Curmi & Partners - Bond Market Overview Malta

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)
Yield To Maturity
(%) *
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.