	17/11/2022	Sr Unsecured
3.75% Virtu Finance plc Unsecured € 2027	30/11/2027	No Trades	80.25	95.00	4.90%	4.90%	95	25/11/2022	Sr Unsecured
3.8% Hili Finance Company plc Unsecured € 2029	27/08/2029	No Trades	85.01	94.50	4.86%	4.86%	94	24/11/2022	Unsecured
3.85% Hili Finance Company plc Unsecured € 2028	24/07/2028	No Trades	94.00	95.99	4.25%	4.25%	98	03/11/2022	Unsecured
3.9% Browns Pharma Holdings plc Unsec Call € 2027-2031	09/07/2031	No Trades	-	99.00	4.05%	4.16%	98.9	21/11/2022	Unsecured
3.9% Gap Group plc Secured € 2024-2026	30/12/2026	No Trades	-	98.00	4.38%	4.81%	98.25	24/11/2022	Secured
3.9% Plaza Centres plc Unsecured € 2026	22/09/2026	No Trades	90.01	99.90	3.90%	3.90%	100	10/10/2022	Sr Unsecured
4% Cablenet Communication Systems plc Unsecured € 2030	19/08/2030	No Trades	90.01	97.89	4.08%	4.08%	99.49	14/11/2022	Unsecured
4% Central Business Centres plc Unsecured € 2027-2033	10/11/2033	No Trades	-	98.00	4.23%	4.46%	98	14/11/2022	Unsecured
4% Eden Finance plc Unsecured € 2027	28/04/2027	No Trades	98.00	99.00	4.13%	4.13%	99.45	23/11/2022	Sr Unsecured
4% Exalco Finance plc Secured € 2028	20/08/2028	No Trades	97.50	99.75	4.50%	4.50%	97.5	21/11/2022	Secured
4% Hili Finance Company plc Unsecured € 2027	11/03/2027	No Trades	90.02	98.00	4.32%	4.32%	98.77	25/11/2022	Sr Unsecured
4% International Hotel Investments plc Secured € 2026	29/07/2026	No Trades	91.00	97.50	6.20%	6.20%	93	01/12/2022	Sr Unsecured
4% International Hotel Investments plc Unsecured € 2026 (xd)	20/12/2026	No Trades	-	97.75	5.41%	5.41%	95	25/11/2022	Sr Unsecured
4% LifeStar Insurance Plc Unsecured Subordinated € 2026-2031	02/06/2031	No Trades	-	99.90			0	-	Subordinated
4% Malta Properties Company Plc Sec Bonds 2032 S1/22 T1	30/06/2032	No Trades	95.00	99.90	4.01%		99.9	23/11/2022
4% MeDirect Bank (Malta) plc Sub Unsecured € 2024-2029	05/11/2029	No Trades	97.00	97.75	4.00%	4.00%	99.99	19/10/2022	Subordinated
4% Merkanti Holding plc Secured € 2026	12/08/2026	No Trades	-	99.50	4.60%	4.60%	98	23/11/2022	Secured
4% MIDI plc Secured € 2026	27/07/2026	No Trades	98.00	99.99	4.60%	4.60%	98	01/12/2022	Secured
4% Shoreline Mall plc Secured € 2026	01/08/2026	No Trades	97.50	99.00	3.99%	3.99%	100	05/10/2022	Secured
4% SP Finance plc € Secured 2029	03/05/2029	No Trades	90.01	99.00	3.85%	3.85%	100.8	17/11/2022	Secured
4% Stivala Group Finance plc Secured € 2027	18/10/2027	No Trades	98.50	99.98	4.23%	4.23%	99	01/12/2022	Secured
4.15% Phoenicia Finance Company plc Unsecured € 2023-2028 (xd)	15/12/2028	No Trades	61.25	97.99	4.45%	5.76%	98.44	10/11/2022	Sr Unsecured
4.25% Best Deal Properties Holding plc Secured € 2024 (xd)	12/12/2024	No Trades	102.50	-	2.95%	2.95%	102.5	01/12/2022	Secured
4.25% CPHCL Finance plc Unsecured € 2026	12/04/2026	No Trades	90.01	96.00	5.58%	5.58%	96	01/12/2022	Sr Unsecured
4.25% GAP Group plc Secured € 2023	03/10/2023	No Trades	-	-	4.22%	4.22%	100	15/11/2022	1st lien
4.25% IZI Finance plc Unsecured € 2029	14/04/2029	17,500	-	99.99	4.25%	4.25%	99.99	02/12/2022	Unsecured
4.25% Mercury Projects Finance plc Secured € 2031	27/03/2031	No Trades	-	100.00	4.24%	4.24%	100.02	11/11/2022	Secured
4.3% Mercury Project Finance plc Secured € 2032	25/04/2032	No Trades	-	96.50	4.77%	4.77%	96.5	29/11/2022	Secured
4.35% Hudson Malta plc Unsecured € 2026	06/04/2026	No Trades	91.00	98.00	4.18%	4.18%	100.5	10/11/2022	Sr Unsecured
4.35% SD Finance plc Unsecured € 2027	25/04/2027	No Trades	95.00	98.00	4.65%	4.65%	98.8	25/11/2022	Sr Unsecured
4.4% Central Business Centres plc Unsecured € 2027 S1/17 T1	07/07/2027	No Trades	95.00	98.90	4.65%	4.65%	98.98	09/11/2022	Sr Unsecured
4.4% Von der Heyden Group Finance plc Unsecured € 2024	08/03/2024	No Trades	-	-	4.38%	4.38%	100.01	07/10/2022	Unsecured
4.5% BNF Bank plc Unsecured Sub Bonds 2027-2032	29/07/2032	No Trades	-	99.99	4.50%		100	17/10/2022
4.5% Endo Finance plc € Unsecured 2029	22/03/2029	No Trades	-	98.00	4.78%	4.78%	98.5	19/09/2022	Sr Unsecured
4.5% G3 Finance plc € Secured 2032	06/04/2032	21,500	-	100.50	4.43%	4.43%	100.5	02/12/2022	Secured
4.5% Grand Harbour Marina plc Unsecured € 2027	23/08/2027	No Trades	-	100.70	4.47%	4.47%	100.1	29/11/2022	Sr Unsecured
4.5% Hili Properties plc Unsecured € 2025	16/10/2025	No Trades	99.25	100.00	4.69%	4.69%	99.5	23/11/2022	Sr Unsecured
4.5% Izola Bank plc € Unsecured 2025	30/06/2025	No Trades	90.01	-	3.25%	3.25%	103	23/11/2022	Unsecured
4.5% MedservRegis plc Unsecured € 2026	05/02/2026	No Trades	-	97.50	5.37%	5.37%	97.5	11/11/2022	Sr Unsecured
4.5% Shoreline Mall plc Secured € 2032	01/08/2032	No Trades	-	97.90	4.77%	4.77%	97.9	14/11/2022	Secured
4.50% The Ona plc Secured € 2028-2034	21/06/2034	No Trades	95.01	101.00	4.50%	4.50%	100	25/11/2022	Secured
4.55% St Anthony Co plc Secured € 2032	07/02/2032	No Trades	90.01	102.00	4.28%	4.28%	102	23/11/2022	Secured
4.65% Smartcare Finance plc Secured € 2031	22/04/2031	No Trades	90.01	101.49	4.43%	4.43%	101.5	14/11/2022	Unsecured
4.65% Smartcare Finance plc Secured € 2032	23/08/2032	No Trades	90.01	101.00	4.39%		101.99	18/11/2022
4.75% Dino Fino Finance plc Secured € 2033	19/11/2033	No Trades	100.00	101.00	4.75%	4.75%	100	30/11/2022	Secured
4.75% Orion Finance plc € Unsecured 2027	18/06/2027	No Trades	-	100.00	4.75%	4.75%	100	01/11/2022	Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured € 2026	14/10/2026	No Trades	93.01	99.92	4.82%	4.82%	99.92	01/12/2022	Unsecured
4.85% JD Capital plc € Secured Bonds 2032 S1 T1	25/11/2032	No Trades	-	100.99	4.85%		100	-
4.85% Melite Finance plc Secured € 2028	23/11/2028	No Trades	-	90.00	9.38%	9.38%	80	24/08/2022	Secured
5% Dizz Finance plc Unsecured € 2026	07/10/2026	No Trades	97.00	100.00	5.00%	5.00%	100	29/11/2022	Sr Unsecured
5% Hal Mann Vella Group plc Secured € 2024	06/11/2024	No Trades	100.00	101.40	4.22%	4.22%	101.4	24/11/2022	Secured
5% Izola Bank Unsecured Bonds 2032	15/09/2032	No Trades	100.00	100.99	5.08%		100	14/10/2022
5% MeDirect Bank (Malta) Plc Sub Unsecured € 2022-2027	13/10/2027	No Trades	-	100.00	5.00%	5.00%	100	12/09/2022	Subordinated
5% Tumas Investments plc Unsecured € 2024	31/07/2024	No Trades	101.50	104.00	4.05%	4.05%	101.5	29/11/2022	Unsecured
5.1% 1923 Investments plc Unsecured € 2024	04/12/2024	No Trades	100.50	101.00	4.83%	4.83%	100.5	30/11/2022	Sr Unsecured
5.1% 6PM Holdings plc Unsecured € 2025	31/07/2025	No Trades	95.01	102.00	5.09%	5.09%	100	18/10/2022	Unsecured
5.25% Central Business Centres plc Unsecured € 2025 S2T1	30/12/2025	No Trades	99.90	100.50	5.07%	5.07%	100.5	30/11/2022	Sr Unsecured
5.25% Mediterranean Investments Holding plc Unsecured € 2027	06/07/2027	No Trades	98.00	100.00	5.24%	5.24%	100	23/11/2022	Unsecured
5.3% Mariner Finance plc Unsecured € 2024	03/07/2024	No Trades	-	-	4.28%	4.28%	101.5	07/11/2022	Sr Unsecured
5.3% United Finance Plc Unsecured € 2023	06/11/2023	No Trades	99.00	100.71	4.48%	4.48%	100.71	17/11/2022	Unsecured
5.5% Mediterranean Investments Holding plc Unsecured € 2023	31/07/2023	No Trades	100.00	102.55	5.40%	5.40%	100	30/11/2022	Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1	30/12/2021	No Trades	-	-	#N/A	#N/A	99.51	-	Unsecured
5.75% International Hotel Investments plc Unsecured € 2025	13/05/2025	No Trades	100.50	101.99	5.51%	5.51%	100.5	30/11/2022	Sr Unsecured
5.8% International Hotel Investments plc 2023	14/11/2023	No Trades	95.01	103.50	4.13%	4.13%	101.5	10/11/2022	Unsecured
5.9% Together Gaming Solutions plc Unsec Call Bds €2024-2026	22/07/2026	No Trades	-	99.50	5.89%	5.87%	100	29/11/2022	Unsecured
6% AX Investments Plc € 2024	06/03/2024	No Trades	100.00	102.75	5.97%	5.97%	100	24/11/2022	Sr Unsecured
6% Ferratum Bank Plc Sub Unsecured € 2032 S1/22 T1	27/04/2032	No Trades	100.00	102.90	5.99%	5.99%	100	15/09/2022	Subordinated
6% International Hotel Investments plc € 2024	15/05/2024	3,500	101.00	101.50	5.23%	5.23%	101	02/12/2022	Sr Unsecured
6% MedservRegis plc Sec. & Grntd € Notes 2020-2023 S1 T1	30/09/2023	No Trades	-	-	9.90%	9.90%	97	03/11/2022	Secured
6% Multitude Bank Plc Sub Unsecured € 2032 S1/22 T1	27/04/2032	No Trades	100.00	100.99	5.99%	5.99%	100	-	Subordinated
6% Pendergardens Developments plc Secured € 2022 Series II (xd)	31/07/2022	No Trades	-	-	5.67%	5.67%	100	04/04/2022	1st lien

* 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% MeDirect Bank (Malta) plc Sub Unsecured £ 2024-2029	05/11/2029	No Trades	-	100.00	4.00%	4.00%	100	31/10/2022	Subordinated
5% MeDirect Bank (Malta) Plc Sub Unsecured £ 2022-2027	13/10/2027	No Trades	-	-			0	-	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% MedservRegis plc Unsecured USD 2026	05/02/2026	No Trades	-	95.50	7.57%	7.57%	95	28/09/2022	Sr Unsecured

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

Government Bonds (#N/A)

Bond	Maturity	Volume Traded	Closing Price (Trading)	Central Bank Malta (Closing Bid Price)
2.90% MGS 2032 (VI) I	24/10/2032	No Trades	-	-
3.4% MGS 2027 (VI) FI	24/09/2027	No Trades	102.39	-
3.7% MGS 2030 (II)	25/11/2030	No Trades	104.26	-

* Where more than one maturity date exists, YTM 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	No Trades	91.05	-	2.73%
0.25% MGS 2026 (III)	18/11/2026	No Trades	90.71	90.75	2.76%
0.3% MGS 2024 (IV)	11/10/2024	No Trades	96.02	96.05	2.53%
0.4% MGS 2026 (II)	20/10/2026	No Trades	91.47	-	2.75%
0.40% MGS 2027 (IV)	19/11/2027	No Trades	88.73	88.50	2.87%
0.5% MGS 2025 (II)	08/11/2025	No Trades	94.03	94.00	2.65%
0.50% MGS 2023 (IV)	05/05/2023	No Trades	99.22	-	2.41%
0.75% MGS 2025 (III)	17/07/2025	No Trades	95.35	95.00	2.61%
0.80% MGS 2027 (III)	29/04/2027	No Trades	91.80	-	2.81%
0.90% MGS 2027 (V)	12/08/2027	No Trades	91.60	-	2.84%
0.90% MGS 2031 (V)	11/07/2031	No Trades	83.31	-	3.15%
1.00% MGS 2031 (II)	23/04/2031	No Trades	84.57	-	3.12%
1.00% MGS 2035 (II)	23/08/2035	No Trades	76.12	-	3.34%
1.20% MGS 2037 (I)	13/05/2037	No Trades	75.56	-	3.37%
1.4% MGS 2023 (III)	11/11/2023	No Trades	99.06	-	2.43%
1.4% MGS 2024 (III)	29/07/2024	No Trades	98.24	-	2.50%
1.40% MGS 2046 (I)	20/08/2046	No Trades	66.91	63.50	3.47%
1.5% MGS 2022 (IV)	11/07/2022	No Trades	100.07	-	0.43%
1.5% MGS 2027 (I)	15/06/2027	No Trades	94.47	-	2.82%
1.50% MGS 2045 (I)	22/10/2045	No Trades	69.34	74.00	3.46%
1.60% MGS 2032 (III)	03/05/2032	No Trades	86.97	84.01	3.23%
1.70% MGS 2028 (IV)	04/08/2028	No Trades	93.85	-	2.89%
1.8% MGS 2051 (I)	28/08/2051	No Trades	68.96	64.50	3.54%
1.85% MGS 2029 (III)	30/05/2029	No Trades	93.44	-	2.98%
2.00% MGS 2051 (II)	10/07/2051	No Trades	72.65	68.00	3.54%
2.1% MGS 2039 (I)	24/08/2039	No Trades	83.57	80.50	3.40%
2.10% MGS 2032 (IV)	15/04/2032	No Trades	91.08	-	3.22%
2.2% MGS 2035 (I)	24/11/2035	No Trades	88.26	-	3.33%
2.3% MGS 2029 (II)	24/07/2029	No Trades	95.90	-	2.99%
2.4% MGS 2041 (I)	25/07/2041	No Trades	86.12	83.00	3.42%
2.40% MGS 2052 (I)	13/08/2052	No Trades	79.16	74.00	3.55%
2.5% MGS 2036 (I)	17/11/2036	No Trades	90.70	89.60	3.35%
2.60% MGS 2028 (V)	22/05/2028	No Trades	98.67	99.00	2.87%
2.60% MGS 2028 (V) I	5/22/2028	No Trades	-	-
2.60% MGS 2028 (V) R	5/22/2028	No Trades	-	-
2.60% MGS 2047 (I)	27/09/2047	No Trades	85.49	81.00	3.48%
2.90% MGS 2032 (VI)	24/10/2032	No Trades	96.94	60.98	3.27%
3% MGS 2040 (I)	11/06/2040	No Trades	94.71	95.00	3.41%
3.3% MGS 2024 (I)	12/11/2024	No Trades	101.45	-	2.52%
3.4% MGS 2027 (VI) r	24/09/2027	No Trades	102.50	-	2.83%
3.40% MGS 2042 (I)	26/08/2042	No Trades	99.71	100.90	3.42%
3.40% MGS 2042 (I) I (xd)	26/08/2042	No Trades	-	-
3.40% MGS 2042 (I) R (xd)	26/08/2042	No Trades	-	-
4% MGS 2032 (VII) r	30/03/2032	190,000	106.34	105.60	3.20%
4.1% MGS 2034 (I)	18/10/2034	200,000	107.78	41.00	3.30%
4.3% MGS 2033 (I)	01/08/2033	No Trades	109.12	102.00	3.27%
4.45% MGS 2032 (II)	03/09/2032	No Trades	109.93	-	3.24%
4.5% MGS 2028 (II)	25/10/2028	No Trades	108.55	101.00	2.90%
4.65% MGS 2032 (I)	22/07/2032	No Trades	111.58	-	3.23%
4.8% MGS 2028 (I)	11/09/2028	No Trades	110.03	101.00	2.88%
5.1% MGS 2022(I)	16/08/2022	No Trades	100.28	-	0.43%
5.1% MGS 2029 (I)	01/10/2029	No Trades	112.83	101.00	2.99%
5.2% MGS 2031 (I)	16/09/2031	No Trades	115.62	101.00	3.14%
5.25% MGS 2030 (I) (xd)	23/06/2030	No Trades	114.92	111.40	3.01%
5.5% MGS 2023 (I)	06/07/2023	No Trades	101.78	-	2.34%
7% MGS 2023 (II) R	31/12/2023	No Trades	113.05	-	2.42%
7% MGS 2024 (II) R	31/12/2024	No Trades	116.99	-	2.52%
7% MGS 2025 (I) R	31/12/2025	No Trades	120.57	-	2.63%
7% MGS 2026 (I) R	31/12/2026	No Trades	123.81	-	2.74%
7% MGS 2032 (V) r (xd)	31/12/2032	No Trades	137.93	-	3.25%

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