Bond Market Overview

Friday, 30 January 2026

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 (%)	Closing Price (EUR)	Last Trade
3.25% APS 2025-2030	11/19/2030	-	0.00	95.00	4.42%	95	30/01/2026
3.25% AXG 2026 SI	12/20/2026	-	97.01	100.00	3.24%	100	30/01/2026
3.5% AXR 2032	02/06/2032	-	92.00	94.40	4.76%	93.55	30/01/2026
3.5% BOV 2030 S1 T1	08/08/2030	-	0.00	97.00	4.52%	95.9	30/01/2026
3.5% BOV 2030 S2 T1	08/08/2030	-	92.70	93.00	5.27%	93	30/01/2026
3.5% GO 2031	6/25/2031	-	94.90	99.00	3.50%	100	30/01/2026
3.5% SFC 2027	9/13/2027	-	99.00	100.00	3.49%	100	30/01/2026
3.65% IHI 2031	12/07/2031	55,800	0.00	92.00	5.27%	92	30/01/2026
3.65% MOF 2028-2031	10/15/2031	5,000	93.10	95.00	4.71%	94.8	30/01/2026
3.65% STV 2029	7/29/2029	-	99.00	99.95	3.96%	99	30/01/2026
3.75% AXG 2029 S2	12/20/2029	-	94.00	99.99	3.75%	99.99	30/01/2026
3.75% BOV 2026-2031	6/15/2031	-	0.00	96.40	4.36%	97.1	30/01/2026
3.75% BRX 2027	12/01/2027	4,000	95.01	97.99	4.91%	97.99	30/01/2026
3.75% MCY 2027	3/27/2027	-	97.00	97.85	5.71%	97.85	30/01/2026
3.75% PRC 2026	11/23/2026	-	0.00	0.00	5.61%	98.51	30/01/2026
3.75% TMF 2029	6/27/2029	-	96.02	97.95	5.05%	96.01	30/01/2026
3.75% TUM 2027	07/10/2027	-	97.25	99.49	5.79%	97.22	30/01/2026
3.75% VRT 2027	11/30/2027	-	97.27	99.90	3.74%	100	30/01/2026
3.8% HLF 2029	8/27/2029	-	0.00	95.00	5.36%	95.01	30/01/2026
3.85% HLF 2028	7/24/2028	-	99.00	99.40	4.27%	99	30/01/2026
3.9% BRW 2027-2031	07/09/2031	-	95.01	96.93	4.96%	95.01	30/01/2026
3.9% PZC 2026	9/22/2026	-	0.00	0.00	3.85%	100	30/01/2026
4% CBC 2027-2033	11/10/2033	-	0.00	92.90	4.94%	94	30/01/2026
4% CCS 2030	8/19/2030	6,000	93.01	94.99	5.65%	93.5	30/01/2026
4% EFC 2027	4/28/2027	-	99.25	99.30	4.62%	99.25	30/01/2026
4% EXF 2028	8/20/2028	-	0.00	100.00	3.99%	100	30/01/2026
4% HLF 2027	03/11/2027	2,700	98.00	99.00	5.89%	98	30/01/2026
4% IHI 2026	7/29/2026	-	98.10	100.00	5.44%	99.25	30/01/2026
4% IHI 2026 B	12/20/2026	-	98.04	99.50	6.30%	98.03	30/01/2026
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	30/01/2026
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.00	4.59%	98	30/01/2026
4% MIDI 2026	7/27/2026	3,700	94.00	96.00	16.84%	94	30/01/2026
4% MPC 2032 S1/22 T1	6/30/2032	-	0.00	99.90	4.00%	100	30/01/2026
4% SHM 2026	08/01/2026	-	0.00	98.50	8.15%	97.9	30/01/2026
4% SPF 2029	05/03/2029	-	96.01	99.74	4.08%	99.74	30/01/2026
4% STV 2027	10/18/2027	-	97.01	99.80	4.12%	99.79	30/01/2026
4.25% CCM 2024-2026	05/08/2026	-	99.45	0.00	6.10%	99.45	30/01/2026
4.25% CLP 2033	8/25/2033	2,000	100.00	101.99	4.25%	100	30/01/2026
4.25% CPHCL 2026	04/12/2026	-	0.00	98.05	4.35%	99.95	30/01/2026
4.25% IZI 2029	4/14/2029	-	97.50	98.99	4.59%	99	30/01/2026
4.25% MCY 2031	3/27/2031	-	97.01	100.50	4.30%	99.75	30/01/2026
4.3% MCY 2032	4/25/2032	-	93.01	97.50	4.77%	97.5	30/01/2026
4.35% HDS 2026	04/06/2026	-	98.01	100.00	4.20%	100	30/01/2026
4.35% SDF 2027	4/25/2027	-	97.03	99.90	4.34%	100	30/01/2026
4.4% CBC 2027 S1/17 T1	07/07/2027	-	96.01	99.70	5.12%	99	30/01/2026
4.5% BNF 2027 - 2032	7/29/2032	-	95.00	96.49	5.05%	96.99	30/01/2026
4.5% END 2029	3/22/2029	-	0.00	99.75	4.53%	99.9	30/01/2026
4.5% G3 2032	04/06/2032	-	93.00	100.00	4.50%	100	30/01/2026
4.5% GHM 2027	8/23/2027	-	97.01	99.90	4.48%	100	30/01/2026
4.5% HIL 2025	10/16/2025	-	98.00	99.00	7.30%	99	06/12/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.31%	100	06/12/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	0.00	4.31%	100	21/01/2026
4.5% ONA 2028 - 2034	6/21/2034	-	97.01	98.75	4.68%	98.75	30/01/2026
4.5% SHM 2032	08/01/2032	-	0.00	90.99	6.12%	91.5	30/01/2026
4.55% STA 2032	02/07/2032	20,000	0.00	99.89	4.57%	99.89	30/01/2026
4.65% SMF 2031	4/22/2031	-	97.00	99.81	4.73%	99.6	30/01/2026
4.65% SMF 2032	8/23/2032	-	97.05	99.99	4.65%	100	30/01/2026
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.74%	100	30/01/2026
4.75% DNF 2033	11/19/2033	3,000	95.01	97.99	5.55%	95.01	30/01/2026
4.75% GAP 2025-2027	12/22/2027	-	0.00	101.00	4.74%	100	30/01/2026
4.75% GLR 2028	11/30/2028	-	95.00	0.00	7.57%	93	30/01/2026
4.75% KAF 2026-2029	8/23/2029	-	0.00	95.50	6.35%	95	30/01/2026
4.8% MMHF 2026	10/14/2026	-	0.00	91.15	18.06%	91.5	30/01/2026
4.85% JDC 2032 S1 T1	11/25/2032	-	97.03	98.00	5.08%	98.67	30/01/2026
4.9% CLS 2032	02/09/2032	-	0.00	100.00	4.90%	100	30/01/2026
5% BLF 2026-2029	02/07/2029	-	0.00	97.95	5.74%	98	30/01/2026
5% BOV 2029-2034 S1 T1	11/28/2034	18,000	100.00	100.35	5.00%	100	30/01/2026
5% BSB 2029	6/28/2029	-	0.00	101.50	4.51%	101.5	30/01/2026
5% CFE 2028-2033	01/06/2033	5,000	99.89	99.90	5.02%	99.89	30/01/2026
5% CVS 2026-2029	03/08/2029	-	97.00	100.20	5.72%	98	30/01/2026
5% DZF 2026	10/07/2026	-	85.00	94.99	12.68%	95	30/01/2026
5% FES 2029	3/18/2029	-	0.00	99.00	5.35%	99	30/01/2026
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029	7/17/2029	1,500	99.80	100.50	4.83%	100.5	30/01/2026
5% HRZ 2026-2029	3/15/2029	-	0.00	100.00	5.71%	98	30/01/2026
5% IZB 2027 - 2032	9/15/2032	-	0.00	95.00	6.12%	94	30/01/2026
5% LLF 2028	7/29/2028	-	0.00	96.50	6.32%	96.99	30/01/2026
5% MDS 2029	12/20/2029	-	0.00	0.00	5.00%	100	30/01/2026
5% MED 2022-2027 EUR	10/13/2027	-	96.03	98.00	6.25%	98	30/01/2026
5% MRN 2032	12/16/2032	11,000	100.50	101.97	4.89%	100.6	30/01/2026
5% VDH 2032	12/16/2032	-	97.70	97.79	5.39%	97.79	30/01/2026
5.00% BOV 2030-2035 S1 T1	12/05/2035	50,000	100.00	100.97	5.00%	100	30/01/2026
5.00% BOV 2030-2035 S2 T1	07/07/2035	-	0.00	99.90	5.00%	100	30/01/2026
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	12.44%	99	06/12/2025
5.10% PLG 2028 -2030	11/19/2030	-	0.00	100.79	4.98%	100.5	30/01/2026
5.2% HHF 2035	10/28/2035	-	99.89	99.90	5.21%	99.89	30/01/2026
5.2% SDF 2031 S1/T1	2/15/2031	-	100.50	101.00	4.97%	101	30/01/2026
5.2% TUM 2031-2034	11/22/2034	-	98.01	101.95	5.06%	100.95	30/01/2026
5.2% VBL 2030-2034	10/25/2034	-	98.25	99.00	5.34%	99	30/01/2026
5.25% ACM 2028 -2030	8/20/2030	-	99.50	99.99	5.24%	100	30/01/2026
5.25% BBP 2033 S1 T1	04/03/2033	-	0.00	100.43	5.25%	100	30/01/2026
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	101.00	5.13%	100	06/12/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.23%	100	30/01/2026
5.25% MIH 2027	07/06/2027	-	98.20	100.00	7.49%	97.01	30/01/2026
5.25% QWR 2033	2/27/2033	-	0.00	101.90	5.25%	100	30/01/2026
5.3% GTR 2030	07/04/2030	-	98.07	100.89	5.29%	100	30/01/2026
5.3% MCY 2034	09/10/2034	-	99.50	100.00	5.30%	100	30/01/2026
5.30% IHI 2035	04/01/2035	-	100.15	101.20	5.28%	100.15	30/01/2026
5.35% BDPH 2032	2/21/2032	4,600	99.00	99.50	5.45%	99.5	30/01/2026
5.35% CPHCL 2035	12/18/2035	30,000	99.50	100.59	5.27%	100.59	30/01/2026
5.35% DSM 2028	10/28/2028	-	80.02	90.00	9.64%	90	30/01/2026
5.35% HMV 2031-2034	7/26/2034	-	0.00	103.00	4.90%	103	30/01/2026
5.35% JMB 2035	11/07/2035	7,400	0.00	100.00	5.35%	100	30/01/2026
5.35% MAR 2029-2031	6/27/2031	5,000	97.06	100.50	5.34%	100	30/01/2026
5.4% AGB 2035 S1 T1	10/10/2035	14,900	98.02	99.45	5.47%	99.45	30/01/2026
5.4% ECL 2031	12/30/2031	5,000	0.00	100.35	5.40%	100	30/01/2026
5.5% 9HC 2027	6/19/2027	-	0.00	101.50	5.47%	100	30/01/2026
5.5% AES 2036 S1 T2	10/08/2036	-	100.02	101.40	5.32%	101.4	30/01/2026
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.30%	99	30/01/2026
5.5% JUE 2035	6/27/2035	-	0.00	100.08	5.48%	100.08	30/01/2026
5.5% QLZ 2030 -2035 S1 T2	7/22/2035	-	100.50	102.00	5.43%	100.5	30/01/2026
5.5% QLZ 2030 -2035 S1T1	7/22/2035	-	98.01	101.25	5.56%	99.5	30/01/2026
5.5% TST 2029	01/09/2029	-	0.00	98.00	5.88%	99	30/01/2026
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.50% MDS 2031-2036	6/30/2036	-	100.50	101.50	5.34%	101.18	30/01/2026
5.6% JDC 2035	5/23/2035	-	99.00	100.50	5.60%	100	30/01/2026
5.7% MRK 2033	08/12/2033	-	99.00	100.00	5.86%	99	30/01/2026
5.70% CBC 2030-2035 S1 T1	12/04/2035	-	0.00	100.50	5.70%	100	30/01/2026
5.75% AQC 2027	12/21/2027	-	0.00	101.00	5.74%	100	30/01/2026
5.75% BDPH 2027-2029	04/12/2029	-	100.40	101.50	5.22%	101.49	30/01/2026
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	5,500	101.01	102.50	5.57%	101.1	30/01/2026
5.75% PLG 2028	11/23/2028	-	0.00	101.00	5.35%	101	30/01/2026
5.8% AES 2036 S1 T1	03/01/2036	-	100.00	101.00	5.67%	101	30/01/2026
5.8% APS 2028-2033 S1 T1	12/01/2033	-	100.00	104.90	5.40%	102.5	30/01/2026
5.8% GPH 2032	4/22/2032	-	0.00	100.85	5.62%	100.9	30/01/2026
5.85% AXG 2033	11/07/2033	-	101.00	101.50	5.60%	101.5	30/01/2026
5.85% BGA 2034	5/14/2034	1,400	98.00	101.00	5.66%	101.2	30/01/2026
5.85% MIH 2028	7/31/2028	-	99.02	103.00	5.40%	101	30/01/2026
5.9% TGS 2024-2026	7/22/2026	-	0.00	101.00	5.88%	100	06/12/2025
6% IHI 2033	11/14/2033	-	102.00	103.00	5.51%	103	30/01/2026
6% JDC 2033 S2 T1	7/19/2033	-	100.00	102.10	5.99%	100	30/01/2026
6% LDB 2030-2035 S1 T1	7/23/2035	-	99.10	99.99	6.14%	99	30/01/2026
6% MUL 2032 S1 T1	4/27/2032	-	0.00	106.00	5.80%	101	30/01/2026
6% PHC 2033	02/03/2033	-	99.00	101.99	5.65%	101.98	30/01/2026
6.25% AST 2033	6/16/2033	-	101.00	103.42	6.24%	100	30/01/2026
6.25% CMF 2034	2/23/2034	-	100.50	102.84	5.80%	102.84	30/01/2026
6.25% GPH 2030	03/10/2030	-	100.50	101.99	5.82%	101.5	30/01/2026
6.25% TGS 2030 -2032	2/14/2032	-	98.00	104.00	6.66%	98	30/01/2026
7.25% HRT 2025-2027	11/28/2027	-	0.00	0.00	6.63%	101	30/01/2026

* 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	5.04%		96.5	30/01/2026
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.98%		100	30/01/2026

* 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	5.45%		100	21/01/2026
6.50% MDS 2031-2036	6/30/2036	-	100.00	105.00	6.49%		100	30/01/2026

* 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	3.87%
0.25% MGS 2026 (III)	11/18/2026	-	98.08	0.00	2.68%
0.40% MGS 2026 (II)	10/20/2026	-	98.16	0.00	2.98%
0.40% MGS 2027 (IV)	11/19/2027	-	96.39	0.00	2.45%
0.5% MGS 2025 (II)	11/8/2025	-	98.61	0.00	4.03%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-34.32%
0.80% MGS 2027 (III)	4/29/2027	-	98.00	0.00	2.43%
0.90% MGS 2027 (V)	08/12/2027	-	97.71	0.00	2.42%
0.90% MGS 2031 (V)	07/11/2031	-	89.97	0.00	2.90%
1.0% MGS 2031 (II)	4/23/2031	-	90.20	0.00	3.04%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.60%
1.20% MGS 2037 (I)	5/13/2037	-	78.01	0.00	3.59%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.92%
1.5% MGS 2027 (I)	6/15/2027	-	98.77	98.51	2.41%
1.50% MGS 2045 (I)	10/22/2045	-	64.53	0.00	4.15%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.13%
1.70% MGS 2028 (IV)	08/04/2028	-	98.23	0.00	2.43%
1.80% MGS 2051 (I)	8/28/2051	-	63.60	0.00	4.11%
1.85% MGS 2029 (III)	5/30/2029	-	97.30	0.00	2.70%
2.00% MGS 2051 (II)	07/10/2051	-	69.00	0.00	3.94%
2.1% MGS 2039 (I)	8/24/2039	-	80.89	0.00	3.93%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.07%
2.2% MGS 2035 (I)	11/24/2035	-	89.00	0.00	3.54%
2.3% MGS 2029 (II)	7/24/2029	-	98.78	0.00	2.67%
2.4% MGS 2041 (I)	7/25/2041	5,000	82.20	80.20	3.95%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	75.22	3.91%
2.5% MGS 2036 (I)	11/17/2036	-	88.92	89.33	3.76%
2.55% MGS 2030 (V) A	02/06/2030	-	99.00	0.00	2.81%
2.55% MGS 2030 (V) r	02/06/2030	-	100.00	0.00	2.55%
2.60% MGS 2028 (V)	5/22/2028	-	101.00	100.50	2.15%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.27%
2.80% MGS 2030 (III)	2/27/2030	-	99.96	0.00	2.81%
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	4,200	99.00	99.00	3.06%
3% MGS 2040 (I)	06/11/2040	-	89.22	89.22	3.99%
3.00% MGS 2030 (IV)	11/05/2030	-	100.49	0.00	2.89%
3.15% MGS 2027 (VII)	5/20/2027	-	101.10	101.07	2.29%
3.25% MGS 2034 (IV)	09/05/2034	-	98.27	0.00	3.48%
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	-	102.16	0.00	2.75%
3.4% MGS 2027 (VI)	9/24/2027	100,000	101.64	101.00	2.38%
3.40% MGS 2035 (IV)	7/16/2035	-	98.00	98.60	3.65%
3.40% MGS 2035 (IV) A	7/16/2035	-	98.24	0.00	3.62%
3.40% MGS 2035 (IV) FI A	7/16/2035	-	98.18	0.00	3.63%
3.40% MGS 2035 (IV) r	7/16/2035	-	100.00	0.00	3.40%
3.40% MGS 2042 (I)	8/26/2042	-	92.03	0.00	4.07%
3.50% MGS 2028 (VI)	07/07/2028	100,000	102.31	0.00	2.52%
3.50% MGS 2034 (III)	7/31/2034	-	100.48	0.00	3.43%
3.50% MGS 2035 (III)	12/18/2035	34,500	99.00	99.00	3.62%
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	-	100.61	0.00	2.16%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.36%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.04%
3.80% MGS 2040 (II)	10/16/2040	4,000	97.70	97.70	4.01%
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	-	100.00	0.00	3.80%
3.80% MGS 2040 (II) FI r	10/16/2040	-	100.00	98.50	3.80%
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	1.55%
3.95% MGS 2028 (VII)	08/08/2028	-	104.12	0.00	2.26%
4% MGS 2032 (VII)	3/30/2032	2,000	104.92	0.00	3.12%
4.00% MGS 2033 (IV)	12/05/2033	-	104.31	0.00	3.37%
4.00% MGS 2038 (I)	8/25/2038	-	101.45	100.50	3.85%
4.00% MGS 2043 (I)	11/26/2043	-	100.00	99.00	4.00%
4.1% MGS 2034 (I)	10/18/2034	-	104.74	0.00	3.46%
4.3% MGS 2033 (I)	08/01/2033	-	105.74	0.00	3.43%
4.30% MGS 2038 (II)	11/15/2038	-	103.69	0.00	3.93%
4.45% MGS 2032 (II)	09/03/2032	-	107.63	0.00	3.16%
4.5% MGS 2028 (II)	10/25/2028	-	105.06	105.08	2.57%
4.65% MGS 2032 (I)	7/22/2032	-	108.50	0.00	3.19%
4.8% MGS 2028 (I)	09/11/2028	-	105.65	0.00	2.55%
5.1% MGS 2029 (I)	10/01/2029	-	108.24	0.00	2.73%
5.2% MGS 2031 (I)	9/16/2031	-	111.31	0.00	3.00%
5.25% MGS 2030 (I)	6/23/2030	-	109.94	0.00	2.83%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-57.15%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-37.70%
7% MGS 2032 (V)	12/31/2032	-	100.00	0.00	7.00%
7% MGS 2034 (II)	12/31/2034	-	100.00	100.00	7.00%

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