Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Thursday, 19 June 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 25,000 92.00 96.00 4.97% 92 19/06/2025
3.25% AXG 2026 SI 12/20/2026 - 0.00 98.50 4.29% 98.5 19/06/2025
3.5% AXR 2032 02/06/2032 - 93.00 95.48 4.75% 93 19/06/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 94.20 98.00 4.73% 94.5 19/06/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 0.00 94.00 4.64% 94.9 19/06/2025
3.5% GO 2031 6/25/2031 - 97.45 97.70 3.92% 97.8 19/06/2025
3.5% SFC 2027 9/13/2027 - 99.50 99.95 3.52% 99.95 19/06/2025
3.65% IHI 2031 12/07/2031 1,200 93.00 93.99 4.94% 93 19/06/2025
3.65% MOF 2028-2031 10/15/2031 - 95.75 97.40 4.43% 95.75 19/06/2025
3.65% STV 2029 7/29/2029 - 96.01 99.00 4.19% 98 19/06/2025
3.75% AXG 2029 S2 12/20/2029 10,000 99.00 99.90 3.75% 100 19/06/2025
3.75% BOV 2026-2031 6/15/2031 - 0.00 97.50 4.16% 97.85 19/06/2025
3.75% BRX 2027 12/01/2027 - 97.00 99.50 5.07% 97.01 19/06/2025
3.75% MCY 2027 3/27/2027 - 0.00 98.49 5.57% 97 19/06/2025
3.75% PRC 2026 11/23/2026 1,500 97.00 100.00 5.99% 97 19/06/2025
3.75% TMF 2029 6/27/2029 35,800 98.50 100.20 4.16% 98.5 19/06/2025
3.75% TUM 2027 07/10/2027 - 92.00 98.00 5.33% 97 19/06/2025
3.75% VRT 2027 11/30/2027 - 96.51 98.80 3.74% 100 19/06/2025
3.8% HLF 2029 8/27/2029 - 92.00 96.00 5.16% 95 19/06/2025
3.85% HLF 2028 7/24/2028 - 95.00 99.00 4.04% 99.45 19/06/2025
3.9% BRW 2027-2031 07/09/2031 - 97.00 98.50 4.19% 98.5 19/06/2025
3.9% PZC 2026 9/22/2026 - 0.00 100.00 3.89% 100 19/06/2025
4% CBC 2027-2033 11/10/2033 - 0.00 96.00 4.29% 98 19/06/2025
4% CCS 2030 8/19/2030 - 95.00 96.51 5.12% 95 19/06/2025
4% EFC 2027 4/28/2027 5,000 60.08 100.00 4.57% 99 19/06/2025
4% EXF 2028 8/20/2028 - 0.00 99.50 4.17% 99.5 19/06/2025
4% HLF 2027 03/11/2027 - 94.01 96.99 5.86% 97.01 19/06/2025
4% IHI 2026 7/29/2026 5,000 100.00 101.00 3.99% 100 19/06/2025
4% IHI 2026 B 12/20/2026 - 97.01 99.00 4.37% 99.45 19/06/2025
4% LSI 2026-2031 06/02/2031 - 0.00 0.00 4.00% 100 19/06/2025
4% MED 2024-2029 EUR 11/05/2029 - 0.00 97.99 4.33% 98.7 19/06/2025
4% MIDI 2026 7/27/2026 2,900 92.01 97.00 10.02% 94 19/06/2025
4% MPC 2032 S1/22 T1 6/30/2032 - 98.50 99.00 4.25% 98.5 19/06/2025
4% SHM 2026 08/01/2026 - 0.00 98.00 3.99% 100 19/06/2025
4% SPF 2029 05/03/2029 - 98.00 0.00 4.57% 98 19/06/2025
4% STV 2027 10/18/2027 8,100 100.00 100.30 3.99% 100 19/06/2025
4.25% CCM 2024-2026 05/08/2026 - 97.50 0.00 4.88% 99.45 19/06/2025
4.25% CLP 2033 8/25/2033 - 0.00 101.50 4.25% 100 19/06/2025
4.25% CPHCL 2026 04/12/2026 - 97.50 99.00 5.50% 99 19/06/2025
4.25% IZI 2029 4/14/2029 5,000 0.00 100.00 4.25% 100 19/06/2025
4.25% MCY 2031 3/27/2031 10,000 0.00 100.00 4.46% 98.95 19/06/2025
4.3% MCY 2032 4/25/2032 - 0.00 97.00 4.82% 97 19/06/2025
4.35% HDS 2026 04/06/2026 - 99.00 99.50 5.62% 99 19/06/2025
4.35% SDF 2027 4/25/2027 8,700 0.00 100.24 4.21% 100.24 19/06/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 0.00 99.50 5.46% 98 19/06/2025
4.5% BNF 2027 - 2032 7/29/2032 - 0.00 98.00 4.84% 97.99 19/06/2025
4.5% END 2029 3/22/2029 - 0.00 99.50 4.52% 99.9 19/06/2025
4.5% G3 2032 04/06/2032 4,600 99.90 100.00 4.50% 100 19/06/2025
4.5% GHM 2027 8/23/2027 - 100.00 101.50 4.49% 100 19/06/2025
4.5% HIL 2025 10/16/2025 - 98.00 98.80 7.47% 99 19/06/2025
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 - 0.00 100.00 4.43% 100 19/06/2025
4.5% ONA 2028 - 2034 6/21/2034 - 0.00 100.00 4.50% 100 19/06/2025
4.5% SHM 2032 08/01/2032 - 0.00 95.00 4.84% 98 19/06/2025
4.55% STA 2032 02/07/2032 - 0.00 102.00 4.55% 100 19/06/2025
4.65% SMF 2031 4/22/2031 - 100.00 101.75 4.30% 101.75 19/06/2025
4.65% SMF 2032 8/23/2032 - 98.00 100.00 4.65% 100 19/06/2025
4.75% BDPH 2025-2027 11/30/2027 39,300 100.00 0.00 4.74% 100 19/06/2025
4.75% DNF 2033 11/19/2033 8,000 0.00 100.00 4.75% 100 19/06/2025
4.75% GAP 2025-2027 12/22/2027 - 100.00 101.00 4.74% 100 19/06/2025
4.75% GLR 2028 11/30/2028 - 0.00 99.50 4.90% 99.5 19/06/2025
4.75% KAF 2026-2029 8/23/2029 - 0.00 97.00 6.14% 95 19/06/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 12.12% 91.5 19/06/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 98.00 100.00 4.85% 100 19/06/2025
4.9% CLS 2032 02/09/2032 - 0.00 100.00 4.90% 100 19/06/2025
5% BLF 2026-2029 02/07/2029 - 0.00 100.00 5.15% 99.5 19/06/2025
5% BOV 2029-2034 S1 T1 11/28/2034 - 0.00 102.00 4.73% 102 19/06/2025
5% BSB 2029 6/28/2029 - 0.00 101.98 5.00% 100 19/06/2025
5% CFE 2028-2033 01/06/2033 - 98.75 100.00 5.00% 100 19/06/2025
5% CVS 2026-2029 03/08/2029 - 0.00 99.50 5.60% 98 19/06/2025
5% DZF 2026 10/07/2026 - 98.50 100.00 6.63% 98 19/06/2025
5% FES 2029 3/18/2029 - 0.00 0.00 4.99% 100 19/06/2025
5% HHF 2023-2028 5/19/2028 - 0.00 99.00 5.19% 99.5 19/06/2025
5% HLF 2029 7/17/2029 26,400 100.00 100.50 4.86% 100.5 19/06/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 0.00 5.60% 98 19/06/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 0.00 5.00% 100 19/06/2025
5% LLF 2028 7/29/2028 - 0.00 99.00 5.35% 99 19/06/2025
5% MDS 2029 12/20/2029 - 0.00 101.00 4.74% 101 19/06/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 99.00 5.46% 99 19/06/2025
5% MRN 2032 12/16/2032 - 100.60 101.50 4.75% 101.5 19/06/2025
5% VDH 2032 12/16/2032 - 98.50 99.00 5.24% 98.5 19/06/2025
5.1% 6PM 2025 7/31/2025 - 0.00 99.99 13.74% 99 19/06/2025
5.2% TUM 2031-2034 11/22/2034 - 0.00 103.50 4.93% 102 19/06/2025
5.2% VBL 2030-2034 10/25/2034 - 0.00 101.47 5.13% 100.5 19/06/2025
5.25% BBP 2033 S1 T1 04/03/2033 - 0.00 102.50 4.93% 102 19/06/2025
5.25% CBC 2025 S2 T1 12/30/2025 - 0.00 101.00 5.12% 100 19/06/2025
5.25% KLF 2027 7/31/2027 - 0.00 0.00 5.24% 100 19/06/2025
5.25% MIH 2027 07/06/2027 5,300 0.00 99.10 5.73% 99.1 19/06/2025
5.25% QWR 2033 2/27/2033 7,800 101.51 0.00 5.00% 101.51 19/06/2025
5.3% MCY 2034 09/10/2034 500 0.00 100.00 5.30% 100 19/06/2025
5.30% IHI 2035 04/01/2035 - 100.00 102.25 5.30% 100 19/06/2025
5.35% BDPH 2032 2/21/2032 15,000 99.01 101.79 5.34% 100 19/06/2025
5.35% DSM 2028 10/28/2028 - 70.02 95.30 8.06% 92.25 19/06/2025
5.35% HMV 2031-2034 7/26/2034 - 101.51 0.00 5.14% 101.51 19/06/2025
5.4% ECL 2031 12/30/2031 17,500 99.00 99.98 5.58% 99 19/06/2025
5.5% 9HC 2027 6/19/2027 - 0.00 0.00 5.50% 100 19/06/2025
5.5% AES 2036 S1 T2 10/08/2036 10,000 0.00 102.39 5.21% 102.4 19/06/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 100.00 5.49% 100 19/06/2025
5.5% JUE 2035 6/27/2035 - 100.11 102.25 5.49% 100.11 19/06/2025
5.5% TST 2029 01/09/2029 - 0.00 100.00 5.49% 100 19/06/2025
5.5% YCT 2021-2025 9/13/2025 - 0.00 0.00 13.88% 98 19/06/2025
5.6% JDC 2035 5/23/2035 - 100.56 102.00 5.32% 102.1 19/06/2025
5.7% MRK 2033 08/12/2033 - 100.00 104.48 5.09% 104 19/06/2025
5.75% BDPH 2027-2029 04/12/2029 - 0.00 104.40 5.15% 102 19/06/2025
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 - 102.10 103.93 5.43% 102.1 19/06/2025
5.75% PLG 2028 11/23/2028 - 101.50 103.00 5.25% 101.5 19/06/2025
5.8% AES 2036 S1 T1 03/01/2036 - 102.50 103.50 5.35% 103.59 19/06/2025
5.8% APS 2028-2033 S1 T1 12/01/2033 - 102.60 108.00 5.42% 102.5 19/06/2025
5.8% GPH 2032 4/22/2032 - 0.00 101.99 5.42% 102.1 19/06/2025
5.85% AXG 2033 11/07/2033 - 102.05 105.00 5.53% 102.05 19/06/2025
5.85% BGA 2034 5/14/2034 2,000 101.25 104.85 5.67% 101.25 19/06/2025
5.85% MIH 2028 7/31/2028 - 100.00 0.00 5.13% 102 19/06/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 100.00 5.89% 100 19/06/2025
6% IHI 2033 11/14/2033 - 103.10 104.20 5.52% 103.1 19/06/2025
6% JDC 2033 S2 T1 7/19/2033 - 102.50 104.00 5.53% 103 19/06/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 0.00 6.00% 100 19/06/2025
6% PHC 2033 02/03/2033 - 102.60 104.00 5.58% 102.5 19/06/2025
6.25% AST 2033 6/16/2033 - 104.00 105.00 5.46% 105 19/06/2025
6.25% CMF 2034 2/23/2034 - 104.00 105.39 5.69% 103.7 19/06/2025
6.25% GPH 2030 03/10/2030 - 101.50 103.00 5.50% 103 19/06/2025
6.25% TGS 2030 -2032 2/14/2032 - 98.20 103.00 5.96% 101.5 19/06/2025
7.25% HRT 2025-2027 11/28/2027 - 99.50 100.00 6.76% 101 19/06/2025

* 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 4.90% 96.5 19/06/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.99% 100 19/06/2025

* 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 99.95 5.79% 99.9 19/06/2025

* 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 - 97.96 0.00 2.02%
0.25% MGS 2026 (III) 11/18/2026 200,000 97.55 0.00 2.02%
0.40% MGS 2026 (II) 10/20/2026 - 96.79 97.89 2.88%
0.40% MGS 2027 (IV) 11/19/2027 - 93.31 0.00 3.31%
0.5% MGS 2025 (II) 11/08/2025 - 98.61 0.00 4.21%
0.75% MGS 2025 (III) 7/17/2025 - 103.31 0.00 -43.75%
0.80% MGS 2027 (III) 4/29/2027 - 90.10 0.00 6.55%
0.90% MGS 2027 (V) 08/12/2027 - 97.40 0.00 2.15%
0.90% MGS 2031 (V) 07/11/2031 - 89.79 0.00 2.74%
1.0% MGS 2031 (II) 4/23/2031 - 90.49 0.00 2.78%
1.00% MGS 2035 (II) 8/23/2035 - 79.21 0.00 3.44%
1.20% MGS 2037 (I) 5/13/2037 - 77.83 0.00 3.49%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.86%
1.5% MGS 2027 (I) 6/15/2027 - 98.84 98.83 2.10%
1.50% MGS 2045 (I) 10/22/2045 - 66.68 0.00 3.89%
1.60% MGS 2032 (III) 05/03/2032 - 91.36 0.00 3.00%
1.70% MGS 2028 (IV) 08/04/2028 - 90.83 0.00 4.90%
1.80% MGS 2051 (I) 8/28/2051 - 61.00 62.00 4.29%
1.85% MGS 2029 (III) 5/30/2029 - 96.25 0.00 2.86%
2.00% MGS 2051 (II) 07/10/2051 - 69.38 0.00 3.88%
2.1% MGS 2039 (I) 8/24/2039 - 83.56 0.00 3.59%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 95.00 2.99%
2.2% MGS 2035 (I) 11/24/2035 - 90.39 0.00 3.30%
2.3% MGS 2029 (II) 7/24/2029 - 99.34 99.27 2.47%
2.4% MGS 2041 (I) 7/25/2041 - 84.16 0.00 3.72%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.89%
2.5% MGS 2036 (I) 11/17/2036 - 90.92 88.00 3.47%
2.60% MGS 2028 (V) 5/22/2028 29,000 100.90 0.00 2.28%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 0.00 3.26%
2.80% MGS 2030 (III) 2/27/2030 - 100.68 0.00 2.64%
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 - 99.46 0.00 2.98%
3% MGS 2040 (I) 06/11/2040 - 95.99 92.02 3.34%
3.00% MGS 2030 (IV) 11/05/2030 150,000 101.47 0.00 2.70%
3.15% MGS 2027 (VII) 5/20/2027 - 101.93 0.00 2.11%
3.25% MGS 2034 (IV) 09/05/2034 - 100.07 100.08 3.24%
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 50,000 103.33 0.00 2.55%
3.4% MGS 2027 (VI) 9/24/2027 3,000 102.71 102.70 2.16%
3.40% MGS 2042 (I) 8/26/2042 - 100.40 0.00 3.37%
3.50% MGS 2028 (VI) 07/07/2028 16,000 103.50 103.50 2.30%
3.50% MGS 2034 (III) 7/31/2034 1,000,000 101.99 0.00 3.25%
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 20,000 102.50 101.80 3.22%
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 20,000 101.60 101.50 2.00%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.49%
3.75% MGS 2033 (III) 8/17/2033 - 104.81 0.00 3.08%
3.85% MGS 2026 (VI) 08/05/2026 - 102.15 0.00 1.91%
3.95% MGS 2028 (VII) 08/08/2028 - 105.23 0.00 2.21%
4% MGS 2032 (VII) 3/30/2032 - 106.70 0.00 2.90%
4.00% MGS 2033 (IV) 12/05/2033 50,000 106.38 0.00 3.14%
4.00% MGS 2038 (I) 8/25/2038 - 105.02 104.14 3.52%
4.00% MGS 2043 (I) 11/26/2043 - 102.81 102.81 3.79%
4.1% MGS 2034 (I) 10/18/2034 - 107.00 0.00 3.22%
4.3% MGS 2033 (I) 08/01/2033 - 109.00 0.00 3.04%
4.30% MGS 2038 (II) 11/15/2038 - 107.83 0.00 3.56%
4.45% MGS 2032 (II) 09/03/2032 - 110.00 0.00 2.90%
4.5% MGS 2028 (II) 10/25/2028 - 107.08 0.00 2.29%
4.65% MGS 2032 (I) 7/22/2032 - 111.21 0.00 2.89%
4.8% MGS 2028 (I) 09/11/2028 11,000 107.60 0.00 2.34%
5.1% MGS 2029 (I) 10/01/2029 - 110.75 0.00 2.44%
5.2% MGS 2031 (I) 9/16/2031 - 113.96 0.00 2.75%
5.25% MGS 2030 (I) 6/23/2030 - 112.09 0.00 2.65%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -59.07%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -21.82%
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.