Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 21 January 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
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 - - 5.52% 5.52% 100 19/10/2021 Unsecured
5.75% Central Business Centres plc Unsecured 2021 S1T1 30/12/2021 No Trades - - #N/A #N/A 99.51 01/10/2021 Unsecured
3.65% GAP Group plc Secured € 2022 05/04/2022 No Trades 98.00 100.00 13.95% 13.95% 98 14/01/2022 Secured
5% Mediterranean Investments Holding plc Unsecured € 2022 06/07/2022 600 98.50 99.00 8.27% 8.27% 98.5 21/01/2022 Unsecured
6% Pendergardens Developments plc Secured € 2022 Series II 31/07/2022 No Trades 100.00 110.00 5.83% 5.83% 100 17/01/2022 1st lien
5.5% Mediterranean Investments Holding plc Unsecured € 2023 31/07/2023 No Trades 101.00 102.55 4.78% 4.78% 101 11/01/2022 Unsecured
6% MedservRegis plc Sec. & Grntd € Notes 2020-2023 S1 T1 30/09/2023 No Trades 100.30 101.10 5.99% 5.99% 100 17/01/2022 Secured
4.25% GAP Group plc Secured € 2023 03/10/2023 57,500.00 - - 3.01% 3.01% 102 21/01/2022 1st lien
5.3% United Finance Plc Unsecured € 2023 06/11/2023 No Trades 100.50 - 4.99% 4.99% 100.5 28/12/2021 Unsecured
5.8% International Hotel Investments plc 2023 14/11/2023 No Trades 101.50 104.00 4.03% 4.03% 103 16/11/2021 Unsecured
6% AX Investments Plc € 2024 06/03/2024 3,200.00 103.25 105.00 4.35% 4.35% 103.25 21/01/2022 Sr Unsecured
4.4% Von der Heyden Group Finance plc Unsecured € 2024 08/03/2024 40,000.00 100.00 100.75 4.02% 4.02% 100.75 21/01/2022 Unsecured
6% International Hotel Investments plc € 2024 15/05/2024 3,900.00 102.10 103.00 4.97% 4.97% 102.15 21/01/2022 Sr Unsecured
5.3% Mariner Finance plc Unsecured € 2024 03/07/2024 No Trades 103.20 - 3.97% 3.97% 103 20/12/2021 Sr Unsecured
5% Tumas Investments plc Unsecured € 2024 31/07/2024 65,000.00 101.60 103.00 3.74% 3.74% 103 21/01/2022 Unsecured
5% Hal Mann Vella Group plc Secured € 2024 06/11/2024 No Trades 103.00 105.40 3.84% 3.84% 103 20/01/2022 Secured
5.1% 1923 Investments plc Unsecured € 2024 04/12/2024 12,300.00 101.00 104.00 3.60% 3.60% 104 21/01/2022 Sr Unsecured
4.25% Best Deal Properties Holding plc Secured € 2024 12/12/2024 No Trades 104.00 106.00 2.78% 2.78% 104 19/01/2022 Secured
5.75% International Hotel Investments plc Unsecured € 2025 13/05/2025 No Trades 100.07 102.00 4.90% 4.90% 102.5 14/01/2022 Sr Unsecured
4.5% Izola Bank plc € Unsecured 2025 30/06/2025 No Trades - 108.00 3.70% 3.70% 102.5 17/01/2022 Unsecured
5.1% 6PM Holdings plc Unsecured € 2025 31/07/2025 No Trades 101.10 - 4.31% 4.31% 102.5 19/01/2022 Unsecured
4.5% Hili Properties plc Unsecured € 2025 16/10/2025 10,200.00 102.55 103.00 3.76% 3.76% 102.55 21/01/2022 Sr Unsecured
3.7% GAP Group plc Secured € 2023-2025 Series 1 18/12/2025 No Trades 98.03 101.00 2.94% 2.20% 102.75 10/01/2022 Secured
5.25% Central Business Centres plc Unsecured € 2025 S2T1 30/12/2025 No Trades 102.50 - 4.41% 4.41% 102.98 20/01/2022 Sr Unsecured
4.5% MedservRegis plc Unsecured € 2026 (xd) 05/02/2026 No Trades - 96.50 5.48% 5.48% 96.5 20/01/2022 Sr Unsecured
4.35% Hudson Malta plc Unsecured € 2026 06/04/2026 7,000.00 101.25 - 4.08% 4.08% 101 21/01/2022 Sr Unsecured
4.25% Corinthia Finance plc Unsecured € 2026 12/04/2026 11,000.00 100.80 102.50 4.02% 4.02% 100.85 21/01/2022 Sr Unsecured
5.9% Together Gaming Solutions plc Unsec Call Bds €2024-2026 22/07/2026 No Trades 100.01 102.00 5.19% 4.69% 102.75 10/01/2022 Unsecured
4% MIDI plc Secured € 2026 27/07/2026 16,500.00 101.20 103.20 3.70% 3.70% 101.2 21/01/2022 Secured
4% International Hotel Investments plc Secured € 2026 29/07/2026 No Trades 100.50 101.24 4.00% 4.00% 100 14/01/2022 Sr Unsecured
4% Shoreline Mall plc Secured € 2026 01/08/2026 No Trades 99.98 100.00 4.00% 4.00% 100 17/01/2022 Secured
4% Merkanti Holding plc Secured € 2026 12/08/2026 No Trades 100.50 101.50 3.63% 3.63% 101.5 10/01/2022 Secured
3.9% Plaza Centres plc Unsecured € 2026 22/09/2026 No Trades - - 2.85% 2.85% 104.5 15/10/2021 Sr Unsecured
5% Dizz Finance plc Unsecured € 2026 07/10/2026 No Trades 99.00 100.00 4.99% 4.99% 100 14/01/2022 Sr Unsecured
4.8% Mediterranean Maritime Hub Finance plc Unsecured € 2026 14/10/2026 No Trades - 101.98 4.77% 4.77% 100.1 11/01/2022 Unsecured
3.75% Premier Capital plc Unsecured € 2026 23/11/2026 7,100.00 102.20 102.51 3.24% 3.24% 102.25 21/01/2022 Unsecured
3.25% AX Group plc Unsec Bds 2026 Series I 20/12/2026 No Trades 100.00 103.00 3.70% 3.70% 98.01 06/01/2022 Unsecured
4% International Hotel Investments plc Unsecured € 2026 20/12/2026 10,000.00 99.25 101.00 3.77% 3.77% 101 21/01/2022 Sr Unsecured
3.9% Gap Group plc Secured € 2024-2026 30/12/2026 33,200.00 101.49 101.74 3.56% #N/A 101.5 21/01/2022 #N/A
3.75% Mercury Projects Finance plc Secured € 2027 27/03/2027 No Trades 100.05 101.00 3.74% 3.74% 100.05 14/01/2022 Secured
4.35% SD Finance plc Unsecured € 2027 25/04/2027 No Trades 100.01 100.50 4.24% 4.24% 100.5 19/01/2022 Sr Unsecured
4% Eden Finance plc Unsecured € 2027 28/04/2027 No Trades 100.03 101.60 3.99% 3.99% 100.03 17/01/2022 Sr Unsecured
4.4% Central Business Centres plc Unsecured € 2027 S1/17 T1 07/07/2027 No Trades 101.21 - 4.19% 4.19% 101 26/11/2021 Sr Unsecured
3.75% Tumas Investments plc Unsecured € 2027 10/07/2027 8,000.00 100.20 103.90 3.71% 3.71% 100.2 21/01/2022 Sr Unsecured
4.5% Grand Harbour Marina plc Unsecured € 2027 23/08/2027 No Trades 102.22 - 4.05% 4.05% 102.23 20/01/2022 Sr Unsecured
3.5% Simonds Farsons Cisk plc Unsecured € 2027 13/09/2027 No Trades 103.00 105.00 2.91% 2.91% 103 13/01/2022 Unsecured
5% MeDirect Bank (Malta) Plc Subordinated Unsecured € 2022-2 13/10/2027 No Trades - 104.50 4.29% 0.10% 103.5 05/01/2022 Subordinated
4% Stivala Group Finance plc Secured € 2027 18/10/2027 10,000.00 101.50 103.47 3.60% 3.60% 102 21/01/2022 Secured
3.75% Virtu Finance plc Unsecured € 2027 30/11/2027 3,500.00 102.00 102.95 3.37% 3.37% 102 21/01/2022 Sr Unsecured
3.75% Bortex Group Finance plc Unsecured € 2027 01/12/2027 No Trades 101.10 101.50 3.46% 3.46% 101.5 19/01/2022 Sr Unsecured
3.85% Hili Finance Company plc Unsecured € 2028 24/07/2028 14,000.00 - 100.00 3.85% 3.85% 100 21/01/2022 Unsecured
4% Exalco Finance plc Secured € 2028 20/08/2028 40,000.00 103.00 104.50 3.48% 3.48% 103 21/01/2022 Secured
4.85% Melite Finance plc Secured € 2028 23/11/2028 No Trades - 100.00 8.87% 8.87% 80 12/05/2021 Secured
4.15% Phoenicia Finance Company plc Unsecured € 2023-2028 15/12/2028 No Trades 99.50 100.00 4.15% 4.15% 100 11/01/2022 Sr Unsecured
4.5% Endo Finance plc € Unsecured 2029 22/03/2029 No Trades - 99.00 4.67% 4.67% 99 04/01/2022 Sr Unsecured
4% SP Finance plc € Secured 2029 03/05/2029 40,000.00 100.01 103.00 3.52% 3.52% 103 21/01/2022 Secured
3.75% TUM Finance plc Secured € 2029 27/06/2029 20,000.00 100.23 102.00 3.44% 3.44% 102 21/01/2022 Secured
3.65% Stivala Group Finance plc Secured € 2029 29/07/2029 No Trades 100.50 102.99 3.57% 3.57% 100.51 19/01/2022 Secured
3.8% Hili Finance Company plc Unsecured € 2029 27/08/2029 12,200.00 99.00 100.00 3.95% 3.95% 99 21/01/2022 Unsecured
4% MeDirect Bank (Malta) plc Sub Unsecured € 2024-2029 05/11/2029 16,000.00 - 102.75 3.59% 2.95% 102.75 21/01/2022 Subordinated
3.75% AX Group plc Unsec Bds 2029 Series II 20/12/2029 No Trades 99.50 102.99 3.73% 3.73% 100.1 20/01/2022 Unsecured
3.5% Bank of Valletta plc € Notes 2030 S1 T1 (xd) 08/08/2030 No Trades 100.01 104.50 2.88% 2.88% 104.7 17/01/2022 Subordinated
3.5% Bank of Valletta plc € Notes 2030 S2 T1 (xd) 08/08/2030 No Trades 101.75 103.99 2.97% 2.97% 104 17/01/2022 Subordinated
4% Cablenet Communication Systems plc Unsecured € 2030 19/08/2030 6,000.00 100.21 103.85 3.48% 3.48% 103.8 21/01/2022 Unsecured
3.25% APS Bank plc Unsecured Sub € 2025-2030 19/11/2030 No Trades - - 2.92% 2.55% 102.5 20/12/2021 Subordinated
4.25% Mercury Projects Finance plc Secured € 2031 27/03/2031 No Trades 100.23 102.99 4.25% 4.25% 100.01 10/01/2022 Secured
4.65% Smartcare Finance plc Secured € 2031 22/04/2031 No Trades 102.60 104.70 4.12% 4.12% 104 14/01/2022 Unsecured
3.75% Bank of Valletta plc Unsecured Sub € 2026-2031 15/06/2031 No Trades 102.00 110.00 3.31% 2.89% 103.5 17/01/2022 Subordinated
3.5% GO plc € Unsecured 2031 25/06/2031 No Trades 102.60 103.30 3.50% 3.13% 103 20/01/2022 Unsecured
3.9% Browns Pharma Holdings plc Unsec Call € 2027-2031 09/07/2031 No Trades 101.25 102.90 3.77% 3.70% 101 17/01/2022 Unsecured
3.65% Mizzi Organisation Finance plc € Unsecured 2028-2031 15/10/2031 178,100.00 101.21 102.00 3.40% 3.31% 102 21/01/2022 Unsecured
4.55% St Anthony Co plc Secured € 2032 07/02/2032 43,000.00 - 102.50 4.24% #N/A 102.5 21/01/2022 #N/A
4.5% Shoreline Mall plc Secured € 2032 01/08/2032 No Trades 97.01 100.00 4.50% 4.50% 100 10/01/2022 Secured
4.75% Dino Fino Finance plc Secured € 2033 19/11/2033 No Trades 102.60 103.00 4.42% 4.42% 103 12/01/2022 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 (Malta) Plc Subordinated Unsecured £ 2022-2 13/10/2027 No Trades - - 4.99% 4.93% 100 - Subordinated
4% MeDirect Bank (Malta) plc Sub Unsecured £ 2024-2029 05/11/2029 No Trades 100.00 - 4.00% 3.99% 100 23/07/2021 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 (xd) 05/02/2026 No Trades - 95.00 7.20% 7.20% 95 10/01/2022 Sr 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 - - #VALUE!
4.3% MGS 2022 (II) 15/05/2022 1,300.00 101.42 - -0.36%
1.5% MGS 2022 (IV) 11/07/2022 No Trades 100.86 - -0.36%
5.1% MGS 2022(I) 16/08/2022 No Trades 103.06 - -0.36%
0.50% MGS 2023 (IV) 05/05/2023 No Trades 101.01 - -0.29%
5.5% MGS 2023 (I) 06/07/2023 No Trades 108.35 - -0.25%
1.4% MGS 2023 (III) 11/11/2023 No Trades 102.91 - -0.22%
7% MGS 2023 (II) R 31/12/2023 No Trades 122.47 - -0.20%
1.4% MGS 2024 (III) 29/07/2024 No Trades 103.82 - -0.12%
3.3% MGS 2024 (I) 12/11/2024 No Trades 109.47 - -0.08%
7% MGS 2024 (II) R 31/12/2024 No Trades 129.24 - -0.06%
0.5% MGS 2025 (II) 08/11/2025 No Trades 101.67 - 0.06%
7% MGS 2025 (I) R 31/12/2025 No Trades 135.63 - 0.08%
0.4% MGS 2026 (II) 20/10/2026 No Trades 100.99 - 0.19%
0.25% MGS 2026 (III) 18/11/2026 No Trades 100.23 - 0.20%
7% MGS 2026 (I) R 31/12/2026 No Trades 141.66 - 0.22%
0.80% MGS 2027 (III) 29/04/2027 No Trades 102.80 - 0.26%
1.5% MGS 2027 (I) 15/06/2027 No Trades 106.52 - 0.28%
0.40% MGS 2027 (IV) 19/11/2027 No Trades 100.39 - 0.33%
4.8% MGS 2028 (I) 11/09/2028 400 128.48 - 0.43%
4.5% MGS 2028 (II) 25/10/2028 1,900.00 126.90 126.90 0.45%
1.85% MGS 2029 (III) 30/05/2029 No Trades 109.65 - 0.51%
2.3% MGS 2029 (II) 24/07/2029 No Trades 113.03 - 0.53%
5.1% MGS 2029 (I) 01/10/2029 No Trades 134.20 - 0.55%
5.25% MGS 2030 (I) 23/06/2030 700 137.72 - 0.64%
1.00% MGS 2031 (II) 23/04/2031 No Trades 102.25 - 0.75%
5.2% MGS 2031 (I) 16/09/2031 59,100.00 140.72 - 0.80%
4.65% MGS 2032 (I) 22/07/2032 400 137.52 - 0.90%
4.45% MGS 2032 (II) 03/09/2032 400 135.75 135.75 0.91%
4.3% MGS 2033 (I) 01/08/2033 No Trades 135.96 - 0.99%
4.1% MGS 2034 (I) 18/10/2034 No Trades 135.53 - 1.10%
1.00% MGS 2035 (II) 23/08/2035 No Trades 97.77 - 1.18%
2.2% MGS 2035 (I) 24/11/2035 No Trades 112.69 - 1.20%
2.5% MGS 2036 (I) 17/11/2036 7,400.00 116.67 - 1.26%
2.1% MGS 2039 (I) 24/08/2039 1,400.00 110.83 111.38 1.40%
3% MGS 2040 (I) 11/06/2040 38,100.00 125.00 - 1.45%
2.4% MGS 2041 (I) 25/07/2041 28,400.00 114.28 114.50 1.55%
1.50% MGS 2045 (I) 22/10/2045 No Trades 96.78 - 1.66%
1.40% MGS 2046 (I) 20/08/2046 No Trades 94.23 - 1.69%
2.00% MGS 2051 (II) 10/07/2051 No Trades 102.21 103.00 1.90%
1.8% MGS 2051 (I) 28/08/2051 No Trades 97.57 103.00 1.91%
1.80% MGS 2051 (I) I 28/08/2051 #N/A - - #N/A

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