Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 16 May 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 19/11/2030 - 94.00 95.00 4.28% 95 16/05/2025
3.25% AXG 2026 SI 20/12/2026 50,000 0.00 100.00 3.24% 100 16/05/2025
3.5% AXR 2032 06/02/2032 - 90.54 94.50 5.11% 91 16/05/2025
3.5% BOV 2030 S1 T1 08/08/2030 - 94.50 97.00 4.15% 97 16/05/2025
3.5% BOV 2030 S2 T1 08/08/2030 - 94.00 94.90 4.82% 94 16/05/2025
3.5% GO 2031 25/06/2031 - 96.63 98.00 3.87% 98 16/05/2025
3.5% SFC 2027 13/09/2027 - 99.95 101.40 3.52% 99.95 16/05/2025
3.65% IHI 2031 07/12/2031 86,800 91.00 93.99 5.09% 92.1 16/05/2025
3.65% MOF 2028-2031 15/10/2031 - 97.00 97.50 4.10% 97.5 16/05/2025
3.65% STV 2029 29/07/2029 - 98.00 99.82 4.41% 97.15 16/05/2025
3.75% AXG 2029 S2 20/12/2029 - 95.00 100.00 3.75% 100 16/05/2025
3.75% BOV 2026-2031 15/06/2031 - 96.90 97.85 4.14% 97.96 16/05/2025
3.75% BRX 2027 01/12/2027 - 97.25 100.00 4.17% 99 16/05/2025
3.75% MCY 2027 27/03/2027 20,000 97.10 100.50 3.46% 100.5 16/05/2025
3.75% PRC 2026 23/11/2026 98,000 99.00 99.90 3.81% 99.9 16/05/2025
3.75% TMF 2029 27/06/2029 - 97.13 100.20 4.55% 97.05 16/05/2025
3.75% TUM 2027 10/07/2027 - 98.01 100.00 4.74% 98.01 16/05/2025
3.75% VRT 2027 30/11/2027 16,300 99.80 100.50 3.83% 99.8 16/05/2025
3.8% HLF 2029 27/08/2029 - 95.03 97.80 4.37% 97.8 16/05/2025
3.85% HLF 2028 24/07/2028 - 98.00 100.00 4.53% 98 16/05/2025
3.9% BRW 2027-2031 09/07/2031 - 96.25 98.98 4.28% 98 16/05/2025
3.9% PZC 2026 22/09/2026 100,000 0.00 100.00 3.89% 100 16/05/2025
4% CBC 2027-2033 10/11/2033 - 0.00 98.00 4.28% 98 16/05/2025
4% CCS 2030 19/08/2030 - 94.00 99.73 4.65% 97 16/05/2025
4% EFC 2027 28/04/2027 - 99.95 100.00 3.94% 100.1 16/05/2025
4% EXF 2028 20/08/2028 6,000 0.00 100.00 3.99% 100 16/05/2025
4% HLF 2027 11/03/2027 - 99.20 99.99 4.00% 99.99 16/05/2025
4% IHI 2026 29/07/2026 - 99.10 100.00 3.99% 100 16/05/2025
4% IHI 2026 B 20/12/2026 10,000 99.00 100.00 3.99% 100 16/05/2025
4% LSI 2026-2031 02/06/2031 - 0.00 0.00 4.00% 100 16/05/2025
4% MED 2024-2029 EUR 05/11/2029 - 0.00 97.99 4.32% 98.7 16/05/2025
4% MIDI 2026 27/07/2026 - 98.21 100.00 3.99% 100 16/05/2025
4% MPC 2032 S1/22 T1 30/06/2032 - 98.50 0.00 4.00% 100 16/05/2025
4% SHM 2026 01/08/2026 - 0.00 0.00 5.76% 97.99 16/05/2025
4% SPF 2029 03/05/2029 5,000 99.60 100.00 4.11% 99.6 16/05/2025
4% STV 2027 18/10/2027 - 98.01 100.00 3.55% 101 16/05/2025
4.25% CCM 2024-2026 08/05/2026 - 97.50 0.00 4.84% 99.45 16/05/2025
4.25% CLP 2033 25/08/2033 - 100.50 103.00 3.82% 103 16/05/2025
4.25% CPHCL 2026 12/04/2026 - 99.00 99.80 4.46% 99.8 16/05/2025
4.25% IZI 2029 14/04/2029 77,000 0.00 100.00 4.25% 100 16/05/2025
4.25% MCY 2031 27/03/2031 - 99.00 100.00 4.25% 100 16/05/2025
4.3% MCY 2032 25/04/2032 - 97.83 100.00 4.30% 100 16/05/2025
4.35% HDS 2026 06/04/2026 - 99.00 0.00 4.33% 100 16/05/2025
4.35% SDF 2027 25/04/2027 - 0.00 100.95 4.07% 100.5 16/05/2025
4.4% CBC 2027 S1/17 T1 07/07/2027 - 0.00 0.00 5.41% 98 16/05/2025
4.5% BNF 2027 - 2032 29/07/2032 - 0.00 98.80 4.70% 98.79 16/05/2025
4.5% END 2029 22/03/2029 - 0.00 99.90 4.53% 99.9 16/05/2025
4.5% G3 2032 06/04/2032 - 100.00 0.00 4.50% 100 16/05/2025
4.5% GHM 2027 23/08/2027 - 98.00 101.50 5.45% 98 16/05/2025
4.5% HIL 2025 16/10/2025 - 0.00 99.90 11.77% 97.01 16/05/2025
4.5% IZB 2025 30/06/2025 - 0.00 100.00 4.33% 100 16/05/2025
4.5% MDS 2026 EUR 05/02/2026 - 0.00 100.00 4.46% 99.99 16/05/2025
4.5% ONA 2028 - 2034 21/06/2034 - 97.01 99.97 4.50% 99.99 16/05/2025
4.5% SHM 2032 01/08/2032 14,000 98.00 98.50 4.75% 98.5 16/05/2025
4.55% STA 2032 07/02/2032 - 0.00 102.50 4.55% 100 16/05/2025
4.65% SMF 2031 22/04/2031 - 98.00 101.75 4.31% 101.75 16/05/2025
4.65% SMF 2032 23/08/2032 - 100.00 101.99 4.65% 100 16/05/2025
4.75% BDPH 2025-2027 30/11/2027 - 0.00 100.75 4.74% 100 16/05/2025
4.75% DNF 2033 19/11/2033 - 0.00 0.00 4.75% 100 16/05/2025
4.75% GAP 2025-2027 22/12/2027 - 100.00 101.00 4.74% 100 16/05/2025
4.75% GLR 2028 30/11/2028 - 0.00 99.99 6.82% 93.64 16/05/2025
4.75% KAF 2026-2029 23/08/2029 - 0.00 99.70 5.55% 97 16/05/2025
4.8% MMHF 2026 14/10/2026 - 0.00 0.00 11.64% 91.5 16/05/2025
4.85% JDC 2032 S1 T1 25/11/2032 - 100.50 100.99 4.85% 100 16/05/2025
4.9% CLS 2032 09/02/2032 - 0.00 0.00 4.90% 100 16/05/2025
5% BLF 2026-2029 07/02/2029 - 0.00 0.00 5.14% 99.5 16/05/2025
5% BOV 2029-2034 S1 T1 28/11/2034 - 102.75 103.20 4.54% 103.5 16/05/2025
5% BSB 2029 28/06/2029 - 100.00 102.00 5.00% 100 16/05/2025
5% CFE 2028-2033 06/01/2033 15,000 98.00 100.00 5.00% 100 16/05/2025
5% CVS 2026-2029 08/03/2029 - 98.00 0.00 5.59% 98 16/05/2025
5% DZF 2026 07/10/2026 - 98.00 100.00 5.09% 99.85 16/05/2025
5% FES 2029 18/03/2029 - 0.00 0.00 5.00% 100 16/05/2025
5% HHF 2023-2028 19/05/2028 - 0.00 99.50 5.74% 98 16/05/2025
5% HLF 2029 17/07/2029 - 101.50 102.00 4.46% 102 16/05/2025
5% HRZ 2026-2029 15/03/2029 - 0.00 0.00 5.59% 98 16/05/2025
5% IZB 2027 - 2032 15/09/2032 - 0.00 0.00 5.00% 100 16/05/2025
5% LLF 2028 29/07/2028 - 0.00 99.00 5.34% 99 16/05/2025
5% MDS 2029 20/12/2029 35,500 100.00 0.00 4.75% 101 16/05/2025
5% MED 2022-2027 EUR 13/10/2027 - 99.00 101.00 4.99% 100 16/05/2025
5% MRN 2032 16/12/2032 - 100.60 102.50 4.83% 101 16/05/2025
5% VDH 2032 16/12/2032 - 98.01 100.00 5.00% 100 16/05/2025
5.1% 6PM 2025 31/07/2025 - 99.00 100.00 9.73% 99 16/05/2025
5.2% TUM 2031-2034 22/11/2034 - 101.50 101.75 4.96% 101.75 16/05/2025
5.2% VBL 2030-2034 25/10/2034 2,200 102.00 102.50 4.98% 101.6 16/05/2025
5.25% BBP 2033 S1 T1 03/04/2033 - 101.60 0.00 4.94% 102 16/05/2025
5.25% CBC 2025 S2 T1 30/12/2025 - 99.00 101.00 5.15% 100 16/05/2025
5.25% KLF 2027 31/07/2027 - 0.00 0.00 5.24% 100 16/05/2025
5.25% MIH 2027 06/07/2027 - 100.30 102.25 5.12% 100.25 16/05/2025
5.25% QWR 2033 27/02/2033 - 102.50 0.00 4.93% 102 16/05/2025
5.3% MCY 2034 10/09/2034 - 100.20 101.99 5.03% 101.95 16/05/2025
5.30% IHI 2035 01/04/2035 - 102.00 102.99 5.04% 102 16/05/2025
5.35% BDPH 2032 21/02/2032 - 0.00 101.95 4.90% 102.5 16/05/2025
5.35% DSM 2028 28/10/2028 - 92.25 96.00 6.68% 95.99 16/05/2025
5.35% HMV 2031-2034 26/07/2034 - 104.00 104.50 4.79% 104.1 16/05/2025
5.4% ECL 2031 30/12/2031 - 101.50 101.93 5.04% 101.97 16/05/2025
5.5% 9HC 2027 19/06/2027 - 0.00 100.00 5.49% 100 16/05/2025
5.5% AES 2036 S1 T2 08/10/2036 - 101.75 102.50 5.26% 101.99 16/05/2025
5.5% IGF 2024-2027 17/05/2027 - 0.00 0.00 5.50% 100 16/05/2025
5.5% JUE 2035 27/06/2035 - 99.00 101.50 5.30% 101.5 16/05/2025
5.5% TST 2029 09/01/2029 - 0.00 100.00 5.49% 100 16/05/2025
5.5% YCT 2021-2025 13/09/2025 - 0.00 0.00 11.49% 98 16/05/2025
5.6% JDC 2035 23/05/2035 158,300 100.56 102.00 5.53% 100.56 16/05/2025
5.7% MRK 2033 12/08/2033 - 100.25 104.50 5.09% 104 16/05/2025
5.75% BDPH 2027-2029 12/04/2029 - 100.01 104.00 5.17% 102 16/05/2025
5.75% IHI 2025 13/05/2025 - 0.00 0.00 -37.09% 102 25/04/2025
5.75% PHN 2028-2033 30/12/2033 - 102.55 104.00 5.23% 103.5 16/05/2025
5.75% PLG 2028 23/11/2028 - 102.00 103.50 5.10% 102 16/05/2025
5.8% AES 2036 S1 T1 01/03/2036 - 101.50 103.70 5.33% 103.75 16/05/2025
5.8% APS 2028-2033 S1 T1 01/12/2033 - 102.50 108.00 5.42% 102.5 16/05/2025
5.8% GPH 2032 22/04/2032 160,000 101.00 101.90 5.40% 102.25 16/05/2025
5.85% AXG 2033 07/11/2033 - 105.85 107.00 4.96% 106 16/05/2025
5.85% BGA 2034 14/05/2034 - 103.00 105.99 5.03% 105.8 16/05/2025
5.85% MIH 2028 31/07/2028 - 102.00 0.00 5.15% 102 16/05/2025
5.9% TGS 2024-2026 22/07/2026 - 0.00 102.00 4.99% 101 16/05/2025
6% IHI 2033 14/11/2033 17,000 104.50 105.50 5.32% 104.5 16/05/2025
6% JDC 2033 S2 T1 19/07/2033 - 102.00 105.48 5.61% 102.5 16/05/2025
6% MUL 2032 S1 T1 27/04/2032 - 0.00 105.00 6.00% 100 16/05/2025
6% PHC 2033 03/02/2033 - 103.00 0.00 5.19% 105 16/05/2025
6.25% AST 2033 16/06/2033 - 103.50 105.00 5.47% 105 16/05/2025
6.25% CMF 2034 23/02/2034 - 102.50 105.95 5.65% 104 16/05/2025
6.25% GPH 2030 10/03/2030 14,700 101.20 103.82 5.52% 103 16/05/2025
6.25% TGS 2030 -2032 14/02/2032 - 102.00 104.40 5.88% 102 16/05/2025
7.25% HRT 2025-2027 28/11/2027 - 100.00 101.00 6.78% 101 16/05/2025

* 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 05/11/2029 - 0.00 96.50 4.88% 96.5 16/05/2025
5% MED 2022-2027 GBP 13/10/2027 - 0.00 0.00 4.99% 100 16/05/2025

* 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 05/02/2026 - 0.00 99.95 5.80% 99.9 16/05/2025

* 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) 20/07/2026 - 96.69 0.00 2.99%
0.25% MGS 2026 (III) 18/11/2026 - 96.56 0.00 2.60%
0.40% MGS 2026 (II) 20/10/2026 - 96.79 0.00 2.71%
0.40% MGS 2027 (IV) 19/11/2027 - 93.31 0.00 3.20%
0.5% MGS 2025 (II) 08/11/2025 - 98.61 98.70 3.49%
0.75% MGS 2025 (III) 17/07/2025 - 103.31 0.00 -18.56%
0.80% MGS 2027 (III) 29/04/2027 - 90.10 0.00 6.28%
0.90% MGS 2027 (V) 12/08/2027 - 95.40 0.00 3.04%
0.90% MGS 2031 (V) 11/07/2031 - 88.28 0.00 3.00%
1.0% MGS 2031 (II) 23/04/2031 - 90.00 0.00 2.84%
1.00% MGS 2035 (II) 23/08/2035 - 79.04 0.00 3.44%
1.20% MGS 2037 (I) 13/05/2037 - 77.83 0.00 3.48%
1.40% MGS 2046 (I) 20/08/2046 16,000 63.88 60.00 3.92%
1.5% MGS 2027 (I) 15/06/2027 - 98.00 0.00 2.49%
1.50% MGS 2045 (I) 22/10/2045 - 66.68 0.00 3.88%
1.60% MGS 2032 (III) 03/05/2032 - 91.36 0.00 2.98%
1.70% MGS 2028 (IV) 04/08/2028 - 90.83 0.00 4.81%
1.80% MGS 2051 (I) 28/08/2051 - 61.00 62.00 4.29%
1.85% MGS 2029 (III) 30/05/2029 - 96.25 0.00 2.84%
2.00% MGS 2051 (II) 10/07/2051 - 69.38 0.00 3.87%
2.1% MGS 2039 (I) 24/08/2039 - 83.00 0.00 3.64%
2.10% MGS 2032 (IV) 15/04/2032 - 94.56 0.00 2.98%
2.2% MGS 2035 (I) 24/11/2035 - 89.00 0.00 3.46%
2.3% MGS 2029 (II) 24/07/2029 10,000 99.11 0.00 2.53%
2.4% MGS 2041 (I) 25/07/2041 30,000 82.98 0.00 3.82%
2.40% MGS 2052 (I) 13/08/2052 - 75.22 0.00 3.88%
2.5% MGS 2036 (I) 17/11/2036 200,000 90.65 88.00 3.49%
2.60% MGS 2028 (V) 22/05/2028 - 100.95 0.00 2.27%
2.60% MGS 2047 (I) 27/09/2047 - 89.60 0.00 3.26%
2.80% MGS 2030 (III) 27/02/2030 - 100.68 0.00 2.65%
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) 24/10/2032 4,000 99.00 99.23 3.05%
3% MGS 2040 (I) 11/06/2040 - 97.80 92.70 3.18%
3.00% MGS 2030 (IV) 05/11/2030 - 101.66 0.00 2.67%
3.15% MGS 2027 (VII) 20/05/2027 - 101.91 0.00 2.17%
3.25% MGS 2034 (IV) 05/09/2034 - 100.02 100.02 3.25%
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) 27/11/2029 - 104.50 0.00 2.30%
3.35% MGS 2029 (V) r 11/27/2029 No Trades 100.02 - 3.34%
3.4% MGS 2027 (VI) 24/09/2027 10,000 102.81 102.81 2.17%
3.40% MGS 2042 (I) 26/08/2042 - 100.50 98.50 3.36%
3.50% MGS 2028 (VI) 07/07/2028 188,000 103.36 0.00 2.38%
3.50% MGS 2034 (III) 31/07/2034 - 102.25 102.25 3.22%
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) A 18/12/2035 - 100.26 0.00 3.47%
3.50% MGS 2035 (III) r 18/12/2035 25,000 100.68 100.10 3.42%
3.55% MGS 2026 (V) 08/07/2026 473,500 101.67 0.00 2.06%
3.7% MGS 2030 (II) 25/11/2030 - 106.09 0.00 2.51%
3.75% MGS 2033 (III) 17/08/2033 - 104.81 0.00 3.08%
3.85% MGS 2026 (VI) 05/08/2026 - 102.31 0.00 1.92%
3.95% MGS 2028 (VII) 08/08/2028 - 104.05 0.00 2.63%
4% MGS 2032 (VII) 30/03/2032 110,000 106.55 0.00 2.94%
4.00% MGS 2033 (IV) 05/12/2033 - 106.50 106.50 3.13%
4.00% MGS 2038 (I) 25/08/2038 - 104.72 103.93 3.55%
4.00% MGS 2043 (I) 26/11/2043 10,000 105.00 102.50 3.63%
4.1% MGS 2034 (I) 18/10/2034 - 107.00 0.00 3.23%
4.3% MGS 2033 (I) 01/08/2033 - 107.79 0.00 3.21%
4.30% MGS 2038 (II) 15/11/2038 11,800 106.98 0.00 3.64%
4.45% MGS 2032 (II) 03/09/2032 - 110.34 0.00 2.87%
4.5% MGS 2028 (II) 25/10/2028 - 106.73 106.96 2.45%
4.65% MGS 2032 (I) 22/07/2032 9,000 110.51 0.00 3.01%
4.8% MGS 2028 (I) 11/09/2028 - 108.03 0.00 2.27%
5.1% MGS 2029 (I) 01/10/2029 - 110.75 110.42 2.49%
5.2% MGS 2031 (I) 16/09/2031 32,700 113.35 0.00 2.88%
5.25% MGS 2030 (I) 23/06/2030 - 112.50 112.06 2.61%
7% MGS 2025 (I) 31/12/2025 - 149.70 0.00 -50.70%
7% MGS 2026 (I) 31/12/2026 - 155.80 0.00 -20.33%
7% MGS 2032 (V) 31/12/2032 - 100.00 0.00 7.00%
7% MGS 2034 (II) 31/12/2034 - 100.00 0.00 7.00%

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

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