Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 04 June 2021

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
6% Mediterranean Investments Holdings plc 2021 22/06/2021 No Trades - - 145.24% 145.24% 95 23/04/2021 Unsecured
5.8% IHI plc 2021 21/12/2021 No Trades 95.00 100.00 4.25% 4.25% 100.75 21/05/2021 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 No Trades - - 3.92% 3.91% 101 31/05/2021 Unsecured
3.65% GAP Group plc Secured Bonds 2022 05/04/2022 No Trades 101.00 102.00 1.19% 1.19% 102 31/05/2021 Secured and Guaranteed
5% Mediterranean Investments Holdings plc Unsecured 2022 06/07/2022 No Trades 96.00 98.00 10.13% 10.13% 95 31/05/2021 Unsecured
6% Pendergardens Developments plc Secured 2022 Series II 31/07/2022 No Trades 101.51 105.00 3.49% 3.49% 102.75 11/05/2021 Secured
5.5% Mediterranean Investments Holdings plc Unsecured 2023 31/07/2023 No Trades 98.01 99.50 5.25% 5.24% 99.5 27/05/2021 Unsecured
6% Medserv plc Secured Notes 2023 S1 T1 30/09/2023 No Trades 95.00 - 6.47% 0.06% 99 18/05/2021 Secured and Guaranteed
4.25% GAP Group plc Secured Bonds 2023 03/10/2023 No Trades 102.50 104.00 2.65% 2.65% 103.55 14/05/2021 Secured and Guaranteed
5.3% United Finance plc Bonds 2023 06/11/2023 No Trades 101.65 - 4.62% 4.62% 101.5 03/02/2021 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 101.50 105.00 4.46% 4.46% 103 21/05/2021 Unsecured
6% AX Investments plc Bonds 2024 06/03/2024 No Trades 103.50 106.75 4.75% 4.75% 103.11 20/05/2021 Unsecured and Guaranteed
4.4% Von Der Heyden Group Finance plc Unsecured Bonds 2024 08/03/2024 No Trades 100.50 101.50 3.81% 3.81% 101.5 31/05/2021 Unsecured and Guaranteed
6% International Hotel Investments plc 2024 15/05/2024 No Trades 102.00 105.00 4.15% 4.15% 105 26/05/2021 Unsecured
5.3% Mariner Finance plc Unsecured Bonds 2024 03/07/2024 No Trades 105.01 108.00 3.55% 3.54% 105.01 13/05/2021 Unsecured
5% Tumas Investments plc Unsecured Bonds 2024 31/07/2024 No Trades 102.00 103.00 3.97% 3.97% 103 06/05/2021 Unsecured
5% Hal Mann Vella Group plc Secured Bonds 2024 06/11/2024 No Trades 103.00 104.10 4.03% 4.03% 103 31/05/2021 Secured
5.1% 1923 Unsecured Bonds 2024 04/12/2024 No Trades 101.50 102.00 4.46% 4.46% 102 27/05/2021 Unsecured
4.25% Best Deal Properties 2024 12/12/2024 32800 104.00 - 3.03% 3.03% 104 04/06/2021 Secured amd Guaranteed
5.75% International Hotel Investments plc 2025 13/05/2025 No Trades 100.07 104.50 4.34% 4.34% 105 24/05/2021 Unsecured
4.5% Izola Bank plc Unsecured 2025 30/06/2025 No Trades - - 3.69% 3.69% 103 18/05/2021 Unsecured
5.1% 6PM Holdings plc Unsecured 2025 31/07/2025 5000 - 102.00 4.56% 4.56% 102 04/06/2021 Unsecured
4.5% Hili Properties plc Unsecured 2025 16/10/2025 No Trades 102.00 102.50 3.99% 3.99% 102 24/05/2021 Unsecured
3.7% GAP Group plc Secured Bonds 2023-2025 18/12/2025 No Trades 101.00 103.99 3.45% 3.27% 101 - Secured and Guaranteed
5.25% Central Business Centres plc Unsecured 2025 S2T1 30/12/2025 No Trades 102.50 - 4.63% 4.63% 102.5 23/04/2021 Unsecured
4.5% Medserv plc Unsecured Bonds 2026 05/02/2026 No Trades - 94.90 5.76% 5.76% 94.9 13/05/2021 Unsecured
4.35% Hudson Malta plc Bonds 2026 06/04/2026 10000 101.50 - 4.11% 4.11% 101 04/06/2021 Unsecured and Guaranteed
4.25% Corinthia Finance plc Unsecured Bonds 2026 12/04/2026 4000 102.00 102.85 3.79% 3.79% 102 04/06/2021 Unsecured and Guaranteed
5.9% Together Gaming Solutions plc 2024-2026 22/07/2026 5000 99.00 100.40 5.80% 5.75% 100.4 04/06/2021 Unsecured
4% MIDI plc Secured Bonds 2026 27/07/2026 No Trades 102.00 103.00 3.57% 3.56% 102 31/05/2021 Secured
4% International Hotel Investments plc Secured 2026 29/07/2026 No Trades 100.00 103.80 3.46% 3.46% 102.5 31/05/2021 Secured
4% Shoreline Mall plc 2026 01/08/2026 No Trades 99.60 101.00 3.78% 3.78% 101 27/05/2021 Secured
4% Merkanti Holdings plc 2026 12/08/2026 No Trades 100.07 101.00 3.46% 3.46% 102.5 31/05/2021 Secured
3.9% Plaza Centres plc Unsecured Bonds 2026 22/09/2026 No Trades - - 2.97% 2.97% 104.5 04/03/2021 Unsecured
5% Dizz Finance plc Unsecured € Bonds 2026 07/10/2026 10000 95.03 98.00 5.44% 5.44% 98 04/06/2021 Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured Bonds 2026 14/10/2026 No Trades - 101.50 4.47% 0.04% 101.5 31/05/2021 Unsecured and Guaranteed
3.75% Premier Capital plc Bonds 2026 23/11/2026 No Trades 102.00 104.00 3.34% 3.34% 102 31/05/2021 Unsecured
3.25% AX Investments plc Bonds 2026 20/12/2026 No Trades 102.10 104.90 2.28% 2.28% 105 24/05/2021 Unsecured and Guaranteed
4% International Hotel Investments plc Unsecured Bonds 2026 20/12/2026 No Trades 99.10 101.50 3.69% 3.69% 101.5 31/05/2021 Unsecured
4.5% Endo Finance plc Bonds 2027 22/03/2027 No Trades - 99.00 4.65% 4.65% 99 05/05/2021 Unsecured and Guaranteed
3.75% Mercury Finance plc 2027 27/03/2027 No Trades 101.00 101.50 3.36% 3.36% 102 31/05/2021 Secured
4.35% SD Finance plc Unsecured Bonds 2027 25/04/2027 27000 100.00 101.80 4.25% 4.25% 100.5 04/06/2021 Unsecured and Guaranteed
4% Eden Finance plc Bonds 2027 28/04/2027 No Trades 103.00 104.00 3.43% 3.43% 102.99 24/05/2021 Unsecured and Guaranteed
4.4% Central Business Centres plc Unsecured 2027 S1/17 T1 07/07/2027 No Trades - 103.24 3.79% 3.79% 103.24 23/03/2021 Unsecured
3.75% Tumas Investments plc Unsecured Bonds 2027 10/07/2027 No Trades 101.20 102.00 3.38% 3.38% 102 31/05/2021 Unsecured and Guaranteed
4.5% Grand Harbour Marina plc Bonds 2027 23/08/2027 No Trades 101.55 102.00 0.04% 0.04% 102 14/05/2021 Unsecured
3.5% Simonds Farsons Cisk plc Unsecured 2027 13/09/2027 2000 105.50 106.95 2.54% 2.54% 105.5 04/06/2021 Unsecured
5% MeDirect Bank plc Subordinated Bonds 2022-2027 13/10/2027 No Trades 99.80 - 5.00% 4.98% 100 06/04/2021 Unsecured and Subordinated
4% Stivala Group Finance plc Secured 18/10/2027 No Trades 102.60 104.44 3.20% 3.20% 104.5 24/05/2021 Secured
3.75% Virtu Finance plc Unsecured Bonds 2027 30/11/2027 No Trades 103.26 - 3.06% 3.06% 104 21/05/2021 Unsecured and Guaranteed
3.75% Bortex Group Finance plc Unsecured 2027 01/12/2027 No Trades 101.00 101.99 3.57% 3.57% 101 26/05/2021 Unsecured and Guaranteed
3.85% Hili Finance Company plc Unsecured 2028 24/07/2028 No Trades 100.00 102.00 3.53% 3.53% 102 26/05/2021 Unsecured
4% Exalco Finance plc Secured Bonds 2028 20/08/2028 No Trades 102.50 - 3.60% 3.60% 102.51 31/05/2021 Secured and Guaranteed
4.85% Melite Finance Secured Bonds 2028 23/11/2028 No Trades 15.00 75.00 10.92% 10.92% 70 12/05/2021 Secured
4.15% Phoenicia Finance Company plc Unsecured 2023-2028 15/12/2028 No Trades 99.00 100.00 4.15% 4.14% 100 26/05/2021 Unsecured and Guaranteed
4% SP Finance plc Secured 2029 03/05/2029 No Trades 101.00 105.00 3.78% 3.78% 101.5 31/05/2021 Secured
3.75% TUM Finance plc Secured Bonds 2029 27/06/2029 20800 100.00 103.00 3.75% 3.75% 100 04/06/2021 Secured
3.65% Stivala 2029 29/07/2029 15000 102.20 - 3.34% 3.34% 102.2 04/06/2021 Secured
3.8% Hili Finance Company plc Unsecured 2029 27/08/2029 No Trades 100.00 100.50 3.58% 3.58% 101.5 31/05/2021 Unsecured
4% MeDirect Bank plc Subordinated Bonds 2024-2029 05/11/2029 No Trades 99.75 - 4.00% 3.99% 100 26/05/2021 Unsecured and Subordinated
3.75% AX Investments plc Bonds 2029 20/12/2029 No Trades 100.90 106.00 2.69% 2.69% 108 26/05/2021 Unsecured and Guaranteed
3.5% Bank of Valletta plc Sub Notes 2030 Series1 Tranche1 08/08/2030 25000 101.10 103.00 3.12% 3.12% 103 04/06/2021 Unsecured and Subordinated
3.5% Bank of Valletta plc Sub Notes 2030 Series2 Tranche1 08/08/2030 No Trades 101.00 103.99 3.07% 3.07% 103.4 24/05/2021 Unsecured and Subordinated
4% Cablenet Communications plc Unsecured 2030 24/08/2030 11000 103.00 104.00 3.61% 3.61% 103 04/06/2021 Unsecured
3.25% APS Bank plc Bonds 2025 - 2030 19/11/2030 No Trades 103.30 - 2.83% 2.42% 103.45 05/05/2021 Unsecured and Subordinated
4.25% Mercury Finance plc 2031 27/03/2031 No Trades 101.70 104.00 3.75% 3.75% 104 13/05/2021 Secured
4.65% Smartcare plc 2031 22/04/2031 No Trades 104.00 105.47 4.03% 4.03% 104.99 31/05/2021 Secured
3.75% Bank of Valletta plc Sub Notes 2026-2031 15/06/2031 No Trades 102.10 103.00 3.28% 2.89% 103.99 06/04/2021 Unsecured and Subordinated
4.5% Shoreline Mall plc 2032 01/08/2032 No Trades 101.19 102.20 4.37% 4.37% 101.15 21/05/2021 Secured

* 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 100.00 - 5.00% 4.98% 100 - Unsecured and Subordinated
4% MeDirect Bank plc Subordinated Bonds 2024-2029 05/11/2029 No Trades - - 4.00% 3.99% 100 04/02/2021 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 - 94.99 7.03% 7.03% 94.99 20/04/2021 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
(%) *
5% MGS 2021 (I) 08/08/2021 No Trades 100.90 100.90 -0.42%
7% MGS 2021 (II) 18/12/2021 No Trades - - #VALUE!
7% MGS 2021 (III) 30/12/2021 No Trades - - #VALUE!
4.3% MGS 2022 (II) 15/05/2022 No Trades 104.38 104.38 -0.39%
1.5% MGS 2022(IV) 11/07/2022 No Trades 102.06 - -0.39%
5.1% MGS 2022 (I) 16/08/2022 23294 106.54 106.54 -0.39%
7% MGS 2022 (III) 31/12/2022 No Trades 120.11 - -0.39%
0.5% MGS 2023 (IV) 05/05/2023 No Trades 101.66 - -0.37%
5.5% MGS 2023 (I) 06/07/2023 No Trades 112.21 112.21 -0.36%
1.4% MGS 2023 (III) 11/11/2023 No Trades 104.21 - -0.33%
7% MGS 2023 (II) 31/12/2023 No Trades 127.40 - -0.32%
1.4% MGS 2024 (III) 29/07/2024 No Trades 105.24 - -0.26%
3.3% MGS 2024 (I) 12/11/2024 No Trades 112.18 - -0.24%
7% MGS 2024 (II) 31/12/2024 No Trades 134.42 - -0.23%
0.5% MGS 2025 (II) 08/11/2025 No Trades 102.85 - -0.14%
7% MGS 2025 (I) 31/12/2025 No Trades 141.19 - -0.14%
0.4% MGS 2026 (I) 20/10/2026 No Trades 102.45 - -0.06%
7% MGS 2026 (I) 31/12/2026 No Trades 147.71 - -0.04%
0.8% MGS 2027 (III) 29/04/2027 No Trades 104.71 - 0.00%
1.5% MGS 2027 (I) 15/06/2027 No Trades 108.91 - 0.02%
0.4% MGS 2027 (IV) 19/11/2027 No Trades 102.08 - 0.08%
7% MGS 2027 (II) 31/12/2027 No Trades 153.63 - 0.09%
4.8% MGS 2028 (I) 11/09/2028 No Trades 133.23 - 0.19%
4.5% MGS 2028 (II) 25/10/2028 62300 131.45 133.50 0.20%
7% MGS 2028 (III) 31/12/2028 No Trades 159.21 - 0.21%
1.85% MGS 2029 (III) 30/05/2029 No Trades 112.60 - 0.25%
2.3% MGS 2029 (II) 24/07/2029 No Trades 116.30 - 0.27%
5.1% MGS 2029 (I) 01/10/2029 No Trades 139.43 - 0.29%
5.25% MGS 2030 (I) 23/06/2030 39000 143.17 - 0.39%
1% MGS 2031 (I) 23/04/2031 No Trades 104.95 - 0.49%
1% MGS 2031 (I) 23/04/2031 No Trades 105.54 - 0.46%
5.2% MGS 2031 (I) 16/09/2031 44000 146.69 - 0.52%
4.65% MGS 2032 (I) 22/07/2032 20000 143.46 - 0.60%
4.45% MGS 2032 (II) 03/09/2032 20000 141.57 141.57 0.62%
4.3% MGS 2033 (I) 01/08/2033 No Trades 141.86 141.86 0.70%
4.1% MGS 2034 (I) 18/10/2034 No Trades 141.53 - 0.81%
1% MGS 2035 (II) 23/08/2035 No Trades 101.44 - 0.89%
2.2% MGS 2035 (I) 24/11/2035 No Trades 117.35 - 0.92%
2.5% MGS 2036 (I) 17/11/2036 50000 121.70 124.50 0.98%
2.1% MGS 2039 (I) 24/08/2039 180000 116.64 127.00 1.09%
3% MGS 2040 (I) 11/06/2040 No Trades 132.08 - 1.12%
2.4% MGS 2041 (I) 25/07/2041 No Trades 121.53 124.50 1.19%
1.5% MGS 2045 (I) 22/10/2045 No Trades 102.77 - 1.37%
1.4% MGS 2046 (I) 20/08/2046 No Trades 100.01 103.00 1.40%

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