Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Tuesday, 09 September 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 - 92.00 95.00 4.12% 96 09/09/2025
3.25% AXG 2026 SI 12/20/2026 6,000 97.50 98.00 4.90% 97.99 09/09/2025
3.5% AXR 2032 2/6/2032 - 93.50 94.50 4.69% 93.5 09/09/2025
3.5% BOV 2030 S1 T1 8/8/2030 10,000 96.00 97.75 4.19% 97 09/09/2025
3.5% BOV 2030 S2 T1 8/8/2030 - 0.00 95.00 4.66% 95 09/09/2025
3.5% GO 2031 6/25/2031 - 95.00 96.50 4.09% 97 09/09/2025
3.5% SFC 2027 9/13/2027 - 100.00 101.00 3.50% 100 09/09/2025
3.65% IHI 2031 12/7/2031 7,000 93.71 94.00 4.78% 94 09/09/2025
3.65% MOF 2028-2031 10/15/2031 - 95.50 96.00 4.37% 96.2 09/09/2025
3.65% STV 2029 7/29/2029 - 96.50 97.80 4.22% 98 09/09/2025
3.75% AXG 2029 S2 12/20/2029 - 0.00 100.00 3.75% 100 09/09/2025
3.75% BOV 2026-2031 6/15/2031 - 0.00 97.15 4.31% 97.2 09/09/2025
3.75% BRX 2027 12/1/2027 - 97.00 98.09 4.66% 98.1 09/09/2025
3.75% MCY 2027 3/27/2027 - 97.00 98.00 5.12% 98 09/09/2025
3.75% PRC 2026 11/23/2026 - 98.95 99.00 4.39% 99.25 09/09/2025
3.75% TMF 2029 6/27/2029 - 96.01 98.45 4.78% 96.5 09/09/2025
3.75% TUM 2027 7/10/2027 - 97.01 100.50 3.74% 100 09/09/2025
3.75% VRT 2027 11/30/2027 - 97.55 99.00 4.23% 99 09/09/2025
3.8% HLF 2029 8/27/2029 13,100 95.00 96.25 5.23% 95 09/09/2025
3.85% HLF 2028 7/24/2028 - 97.27 97.80 4.80% 97.5 09/09/2025
3.9% BRW 2027-2031 7/9/2031 - 96.60 98.00 4.29% 98 09/09/2025
3.9% PZC 2026 9/22/2026 - 99.00 100.00 3.90% 100 09/09/2025
4% CBC 2027-2033 11/10/2033 - 0.00 95.50 4.56% 96.25 09/09/2025
4% CCS 2030 8/19/2030 10,000 95.06 97.89 4.93% 96 09/09/2025
4% EFC 2027 4/28/2027 - 98.20 99.50 4.31% 99.5 09/09/2025
4% EXF 2028 8/20/2028 10,000 98.25 100.00 4.00% 99.99 09/09/2025
4% HLF 2027 3/11/2027 - 98.75 99.75 4.16% 99.75 09/09/2025
4% IHI 2026 7/29/2026 10,000 100.00 101.00 3.98% 100 09/09/2025
4% IHI 2026 B 12/20/2026 - 98.06 99.00 5.23% 98.5 09/09/2025
4% LSI 2026-2031 6/2/2031 - 0.00 0.00 4.00% 100 09/09/2025
4% MED 2024-2029 EUR 11/5/2029 - 0.00 97.99 4.60% 97.75 09/09/2025
4% MIDI 2026 7/27/2026 - 93.01 97.90 5.21% 98.97 09/09/2025
4% MPC 2032 S1/22 T1 6/30/2032 - 0.00 100.00 4.00% 100 09/09/2025
4% SHM 2026 8/1/2026 - 0.00 97.00 6.35% 98 09/09/2025
4% SPF 2029 5/3/2029 6,000 98.01 99.95 4.60% 98 09/09/2025
4% STV 2027 10/18/2027 10,000 97.00 99.99 5.02% 98.01 09/09/2025
4.25% CCM 2024-2026 5/8/2026 - 97.50 0.00 8.15% 97.5 09/09/2025
4.25% CLP 2033 8/25/2033 - 100.50 101.99 4.17% 100.51 09/09/2025
4.25% CPHCL 2026 4/12/2026 - 100.00 100.25 7.61% 98.05 09/09/2025
4.25% IZI 2029 4/14/2029 - 96.50 100.00 4.24% 100 09/09/2025
4.25% MCY 2031 3/27/2031 - 97.15 99.98 4.25% 99.99 09/09/2025
4.3% MCY 2032 4/25/2032 17,800 97.17 99.45 4.39% 99.45 09/09/2025
4.35% HDS 2026 4/6/2026 - 0.00 0.00 6.06% 99 09/09/2025
4.35% SDF 2027 4/25/2027 10,000 98.00 98.98 5.65% 98.01 09/09/2025
4.4% CBC 2027 S1/17 T1 7/7/2027 - 99.70 100.00 4.39% 100 09/09/2025
4.5% BNF 2027 - 2032 7/29/2032 15,000 0.00 99.99 4.50% 99.99 09/09/2025
4.5% END 2029 3/22/2029 - 0.00 99.90 4.52% 99.9 09/09/2025
4.5% G3 2032 4/6/2032 - 0.00 101.00 4.50% 100 09/09/2025
4.5% GHM 2027 8/23/2027 - 100.00 102.00 4.50% 100 09/09/2025
4.5% HIL 2025 10/16/2025 7,600 98.00 99.75 24.84% 98 09/09/2025
4.5% IZB 2025 6/30/2025 - 0.00 100.00 4.31% 100 12/06/2025
4.5% MDS 2026 EUR 2/5/2026 - 0.00 0.00 4.38% 100 09/09/2025
4.5% ONA 2028 - 2034 6/21/2034 - 100.00 101.49 4.50% 100 09/09/2025
4.5% SHM 2032 8/1/2032 - 0.00 93.00 5.39% 95 09/09/2025
4.55% STA 2032 2/7/2032 - 0.00 100.40 4.55% 100 09/09/2025
4.65% SMF 2031 4/22/2031 - 98.05 98.50 4.96% 98.5 09/09/2025
4.65% SMF 2032 8/23/2032 - 98.00 99.95 5.17% 97 09/09/2025
4.75% BDPH 2025-2027 11/30/2027 - 100.00 0.00 4.74% 100 09/09/2025
4.75% DNF 2033 11/19/2033 - 98.00 99.97 5.05% 98.01 09/09/2025
4.75% GAP 2025-2027 12/22/2027 - 100.00 101.00 4.74% 100 09/09/2025
4.75% GLR 2028 11/30/2028 - 0.00 0.00 4.91% 99.5 09/09/2025
4.75% KAF 2026-2029 8/23/2029 10,000 0.00 95.00 6.21% 95 09/09/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 13.69% 91.5 09/09/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 98.00 100.99 5.18% 98.01 09/09/2025
4.9% CLS 2032 2/9/2032 - 0.00 100.00 4.89% 100 09/09/2025
5% BLF 2026-2029 2/7/2029 - 0.00 100.00 4.99% 100 09/09/2025
5% BOV 2029-2034 S1 T1 11/28/2034 - 100.00 101.55 4.79% 101.55 09/09/2025
5% BSB 2029 6/28/2029 - 0.00 100.00 4.99% 100 09/09/2025
5% CFE 2028-2033 1/6/2033 15,000 99.00 100.00 5.00% 100 09/09/2025
5% CVS 2026-2029 3/8/2029 - 0.00 100.50 4.83% 100.5 09/09/2025
5% DZF 2026 10/7/2026 - 92.00 95.00 13.49% 92 09/09/2025
5% FES 2029 3/18/2029 - 0.00 0.00 4.99% 100 09/09/2025
5% HHF 2023-2028 5/19/2028 - 0.00 99.99 5.19% 99.5 09/09/2025
5% HLF 2029 7/17/2029 5,600 100.60 102.74 4.82% 100.6 09/09/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 0.00 5.63% 98 09/09/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 100.00 5.35% 98 09/09/2025
5% LLF 2028 7/29/2028 - 0.00 98.00 5.77% 98 09/09/2025
5% MDS 2029 12/20/2029 - 100.00 102.00 4.99% 100 09/09/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 0.00 5.51% 99 09/09/2025
5% MRN 2032 12/16/2032 - 100.05 101.50 5.00% 100 09/09/2025
5% VDH 2032 12/16/2032 - 97.13 99.00 5.16% 99 09/09/2025
5.00% BOV 2030-2035 S2 T1 7/7/2035 - 101.00 101.47 4.82% 101.4 09/09/2025
5.1% 6PM 2025 7/31/2025 - 0.00 99.99 22.49% 99 07/09/2025
5.2% TUM 2031-2034 11/22/2034 - 100.07 102.00 5.19% 100.07 09/09/2025
5.2% VBL 2030-2034 10/25/2034 - 99.01 101.50 4.99% 101.5 09/09/2025
5.25% ACM 2028 -2030 8/20/2030 - 100.00 100.97 5.03% 100.95 09/09/2025
5.25% BBP 2033 S1 T1 4/3/2033 - 100.01 101.00 5.08% 101 09/09/2025
5.25% CBC 2025 S2 T1 12/30/2025 - 98.00 100.00 8.35% 99 09/09/2025
5.25% KLF 2027 7/31/2027 - 0.00 0.00 5.24% 100 09/09/2025
5.25% MIH 2027 7/6/2027 - 100.00 101.50 4.13% 101.9 09/09/2025
5.25% QWR 2033 2/27/2033 - 101.50 102.25 5.00% 101.5 09/09/2025
5.3% GTR 2030 7/4/2030 - 100.00 102.48 4.94% 101.5 09/09/2025
5.3% MCY 2034 9/10/2034 - 100.00 100.50 5.23% 100.5 09/09/2025
5.30% IHI 2035 4/1/2035 5,900 102.50 103.99 4.96% 102.5 09/09/2025
5.35% BDPH 2032 2/21/2032 - 101.00 102.98 5.16% 101 09/09/2025
5.35% DSM 2028 10/28/2028 - 80.50 92.00 13.36% 80.51 09/09/2025
5.35% HMV 2031-2034 7/26/2034 - 104.50 105.75 4.65% 105 09/09/2025
5.35% MAR 2029-2031 6/27/2031 11,500 100.10 101.20 5.10% 101.2 09/09/2025
5.4% ECL 2031 12/30/2031 9,000 100.30 100.99 5.21% 100.98 09/09/2025
5.5% 9HC 2027 6/19/2027 - 0.00 101.70 5.48% 100 09/09/2025
5.5% AES 2036 S1 T2 10/8/2036 13,900 101.70 101.75 5.29% 101.7 09/09/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 6.12% 99 09/09/2025
5.5% JUE 2035 6/27/2035 - 102.00 102.89 5.23% 102 09/09/2025
5.5% QLZ 2030 -2035 7/22/2035 - 100.01 101.00 5.30% 101.5 09/09/2025
5.5% TST 2029 1/9/2029 - 0.00 99.50 5.83% 99 09/09/2025
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 - 101.00 102.00 5.45% 101.05 09/09/2025
5.7% MRK 2033 8/12/2033 1,200 104.00 104.49 5.07% 104 09/09/2025
5.75% BDPH 2027-2029 4/12/2029 1,000 100.50 101.00 5.16% 101.85 09/09/2025
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 8,400 101.00 103.75 5.44% 102 09/09/2025
5.75% PLG 2028 11/23/2028 20,800 102.00 102.50 5.05% 102 09/09/2025
5.8% AES 2036 S1 T1 3/1/2036 - 0.00 102.98 5.41% 102.98 09/09/2025
5.8% APS 2028-2033 S1 T1 12/1/2033 - 104.50 104.99 5.11% 104.5 09/09/2025
5.8% GPH 2032 4/22/2032 - 101.25 102.00 5.43% 102 09/09/2025
5.85% AXG 2033 11/7/2033 - 103.50 104.95 5.38% 103 09/09/2025
5.85% BGA 2034 5/14/2034 - 101.50 105.50 5.62% 101.5 09/09/2025
5.85% MIH 2028 7/31/2028 - 100.50 0.00 5.65% 100.5 09/09/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 100.00 5.89% 100 07/09/2025
6% IHI 2033 11/14/2033 - 103.50 105.49 5.61% 102.5 09/09/2025
6% JDC 2033 S2 T1 7/19/2033 - 102.01 105.25 5.67% 102 09/09/2025
6% LDB 2030-2035 S1 T1 7/23/2035 - 0.00 102.89 5.73% 102 09/09/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 0.00 5.81% 101 09/09/2025
6% PHC 2033 2/3/2033 - 101.50 103.00 5.65% 102 09/09/2025
6.25% AST 2033 6/16/2033 - 0.00 106.00 5.67% 103.5 09/09/2025
6.25% CMF 2034 2/23/2034 - 101.12 104.75 6.09% 101 09/09/2025
6.25% GPH 2030 3/10/2030 - 0.00 103.71 5.85% 101.5 09/09/2025
6.25% TGS 2030 -2032 2/14/2032 - 98.50 101.00 6.19% 100.25 09/09/2025
7.25% HRT 2025-2027 11/28/2027 - 0.00 100.00 6.73% 101 09/09/2025

* 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 11/5/2029 - 0.00 96.50 4.95% 96.5 09/09/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.99% 100 09/09/2025

* 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 2/5/2026 - 0.00 99.00 5.80% 99.9 09/09/2025

* 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 2.20%
0.25% MGS 2026 (III) 11/18/2026 - 97.79 0.00 2.15%
0.40% MGS 2026 (II) 10/20/2026 - 96.79 97.00 3.38%
0.40% MGS 2027 (IV) 11/19/2027 - 96.02 0.00 2.28%
0.5% MGS 2025 (II) 11/8/2025 - 98.61 0.00 9.43%
0.75% MGS 2025 (III) 7/17/2025 - 103.31 0.00 -51.83%
0.80% MGS 2027 (III) 4/29/2027 - 90.10 0.00 7.35%
0.90% MGS 2027 (V) 8/12/2027 - 97.43 0.00 2.28%
0.90% MGS 2031 (V) 7/11/2031 - 89.71 0.00 2.83%
1.0% MGS 2031 (II) 4/23/2031 - 89.92 0.00 2.96%
1.00% MGS 2035 (II) 8/23/2035 - 79.21 0.00 3.49%
1.20% MGS 2037 (I) 5/13/2037 - 77.83 0.00 3.53%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.89%
1.5% MGS 2027 (I) 6/15/2027 - 98.77 0.00 2.22%
1.50% MGS 2045 (I) 10/22/2045 - 66.68 65.00 3.91%
1.60% MGS 2032 (III) 5/3/2032 - 91.36 0.00 3.05%
1.70% MGS 2028 (IV) 8/4/2028 - 90.83 0.00 5.15%
1.80% MGS 2051 (I) 8/28/2051 - 62.35 0.00 4.19%
1.85% MGS 2029 (III) 5/30/2029 - 97.70 0.00 2.50%
2.00% MGS 2051 (II) 7/10/2051 - 69.38 0.00 3.89%
2.1% MGS 2039 (I) 8/24/2039 - 81.25 81.10 3.85%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 0.00 3.02%
2.2% MGS 2035 (I) 11/24/2035 - 89.55 0.00 3.42%
2.3% MGS 2029 (II) 7/24/2029 130,000 99.22 94.90 2.51%
2.4% MGS 2041 (I) 7/25/2041 - 82.06 0.00 3.93%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.89%
2.5% MGS 2036 (I) 11/17/2036 - 89.68 89.50 3.63%
2.60% MGS 2028 (V) 5/22/2028 - 100.68 100.75 2.34%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 0.00 3.27%
2.80% MGS 2030 (III) 2/27/2030 - 100.68 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 - 98.64 0.00 3.11%
3% MGS 2040 (I) 6/11/2040 17,200 90.60 89.80 3.84%
3.00% MGS 2030 (IV) 11/5/2030 - 101.75 0.00 2.63%
3.15% MGS 2027 (VII) 5/20/2027 - 101.52 101.61 2.23%
3.25% MGS 2034 (IV) 9/5/2034 - 100.20 99.64 3.22%
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 - 102.63 0.00 2.68%
3.4% MGS 2027 (VI) 9/24/2027 105,000 102.35 0.00 2.21%
3.40% MGS 2035 (IV) A 7/16/2035 - 99.90 0.00 3.41%
3.40% MGS 2035 (IV) r 7/16/2035 - 100.40 100.40 3.35%
3.40% MGS 2042 (I) 8/26/2042 - 100.30 0.00 3.38%
3.50% MGS 2028 (VI) 7/7/2028 500 103.15 0.00 2.34%
3.50% MGS 2034 (III) 7/31/2034 10,000 101.50 100.10 3.30%
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 59,700 100.00 100.12 3.50%
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) 7/8/2026 - 101.10 0.00 2.19%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.45%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.07%
3.80% MGS 2040 (II) A 10/16/2040 - 99.65 0.00 3.83%
3.80% MGS 2040 (II) r 10/16/2040 - 101.37 99.00 3.68%
3.85% MGS 2026 (VI) 8/5/2026 - 102.15 0.00 1.43%
3.95% MGS 2028 (VII) 8/8/2028 - 105.23 0.00 2.09%
4% MGS 2032 (VII) 3/30/2032 50,500 106.00 106.28 2.98%
4.00% MGS 2033 (IV) 12/5/2033 - 104.61 105.76 3.35%
4.00% MGS 2038 (I) 8/25/2038 10,000 102.75 0.00 3.73%
4.00% MGS 2043 (I) 11/26/2043 - 103.65 102.00 3.72%
4.1% MGS 2034 (I) 10/18/2034 - 106.06 0.00 3.32%
4.3% MGS 2033 (I) 8/1/2033 - 107.37 0.00 3.23%
4.30% MGS 2038 (II) 11/15/2038 - 105.10 0.00 3.80%
4.45% MGS 2032 (II) 9/3/2032 - 108.03 0.00 3.16%
4.5% MGS 2028 (II) 10/25/2028 17,000 106.33 106.33 2.38%
4.65% MGS 2032 (I) 7/22/2032 - 109.68 0.00 3.07%
4.8% MGS 2028 (I) 9/11/2028 - 106.86 0.00 2.42%
5.1% MGS 2029 (I) 10/1/2029 102,000 109.78 0.00 2.55%
5.2% MGS 2031 (I) 9/16/2031 3,300 112.50 0.00 2.92%
5.25% MGS 2030 (I) 6/23/2030 - 111.28 0.00 2.72%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -65.85%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -26.12%
7% MGS 2032 (V) 12/31/2032 - 100.00 0.00 7.00%
7% MGS 2034 (II) 12/31/2034 - 100.00 101.00 7.00%

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

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