Bond Market Overview

Friday, 24 March 2023

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 Bank plc Unsecured Sub € 2025-2030	19/11/2030	No Trades	88.00	99.89	3.25%	3.25%	100	10/03/2023	Subordinated
3.25% AX Group plc Unsec Bds 2026 Series I	20/12/2026	15,600	95.00	98.00	5.05%	5.05%	94	24/03/2023	Unsecured
3.5% AX Real Estate plc Unsecured € 2032	06/02/2032	4,100	82.05	94.99	4.19%	4.19%	94.99	24/03/2023	Sr Unsecured
3.5% Bank of Valletta plc € Notes 2030 S1 T1	08/08/2030	No Trades	85.01	94.85	4.32%	4.32%	94.84	16/03/2023	Subordinated
3.5% Bank of Valletta plc € Notes 2030 S2 T1	08/08/2030	No Trades	86.00	87.50	5.53%	5.53%	87.85	23/03/2023	Subordinated
3.5% GO plc € Unsecured 2031	25/06/2031	3,800	91.01	93.00	4.53%	4.53%	93	24/03/2023	Unsecured
3.5% Simonds Farsons Cisk plc Unsecured € 2027	13/09/2027	No Trades	97.00	101.50	4.25%	4.25%	97	01/03/2023	Unsecured
3.65% IHI plc € Unsecured 2031	07/12/2031	24,600	92.50	97.50	3.99%	3.99%	97.5	24/03/2023	Unsecured
3.65% Mizzi Organisation Finance plc € Unsecured 2028-2031	15/10/2031	14,700	92.00	93.50	4.58%	5.02%	93.5	24/03/2023	Unsecured
3.65% Stivala Group Finance plc Secured € 2029	29/07/2029	No Trades	91.01	93.74	4.81%	4.81%	93.75	20/03/2023	Secured
3.7% GAP Group plc Secured € 2023-2025 Series 1	18/12/2025	No Trades	98.00	100.00	3.69%	3.66%	100	16/03/2023	Secured
3.75% AX Group plc Unsec Bds 2029 Series II	20/12/2029	1,100	95.00	97.00	4.63%	4.63%	95	24/03/2023	Unsecured
3.75% Bank of Valletta plc Unsecured Sub € 2026-2031	15/06/2031	No Trades	84.51	90.00	5.27%	7.30%	89.97	22/03/2023	Subordinated
3.75% Bortex Group Finance plc Unsecured € 2027	01/12/2027	No Trades	96.00	99.25	3.87%	3.87%	99.5	15/03/2023	Sr Unsecured
3.75% Mercury Projects Finance plc Secured € 2027	27/03/2027	No Trades	95.01	98.75	4.03%	4.03%	98.98	13/03/2023	Secured
3.75% Premier Capital plc Unsecured € 2026	23/11/2026	4,000	95.00	97.99	4.35%	4.35%	97.99	24/03/2023	Unsecured
3.75% TUM Finance plc Secured € 2029	27/06/2029	No Trades	93.50	95.00	4.98%	4.98%	93.5	09/02/2023	Secured
3.75% Tumas Investments plc Unsecured € 2027	10/07/2027	2,000	93.25	98.50	5.07%	5.07%	95	24/03/2023	Sr Unsecured
3.75% Virtu Finance plc Unsecured € 2027	30/11/2027	No Trades	96.50	97.50	4.35%	4.35%	97.5	23/03/2023	Sr Unsecured
3.8% Hili Finance Company plc Unsecured € 2029	27/08/2029	No Trades	90.81	93.00	4.91%	4.91%	94	23/03/2023	Unsecured
3.85% Hili Finance Company plc Unsecured € 2028	24/07/2028	7,100	91.90	95.99	4.72%	4.72%	95.99	24/03/2023	Unsecured
3.9% Browns Pharma Holdings plc Unsec Call € 2027-2031	09/07/2031	1,000	97.50	98.00	4.19%	4.42%	98	24/03/2023	Unsecured
3.9% Gap Group plc Secured € 2024-2026	30/12/2026	5,500	96.01	98.99	4.19%	4.50%	98.99	24/03/2023	Secured
3.9% Plaza Centres plc Unsecured € 2026	22/09/2026	No Trades	93.01	99.90	4.05%	4.05%	99.5	14/03/2023	Sr Unsecured
4% Cablenet Communication Systems plc Unsecured € 2030	19/08/2030	15,000	95.00	96.00	4.65%	4.65%	96	24/03/2023	Unsecured
4% Central Business Centres plc Unsecured € 2027-2033	10/11/2033	No Trades	-	96.00	4.36%	4.74%	96.99	07/03/2023	Unsecured
4% Eden Finance plc Unsecured € 2027	28/04/2027	2,000	97.03	97.50	4.68%	4.68%	97.5	24/03/2023	Sr Unsecured
4% Exalco Finance plc Secured € 2028	20/08/2028	No Trades	96.00	99.50	4.10%	4.10%	99.5	16/03/2023	Secured
4% Hili Finance Company plc Unsecured € 2027	11/03/2027	12,500	96.99	97.95	4.58%	4.58%	97.95	24/03/2023	Sr Unsecured
4% International Hotel Investments plc Secured € 2026	29/07/2026	No Trades	98.75	99.00	4.32%	4.32%	99	23/03/2023	Sr Unsecured
4% International Hotel Investments plc Unsecured € 2026	20/12/2026	No Trades	94.75	97.50	4.74%	4.74%	97.49	23/03/2023	Sr Unsecured
4% LifeStar Insurance Plc Unsecured Subordinated € 2026-2031	02/06/2031	No Trades	-	99.50			0	-	Subordinated
4% Malta Properties Company Plc Sec Bonds 2032 S1/22 T1	30/06/2032	30,000	87.50	98.99	4.13%	4.13%	99	24/03/2023	Secured
4% MeDirect Bank (Malta) plc Sub Unsecured € 2024-2029	05/11/2029	19,000	89.00	93.90	5.47%	9.57%	92	24/03/2023	Subordinated
4% Merkanti Holding plc Secured € 2026	12/08/2026	10,000	95.00	97.50	5.32%	5.32%	96	24/03/2023	Secured
4% MIDI plc Secured € 2026	27/07/2026	5,000	94.75	98.00	4.66%	4.66%	98	24/03/2023	Secured
4% Shoreline Mall plc Secured € 2026	01/08/2026	No Trades	92.01	95.00	5.33%	5.33%	96	22/02/2023	Secured
4% SP Finance plc € Secured 2029	03/05/2029	No Trades	91.51	95.00	4.87%	4.87%	95.5	20/03/2023	Secured
4% Stivala Group Finance plc Secured € 2027	18/10/2027	No Trades	98.60	98.74	4.30%	4.30%	98.75	23/03/2023	Secured
4.15% Phoenicia Finance Company plc Unsecured € 2023-2028	15/12/2028	14,100	92.60	94.00	5.39%	13.14%	94	24/03/2023	Sr Unsecured
4.25% Best Deal Properties Holding plc Secured € 2024	12/12/2024	No Trades	102.50	-	2.73%	2.73%	102.5	13/03/2023	Secured
4.25% CPHCL Finance plc Unsecured € 2026 (xd)	12/04/2026	No Trades	94.17	98.50	4.88%	4.88%	98.25	16/03/2023	Sr Unsecured
4.25% GAP Group plc Secured € 2023	03/10/2023	No Trades	98.00	103.00	6.12%	6.12%	99	06/03/2023	1st lien
4.25% IZI Finance plc Unsecured € 2029	14/04/2029	2,700	93.00	99.99	4.25%	4.25%	99.99	24/03/2023	Unsecured
4.25% Mercury Projects Finance plc Secured € 2031	27/03/2031	10,000	96.00	98.50	4.48%	4.48%	98.5	24/03/2023	Secured
4.3% Mercury Project Finance plc Secured € 2032	25/04/2032	13,800	95.80	96.75	4.75%	4.75%	96.75	24/03/2023	Secured
4.35% Hudson Malta plc Unsecured € 2026 (xd)	06/04/2026	3,500	98.00	99.90	4.39%	4.39%	99.9	24/03/2023	Sr Unsecured
4.35% SD Finance plc Unsecured € 2027	25/04/2027	No Trades	97.00	98.00	4.90%	4.90%	98	20/03/2023	Sr Unsecured
4.4% Central Business Centres plc Unsecured € 2027 S1/17 T1	07/07/2027	No Trades	96.00	99.00	4.40%	4.40%	100	23/02/2023	Sr Unsecured
4.5% BNF Bank plc Unsecured Sub Bonds 2027-2032	29/07/2032	No Trades	96.00	100.00	5.04%	5.56%	96	20/03/2023	Subordinated
4.5% Endo Finance plc € Unsecured 2029	22/03/2029	No Trades	-	95.75	4.79%	4.79%	98.5	19/09/2022	Sr Unsecured
4.5% G3 Finance plc € Secured 2032 (xd)	06/04/2032	No Trades	-	100.50	4.43%	4.43%	100.5	16/03/2023	Secured
4.5% Grand Harbour Marina plc Unsecured € 2027	23/08/2027	5,000	98.00	100.70	4.50%	4.50%	100	24/03/2023	Sr Unsecured
4.5% Hili Properties plc Unsecured € 2025	16/10/2025	No Trades	99.00	99.90	4.62%	4.62%	99.7	20/03/2023	Sr Unsecured
4.5% Izola Bank plc € Unsecured 2025	30/06/2025	No Trades	96.77	99.99	4.49%	4.49%	100	15/03/2023	Unsecured
4.5% MedservRegis plc Unsecured € 2026	05/02/2026	No Trades	-	95.50	6.06%	6.06%	96	10/03/2023	Sr Unsecured
4.5% Shoreline Mall plc Secured € 2032	01/08/2032	No Trades	85.50	94.99	6.71%	6.71%	85.01	16/03/2023	Secured
4.50% The Ona plc Secured € 2028-2034	21/06/2034	3,400	85.01	98.00	4.73%	4.73%	98	24/03/2023	Secured
4.55% St Anthony Co plc Secured € 2032	07/02/2032	No Trades	97.50	102.00	4.83%	4.83%	98	16/03/2023	Secured
4.65% Smartcare Finance plc Secured € 2031	22/04/2031	11,600	100.50	102.00	4.50%	4.50%	101	24/03/2023	Secured
4.65% Smartcare Finance plc Secured € 2032	23/08/2032	No Trades	100.50	102.50	4.65%	4.65%	100	22/03/2023	Secured
4.75% Best Deal Properties Holding Plc Secured € 2025-2027	30/11/2027	16,300	96.01	101.00	4.31%	3.98%	101	24/03/2023	Secured
4.75% Dino Fino Finance plc Secured € 2033	19/11/2033	8,000	95.03	99.50	4.81%	4.81%	99.5	24/03/2023	Secured
4.75% Gap Group plc Secured € 2025 - 2027	22/12/2027	No Trades	101.00	101.25	4.89%	5.04%	101	23/03/2023	Secured
4.75% Orion Finance plc € Unsecured 2027	18/06/2027	No Trades	-	100.00	4.75%	4.75%	100	22/02/2023	Unsecured and Guaranteed
4.8% Mediterranean Maritime Hub Finance plc Unsecured € 2026	14/10/2026	10,000	98.50	99.00	5.11%	5.11%	99	24/03/2023	Unsecured
4.85% JD Capital plc € Secured Bonds 2032 S1 T1	25/11/2032	8,000	97.99	100.00	4.85%	4.85%	100	24/03/2023	Secured
4.85% Melite Finance plc Secured € 2028	23/11/2028	No Trades	-	88.00	8.52%	8.52%	84	11/01/2023	Secured
5% CF Estates Finance plc Secured € 2028-2033	06/01/2033	No Trades	-	101.46	5.08%	5.27%	101.2	23/03/2023	Secured
5% Dizz Finance plc Unsecured € 2026	07/10/2026	No Trades	98.00	99.47	5.47%	5.47%	98.5	17/03/2023	Sr Unsecured
5% Hal Mann Vella Group plc Secured € 2024	06/11/2024	No Trades	101.40	101.75	3.84%	3.84%	101.75	23/03/2023	Secured
5% Izola Bank Unsecured Bonds 2032	15/09/2032	No Trades	90.01	98.99	5.15%	5.33%	99.5	28/02/2023	Subordinated
5% Mariner Finance plc Unsecured € 2032	16/12/2032	8,600	99.60	101.00	4.87%	4.87%	100.99	24/03/2023	Unsecured
5% MeDirect Bank (Malta) Plc Sub Unsecured € 2022-2027	13/10/2027	No Trades	-	101.00	4.99%	4.89%	100	12/09/2022	Subordinated
5% MedservRegis plc Secured € 2029	20/12/2029	No Trades	80.00	-	5.00%	5.00%	100	20/03/2023	Secured
5% Tumas Investments plc Unsecured € 2024	31/07/2024	15,900	99.25	100.00	4.99%	4.99%	100	24/03/2023	Unsecured
5% Von der Heyden Group Finance plc Unsecured € 2032	16/12/2032	26,000	90.01	99.97			99.97	24/03/2023	Unsecured
5.1% 1923 Investments plc Unsecured € 2024	04/12/2024	No Trades	100.25	101.50	4.93%	4.93%	100.25	20/03/2023	Sr Unsecured
5.1% 6PM Holdings plc Unsecured € 2025	31/07/2025	No Trades	98.00	100.50	5.09%	5.09%	100	23/03/2023	Unsecured
5.25% Central Business Centres plc Unsecured € 2025 S2T1	30/12/2025	No Trades	99.00	-	5.05%	5.05%	100.5	01/03/2023	Sr Unsecured
5.25% Mediterranean Investments Holding plc Unsecured € 2027	06/07/2027	No Trades	98.01	100.00	5.24%	5.24%	100	16/03/2023	Unsecured
5.25% Qawra Palace plc Secured € 2033	27/02/2033	No Trades	101.00	102.00	5.20%	5.20%	101	20/03/2023	Secured
5.3% Mariner Finance plc Unsecured € 2024	03/07/2024	No Trades	99.21	100.00	5.28%	5.28%	100	23/03/2023	Sr Unsecured
5.3% United Finance Plc Unsecured € 2023	06/11/2023	No Trades	98.01	101.00	5.19%	5.19%	100	16/03/2023	Unsecured
5.5% Mediterranean Investments Holding plc Unsecured € 2023	31/07/2023	No Trades	98.03	100.67	12.63%	12.63%	97.51	24/01/2023	Unsecured
5.75% International Hotel Investments plc Unsecured € 2025	13/05/2025	3,600	100.00	102.00	5.23%	5.23%	101	24/03/2023	Sr Unsecured
5.8% International Hotel Investments plc 2023	14/11/2023	No Trades	98.15	101.00	3.47%	3.47%	101.4	02/03/2023	Unsecured
5.9% Together Gaming Solutions plc Unsec Call Bds €2024-2026	22/07/2026	No Trades	96.00	98.00	6.58%	7.51%	98	23/03/2023	Unsecured
6% AX Investments Plc € 2024	06/03/2024	No Trades	100.20	102.00	5.75%	5.75%	100.2	22/03/2023	Sr Unsecured
6% Ferratum Bank Plc Sub Unsecured € 2032 S1/22 T1	27/04/2032	No Trades	100.00	102.90	5.99%	5.99%	100	15/09/2022	Subordinated
6% International Hotel Investments plc € 2024	15/05/2024	4,700	100.00	101.94	5.98%	5.98%	100	24/03/2023	Sr Unsecured
6% Multitude Bank Plc Sub Unsecured € 2032 S1/22 T1	27/04/2032	No Trades	-	-	6.00%	6.00%	100	09/12/2022	Subordinated
6% Pendergardens Developments plc Secured € 2022 Series II (xd)	31/07/2022	No Trades	-	-	5.67%	5.67%	100	04/04/2022	1st lien
6% Pharmacare Finance plc Unsecured € Bonds 2033	03/02/2033	5,000	101.50	107.00	5.59%	5.59%	103	24/03/2023	Unsecured
6.25% GPH Malta Finance plc € Unsecured Bonds 2030	10/03/2030	No Trades	101.00	103.99			102.99	23/03/2023	0

* 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% MeDirect Bank (Malta) plc Sub Unsecured £ 2024-2029	05/11/2029	No Trades	-	100.00	4.00%	3.99%	100	31/10/2022	Subordinated
5% MeDirect Bank (Malta) Plc Sub Unsecured £ 2022-2027	13/10/2027	No Trades	-	-			0	-	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	05/02/2026	2,400	95.00	-	7.76%	7.76%	95	24/03/2023	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 (%) *
0.10% MGS 2026 (IV)	20/07/2026	No Trades	91.03	-	2.98%
0.25% MGS 2026 (III)	18/11/2026	No Trades	90.66	-	2.99%
0.3% MGS 2024 (IV) (xd)	11/10/2024	No Trades	96.08	-	2.94%
0.4% MGS 2026 (II)	20/10/2026	No Trades	91.36	-	2.99%
0.40% MGS 2027 (IV)	19/11/2027	No Trades	88.73	-	3.04%
0.5% MGS 2025 (II)	08/11/2025	No Trades	93.93	-	2.94%
0.50% MGS 2023 (IV)	05/05/2023	No Trades	99.77	-	2.70%
0.75% MGS 2025 (III)	17/07/2025	No Trades	95.20	-	2.93%
0.80% MGS 2027 (III)	29/04/2027	No Trades	91.62	-	3.01%
0.90% MGS 2027 (V)	12/08/2027	No Trades	91.42	-	3.02%
0.90% MGS 2031 (V)	11/07/2031	No Trades	83.07	-	3.26%
1.00% MGS 2031 (II)	23/04/2031	No Trades	84.25	-	3.25%
1.00% MGS 2035 (II)	23/08/2035	No Trades	75.21	-	3.50%
1.20% MGS 2037 (I)	13/05/2037	No Trades	73.94	-	3.58%
1.4% MGS 2023 (III)	11/11/2023	No Trades	99.09	-	2.87%
1.4% MGS 2024 (III)	29/07/2024	No Trades	98.01	-	2.94%
1.40% MGS 2046 (I)	20/08/2046	No Trades	63.26	-	3.80%
1.5% MGS 2022 (IV)	11/07/2022	No Trades	100.07	-	0.43%
1.5% MGS 2027 (I)	15/06/2027	No Trades	94.10	-	3.01%
1.50% MGS 2045 (I)	22/10/2045	100,000	65.69	74.00	3.79%
1.60% MGS 2032 (III)	03/05/2032	No Trades	86.76	-	3.31%
1.70% MGS 2028 (IV)	04/08/2028	No Trades	93.31	-	3.07%
1.8% MGS 2051 (I)	28/08/2051	3,000	64.31	54.87	3.90%
1.85% MGS 2029 (III)	30/05/2029	No Trades	92.99	-	3.12%
2.00% MGS 2051 (II)	10/07/2051	No Trades	67.85	-	3.89%
2.1% MGS 2039 (I)	24/08/2039	No Trades	81.08	81.00	3.65%
2.10% MGS 2032 (IV)	15/04/2032	No Trades	90.73	-	3.30%
2.2% MGS 2035 (I)	24/11/2035	No Trades	86.89	-	3.50%
2.3% MGS 2029 (II)	24/07/2029	No Trades	95.31	95.00	3.13%
2.4% MGS 2041 (I)	25/07/2041	No Trades	82.72	-	3.72%
2.40% MGS 2052 (I)	13/08/2052	No Trades	73.88	-	3.91%
2.5% MGS 2036 (I)	17/11/2036	No Trades	88.83	89.00	3.55%
2.60% MGS 2028 (V)	22/05/2028	No Trades	97.87	99.00	3.05%
2.60% MGS 2028 (V) I	5/22/2028	No Trades	-	-
2.60% MGS 2028 (V) R	5/22/2028	No Trades	-	-
2.60% MGS 2047 (I)	27/09/2047	No Trades	80.75	-	3.82%
2.90% MGS 2032 (VI)	24/10/2032	No Trades	96.53	95.00	3.33%
3% MGS 2040 (I)	11/06/2040	No Trades	91.52	92.00	3.67%
3.3% MGS 2024 (I)	12/11/2024	No Trades	100.60	-	2.91%
3.4% MGS 2027 (VI) FI	24.09.2027	No Trades	-	-
3.4% MGS 2027 (VI) r	24.09.2027	No Trades	-	-
3.40% MGS 2042 (I)	26/08/2042	No Trades	95.30	96.00	3.74%
3.40% MGS 2042 (I) I (xd)	26/08/2042	No Trades	-	-
3.40% MGS 2042 (I) R (xd)	26/08/2042	No Trades	-	-
3.7% MGS 2030 (II)	25/11/2030	No Trades	103.43	-	3.19%
4% MGS 2032 (VII) r (xd)	30/03/2032	101,700	105.49	105.49	3.29%
4.1% MGS 2034 (I) (xd)	18/10/2034	No Trades	106.31	100.50	3.43%
4.3% MGS 2033 (I)	01/08/2033	No Trades	108.04	102.00	3.36%
4.45% MGS 2032 (II)	03/09/2032	No Trades	109.11	-	3.31%
4.5% MGS 2028 (II)	25/10/2028	No Trades	107.24	-	3.06%
4.65% MGS 2032 (I)	22/07/2032	No Trades	110.67	100.50	3.30%
4.8% MGS 2028 (I)	11/09/2028	No Trades	108.63	102.00	3.06%
5.1% MGS 2022(I)	16/08/2022	No Trades	100.28	-	0.43%
5.1% MGS 2029 (I) (xd)	01/10/2029	No Trades	111.49	102.00	3.12%
5.2% MGS 2031 (I)	16/09/2031	No Trades	114.28	102.00	3.24%
5.25% MGS 2030 (I)	23/06/2030	No Trades	113.44	102.00	3.14%
5.5% MGS 2023 (I)	06/07/2023	No Trades	100.73	-	2.71%
7% MGS 2023 (II) R	31/12/2023	No Trades	111.35	-	2.88%
7% MGS 2024 (II) R	31/12/2024	No Trades	115.03	-	2.89%
7% MGS 2025 (I) R	31/12/2025	No Trades	118.53	-	2.91%
7% MGS 2026 (I) R	31/12/2026	No Trades	121.80	-	2.96%
7% MGS 2032 (V) r	31/12/2032	No Trades	136.41	-	3.32%

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