Curmi & Partners - Bond Market Overview Malta

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.