Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Thursday, 04 December 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 11/19/2030 - 90.00 95.00 4.39% 95 04/12/2025
3.25% AXG 2026 SI 12/20/2026 10,000 97.05 99.00 6.27% 97.05 04/12/2025
3.5% AXR 2032 02/06/2032 - 93.50 94.22 4.79% 93.25 04/12/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 0.00 94.00 4.97% 94 04/12/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 92.00 94.00 5.22% 93 04/12/2025
3.5% GO 2031 6/25/2031 17,600 95.00 95.50 4.43% 95.5 04/12/2025
3.5% SFC 2027 9/13/2027 - 0.00 98.90 4.09% 99 04/12/2025
3.65% IHI 2031 12/07/2031 31,000 91.50 92.00 5.34% 91.5 04/12/2025
3.65% MOF 2028-2031 10/15/2031 7,100 0.00 94.95 4.65% 94.95 04/12/2025
3.65% STV 2029 7/29/2029 - 96.01 97.50 4.87% 96.01 04/12/2025
3.75% AXG 2029 S2 12/20/2029 - 90.00 99.00 4.02% 99 04/12/2025
3.75% BOV 2026-2031 6/15/2031 - 0.00 96.40 4.35% 97.1 04/12/2025
3.75% BRX 2027 12/01/2027 9,800 0.00 97.99 5.38% 97 04/12/2025
3.75% MCY 2027 3/27/2027 12,000 95.01 97.00 6.20% 97 04/12/2025
3.75% PRC 2026 11/23/2026 11,700 98.50 99.85 5.37% 98.51 04/12/2025
3.75% TMF 2029 6/27/2029 - 0.00 97.00 3.84% 99.7 04/12/2025
3.75% TUM 2027 07/10/2027 8,900 96.50 99.75 5.83% 96.9 04/12/2025
3.75% VRT 2027 11/30/2027 4,300 97.43 99.75 3.88% 99.75 04/12/2025
3.8% HLF 2029 8/27/2029 43,600 96.50 97.00 4.84% 96.5 04/12/2025
3.85% HLF 2028 7/24/2028 18,900 97.00 97.99 4.98% 97.25 04/12/2025
3.9% BRW 2027-2031 07/09/2031 - 0.00 96.50 4.60% 96.6 04/12/2025
3.9% PZC 2026 9/22/2026 - 0.00 100.00 3.87% 100 04/12/2025
4% CBC 2027-2033 11/10/2033 - 0.00 93.50 5.42% 91.01 04/12/2025
4% CCS 2030 8/19/2030 - 0.00 97.20 4.48% 97.97 04/12/2025
4% EFC 2027 4/28/2027 - 96.84 99.00 4.36% 99.5 04/12/2025
4% EXF 2028 8/20/2028 - 0.00 99.00 3.99% 100 04/12/2025
4% HLF 2027 03/11/2027 42,000 97.01 98.89 4.84% 98.98 04/12/2025
4% IHI 2026 7/29/2026 - 98.07 99.80 6.98% 98.1 04/12/2025
4% IHI 2026 B 12/20/2026 - 97.02 98.50 6.04% 98 04/12/2025
4% LSI 2026-2031 06/02/2031 - 0.00 0.00 4.00% 100 04/12/2025
4% MED 2024-2029 EUR 11/05/2029 - 0.00 98.00 4.57% 98 04/12/2025
4% MIDI 2026 7/27/2026 - 88.01 95.00 12.27% 95 04/12/2025
4% MPC 2032 S1/22 T1 6/30/2032 - 0.00 100.00 4.00% 100 04/12/2025
4% SHM 2026 08/01/2026 - 0.00 98.00 7.11% 98 04/12/2025
4% SPF 2029 05/03/2029 7,000 97.01 99.00 4.97% 97.01 04/12/2025
4% STV 2027 10/18/2027 13,200 100.00 100.95 3.99% 100 04/12/2025
4.25% CCM 2024-2026 05/08/2026 - 97.50 0.00 10.22% 97.5 04/12/2025
4.25% CLP 2033 8/25/2033 300 0.00 100.00 4.25% 100 04/12/2025
4.25% CPHCL 2026 04/12/2026 - 0.00 0.00 9.89% 98.01 04/12/2025
4.25% IZI 2029 4/14/2029 - 99.00 100.00 4.24% 100 04/12/2025
4.25% MCY 2031 3/27/2031 - 0.00 101.00 4.90% 97 04/12/2025
4.3% MCY 2032 4/25/2032 - 0.00 97.00 4.80% 97.29 04/12/2025
4.35% HDS 2026 04/06/2026 - 0.00 101.00 4.23% 100 04/12/2025
4.35% SDF 2027 4/25/2027 4,600 96.50 99.00 5.10% 99 04/12/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 0.00 99.00 5.06% 99 04/12/2025
4.5% BNF 2027 - 2032 7/29/2032 - 0.00 97.23 5.41% 95.01 04/12/2025
4.5% END 2029 3/22/2029 - 0.00 99.90 4.53% 99.9 04/12/2025
4.5% G3 2032 04/06/2032 - 0.00 100.00 4.50% 100 04/12/2025
4.5% GHM 2027 8/23/2027 4,500 0.00 100.00 4.49% 100 04/12/2025
4.5% HIL 2025 10/16/2025 - 98.00 99.75 51.96% 98 29/09/2025
4.5% IZB 2025 6/30/2025 - 0.00 100.00 4.31% 100 12/06/2025
4.5% MDS 2026 EUR 02/05/2026 - 0.00 0.00 4.34% 100 04/12/2025
4.5% ONA 2028 - 2034 6/21/2034 - 99.70 99.75 4.79% 98.01 04/12/2025
4.5% SHM 2032 08/01/2032 - 0.00 91.50 5.41% 95 04/12/2025
4.55% STA 2032 02/07/2032 - 0.00 99.89 4.74% 99 04/12/2025
4.65% SMF 2031 4/22/2031 - 98.02 99.96 5.07% 98.02 04/12/2025
4.65% SMF 2032 8/23/2032 - 98.01 99.90 4.65% 99.99 04/12/2025
4.75% BDPH 2025-2027 11/30/2027 - 0.00 0.00 4.75% 100 04/12/2025
4.75% DNF 2033 11/19/2033 - 97.00 98.00 5.06% 98 04/12/2025
4.75% GAP 2025-2027 12/22/2027 - 0.00 0.00 4.75% 100 04/12/2025
4.75% GLR 2028 11/30/2028 - 0.00 99.50 8.28% 91 04/12/2025
4.75% KAF 2026-2029 8/23/2029 - 0.00 96.00 6.29% 95 04/12/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 15.99% 91.5 04/12/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 97.50 99.95 5.20% 98 04/12/2025
4.9% CLS 2032 02/09/2032 - 0.00 100.00 4.90% 100 04/12/2025
5% BLF 2026-2029 02/07/2029 - 0.00 98.00 4.65% 101 04/12/2025
5% BOV 2029-2034 S1 T1 11/28/2034 - 0.00 100.00 5.00% 100 04/12/2025
5% BSB 2029 6/28/2029 - 0.00 102.00 5.31% 99 04/12/2025
5% CFE 2028-2033 01/06/2033 - 0.00 99.99 5.00% 99.99 04/12/2025
5% CVS 2026-2029 03/08/2029 - 0.00 99.70 4.99% 100 04/12/2025
5% DZF 2026 10/07/2026 - 90.00 95.00 23.41% 87 04/12/2025
5% FES 2029 3/18/2029 - 0.00 100.00 4.99% 100 04/12/2025
5% HHF 2023-2028 5/19/2028 - 0.00 0.00 4.99% 99.99 27/10/2025
5% HLF 2029 7/17/2029 - 100.50 101.70 4.99% 100 04/12/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 100.00 5.68% 98 04/12/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 97.00 5.00% 100 04/12/2025
5% LLF 2028 7/29/2028 - 0.00 96.99 5.49% 98.8 04/12/2025
5% MDS 2029 12/20/2029 - 0.00 100.50 5.28% 99 04/12/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 100.10 5.57% 99 04/12/2025
5% MRN 2032 12/16/2032 - 99.02 100.50 5.17% 99.01 04/12/2025
5% VDH 2032 12/16/2032 - 97.10 98.50 5.26% 98.49 04/12/2025
5.00% BOV 2030-2035 S2 T1 07/07/2035 - 0.00 100.00 4.92% 100.55 04/12/2025
5.1% 6PM 2025 7/31/2025 - 0.00 99.99 22.49% 99 07/09/2025
5.10% PLG 2028 -2030 11/19/2030 3,800 0.00 100.00 5.10% 100 04/12/2025
5.2% HHF 2035 10/28/2035 - 0.00 100.00 5.20% 100 04/12/2025
5.2% SDF 2031 S1/T1 2/15/2031 - 100.00 100.75 5.03% 100.75 04/12/2025
5.2% TUM 2031-2034 11/22/2034 - 98.01 100.00 5.20% 100 04/12/2025
5.2% VBL 2030-2034 10/25/2034 - 100.00 100.20 5.20% 100 04/12/2025
5.25% ACM 2028 -2030 8/20/2030 - 0.00 100.00 5.24% 100 04/12/2025
5.25% BBP 2033 S1 T1 04/03/2033 - 99.01 100.00 5.41% 99.01 04/12/2025
5.25% CBC 2025 S2 T1 12/30/2025 - 0.00 0.00 49.92% 97 04/12/2025
5.25% KLF 2027 7/31/2027 - 0.00 0.00 5.23% 100 04/12/2025
5.25% MIH 2027 07/06/2027 10,000 99.30 100.00 5.23% 100 04/12/2025
5.25% QWR 2033 2/27/2033 - 101.00 102.00 5.25% 100 04/12/2025
5.3% GTR 2030 07/04/2030 - 100.50 101.50 4.92% 101.5 04/12/2025
5.3% MCY 2034 09/10/2034 5,000 98.35 100.25 5.54% 98.35 04/12/2025
5.30% IHI 2035 04/01/2035 - 100.00 101.00 5.16% 101 04/12/2025
5.35% BDPH 2032 2/21/2032 - 98.05 99.99 5.35% 100 04/12/2025
5.35% DSM 2028 10/28/2028 - 60.00 90.00 9.45% 90 04/12/2025
5.35% HMV 2031-2034 7/26/2034 - 101.50 103.00 5.13% 101.5 04/12/2025
5.35% JMB 2035 11/07/2035 - 0.00 100.16 5.35% 100 04/12/2025
5.35% MAR 2029-2031 6/27/2031 - 101.00 101.21 5.34% 100 04/12/2025
5.4% AGB 2035 S1 T1 10/10/2035 1,400 95.00 99.83 5.42% 99.83 04/12/2025
5.4% ECL 2031 12/30/2031 - 0.00 99.00 5.70% 98.5 04/12/2025
5.5% 9HC 2027 6/19/2027 - 0.00 101.90 5.47% 100 04/12/2025
5.5% AES 2036 S1 T2 10/08/2036 5,000 100.01 101.00 5.50% 100.01 04/12/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 6.21% 99 04/12/2025
5.5% JUE 2035 6/27/2035 - 101.75 101.95 5.24% 101.9 04/12/2025
5.5% QLZ 2030 -2035 7/22/2035 - 0.00 101.39 5.48% 100.1 04/12/2025
5.5% TST 2029 01/09/2029 - 0.00 99.00 5.86% 99 04/12/2025
5.5% YCT 2021-2025 9/13/2025 - 0.00 0.00 16.49% 98 07/09/2025
5.6% JDC 2035 5/23/2035 - 0.00 101.94 5.32% 101.99 04/12/2025
5.7% MRK 2033 08/12/2033 10,000 99.00 100.50 5.86% 99 04/12/2025
5.75% AQC 2027 12/21/2027 - 99.50 100.00 5.75% 100 04/12/2025
5.75% BDPH 2027-2029 04/12/2029 - 102.00 102.50 5.07% 102 04/12/2025
5.75% IHI 2025 13/05/2025 - 0.00 0.00 -37.09% 102 25/04/2025
5.75% PHN 2028-2033 12/30/2033 - 100.05 101.00 5.28% 103 04/12/2025
5.75% PLG 2028 11/23/2028 10,000 101.50 102.50 4.82% 102.5 04/12/2025
5.8% AES 2036 S1 T1 03/01/2036 - 101.01 102.00 5.54% 101.95 04/12/2025
5.8% APS 2028-2033 S1 T1 12/01/2033 - 103.70 104.90 5.22% 103.7 04/12/2025
5.8% GPH 2032 4/22/2032 2,600 99.00 101.00 5.60% 101 04/12/2025
5.85% AXG 2033 11/07/2033 - 102.00 104.00 5.22% 104 04/12/2025
5.85% BGA 2034 5/14/2034 - 101.75 104.40 5.58% 101.75 04/12/2025
5.85% MIH 2028 7/31/2028 - 101.01 103.00 5.42% 101 04/12/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 100.00 5.89% 100 07/09/2025
6% IHI 2033 11/14/2033 5,000 0.00 103.50 5.84% 101 04/12/2025
6% JDC 2033 S2 T1 7/19/2033 - 102.10 103.49 5.65% 102.1 04/12/2025
6% LDB 2030-2035 S1 T1 7/23/2035 - 99.00 100.00 5.72% 102 04/12/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 101.00 5.80% 101 04/12/2025
6% PHC 2033 02/03/2033 - 100.00 102.99 5.48% 103 04/12/2025
6.25% AST 2033 6/16/2033 - 0.00 103.88 6.24% 100.01 04/12/2025
6.25% CMF 2034 2/23/2034 - 101.90 102.96 6.03% 101.37 04/12/2025
6.25% GPH 2030 03/10/2030 - 100.01 102.18 5.83% 101.5 04/12/2025
6.25% TGS 2030 -2032 2/14/2032 - 0.00 104.48 5.85% 102 04/12/2025
7.25% HRT 2025-2027 11/28/2027 - 100.00 101.00 6.69% 101 04/12/2025

* 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 11/05/2029 - 0.00 96.50 5.00% 96.5 04/12/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.99% 100 04/12/2025

* 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 02/05/2026 - 0.00 0.00 6.06% 99.9 04/12/2025

* 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) 7/20/2026 - 98.23 0.00 2.99%
0.25% MGS 2026 (III) 11/18/2026 - 98.14 98.15 2.24%
0.40% MGS 2026 (II) 10/20/2026 - 98.16 0.00 2.55%
0.40% MGS 2027 (IV) 11/19/2027 - 96.39 0.00 2.30%
0.5% MGS 2025 (II) 11/08/2025 - 98.61 98.61 22.07%
0.75% MGS 2025 (III) 7/17/2025 - 103.31 0.00 -51.83%
0.80% MGS 2027 (III) 4/29/2027 - 98.00 0.00 2.26%
0.90% MGS 2027 (V) 08/12/2027 - 97.71 0.00 2.29%
0.90% MGS 2031 (V) 07/11/2031 - 89.97 0.00 2.85%
1.0% MGS 2031 (II) 4/23/2031 - 90.20 0.00 2.99%
1.00% MGS 2035 (II) 8/23/2035 - 79.09 0.00 3.57%
1.20% MGS 2037 (I) 5/13/2037 - 78.01 0.00 3.56%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.91%
1.5% MGS 2027 (I) 6/15/2027 - 98.73 0.00 2.35%
1.50% MGS 2045 (I) 10/22/2045 - 67.10 0.00 3.89%
1.60% MGS 2032 (III) 05/03/2032 - 91.36 0.00 3.10%
1.70% MGS 2028 (IV) 08/04/2028 - 98.23 0.00 2.39%
1.80% MGS 2051 (I) 8/28/2051 - 63.60 63.50 4.10%
1.85% MGS 2029 (III) 5/30/2029 - 97.31 0.00 2.66%
2.00% MGS 2051 (II) 07/10/2051 - 69.00 0.00 3.93%
2.1% MGS 2039 (I) 8/24/2039 232,000 80.59 0.00 3.95%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 0.00 3.05%
2.2% MGS 2035 (I) 11/24/2035 - 89.00 0.00 3.52%
2.3% MGS 2029 (II) 7/24/2029 172,100 98.57 0.00 2.72%
2.4% MGS 2041 (I) 7/25/2041 - 82.20 0.00 3.93%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.90%
2.5% MGS 2036 (I) 11/17/2036 - 90.03 88.00 3.61%
2.55% MGS 2030 (V) A 02/06/2030 - 99.00 0.00 2.81%
2.60% MGS 2028 (V) 5/22/2028 - 100.62 0.00 2.34%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 0.00 3.27%
2.80% MGS 2030 (III) 2/27/2030 - 100.88 0.00 2.58%
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) 10/24/2032 17,000 98.08 0.00 3.21%
3% MGS 2040 (I) 06/11/2040 - 90.50 90.50 3.86%
3.00% MGS 2030 (IV) 11/05/2030 - 101.00 0.00 2.78%
3.15% MGS 2027 (VII) 5/20/2027 - 101.16 101.13 2.33%
3.25% MGS 2034 (IV) 09/05/2034 1,800 100.00 0.00 3.25%
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) 11/27/2029 - 102.18 0.00 2.77%
3.4% MGS 2027 (VI) 9/24/2027 1,300 101.69 101.69 2.43%
3.40% MGS 2035 (IV) A 7/16/2035 - 98.27 0.00 3.61%
3.40% MGS 2035 (IV) FI A 7/16/2035 - 98.12 0.00 3.63%
3.40% MGS 2035 (IV) r 7/16/2035 - 98.17 0.00 3.63%
3.40% MGS 2042 (I) 8/26/2042 - 92.03 0.00 4.06%
3.50% MGS 2028 (VI) 07/07/2028 - 102.43 0.00 2.52%
3.50% MGS 2034 (III) 7/31/2034 - 100.14 0.00 3.48%
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) 12/18/2035 11,500 98.50 98.50 3.68%
3.50% MGS 2035 (III) A 12/18/2035 - 100.34 0.00 3.46%
3.50% MGS 2035 (III) r 12/18/2035 281,900 101.40 101.40 3.34%
3.55% MGS 2026 (V) 07/08/2026 - 100.84 0.00 2.11%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.39%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.05%
3.80% MGS 2040 (II) 10/16/2040 - 100.00 97.60 3.80%
3.80% MGS 2040 (II) A 10/16/2040 - 99.65 0.00 3.83%
3.80% MGS 2040 (II) FI A 10/16/2040 - 97.24 0.00 4.05%
3.80% MGS 2040 (II) r 10/16/2040 3,000 100.00 99.74 3.80%
3.85% MGS 2026 (VI) 08/05/2026 - 101.19 0.00 2.04%
3.95% MGS 2028 (VII) 08/08/2028 - 104.12 0.00 2.35%
4% MGS 2032 (VII) 3/30/2032 20,000 104.96 102.00 3.13%
4.00% MGS 2033 (IV) 12/05/2033 5,000 104.29 0.00 3.38%
4.00% MGS 2038 (I) 8/25/2038 - 101.75 101.50 3.82%
4.00% MGS 2043 (I) 11/26/2043 3,000 99.00 99.00 4.08%
4.1% MGS 2034 (I) 10/18/2034 - 105.58 0.00 3.37%
4.3% MGS 2033 (I) 08/01/2033 - 106.51 0.00 3.33%
4.30% MGS 2038 (II) 11/15/2038 - 104.66 0.00 3.84%
4.45% MGS 2032 (II) 09/03/2032 - 108.48 0.00 3.05%
4.5% MGS 2028 (II) 10/25/2028 - 105.31 0.00 2.58%
4.65% MGS 2032 (I) 7/22/2032 10,000 108.75 0.00 3.18%
4.8% MGS 2028 (I) 09/11/2028 - 106.28 0.00 2.43%
5.1% MGS 2029 (I) 10/01/2029 - 109.49 0.00 2.48%
5.2% MGS 2031 (I) 9/16/2031 - 111.61 111.32 3.00%
5.25% MGS 2030 (I) 6/23/2030 - 111.19 0.00 2.62%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -65.85%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -32.40%
7% MGS 2032 (V) 12/31/2032 - 100.00 0.00 7.00%
7% MGS 2034 (II) 12/31/2034 - 100.00 0.00 7.00%

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

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