Bond Market Overview

Wednesday, 26 March 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 (%)	Closing Price (EUR)	Last Trade
3.25% APS 2025-2030	19/11/2030	-	94.00	97.50	2.34%	97.5	26/03/2025
3.25% AXG 2026 SI	20/12/2026	-	96.26	100.00	2.33%	100	26/03/2025
3.5% AXR 2032	06/02/2032	29,800	94.00	94.50	2.94%	94.5	26/03/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	97.50	98.00	2.36%	97.99	26/03/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	94.90	96.99	2.37%	96.99	26/03/2025
3.5% GO 2031	25/06/2031	-	96.50	97.50	2.50%	96.5	26/03/2025
3.5% SFC 2027	13/09/2027	6,000	100.00	101.40	2.26%	101.4	26/03/2025
3.65% IHI 2031	07/12/2031	-	96.00	96.97	2.58%	96.98	26/03/2025
3.65% MOF 2028-2031	15/10/2031	-	96.50	98.25	2.42%	98.25	26/03/2025
3.65% STV 2029	29/07/2029	-	97.23	99.99	2.40%	99.99	26/03/2025
3.75% AXG 2029 S2	20/12/2029	-	97.04	100.00	2.64%	100	26/03/2025
3.75% BOV 2026-2031	15/06/2031	-	96.00	98.00	2.64%	97.5	26/03/2025
3.75% BRX 2027	01/12/2027	13,500	97.01	100.20	2.53%	100	26/03/2025
3.75% MCY 2027	27/03/2027	-	98.00	100.00	3.73%	100	26/03/2025
3.75% PRC 2026	23/11/2026	24,000	97.53	99.25	2.43%	99.25	26/03/2025
3.75% TMF 2029	27/06/2029	-	97.50	100.00	2.54%	100	26/03/2025
3.75% TUM 2027	10/07/2027	-	97.01	100.00	2.45%	100	26/03/2025
3.75% VRT 2027	30/11/2027	12,400	98.06	101.00	2.52%	100	26/03/2025
3.8% HLF 2029	27/08/2029	2,400	97.50	98.45	2.44%	98.45	26/03/2025
3.85% HLF 2028	24/07/2028	-	97.01	99.80	2.50%	98	26/03/2025
3.9% BRW 2027-2031	09/07/2031	40,000	97.00	99.00	2.57%	98.5	26/03/2025
3.9% PZC 2026	22/09/2026	-	0.00	0.00	2.31%	100	26/03/2025
4% CBC 2027-2033	10/11/2033	-	95.00	97.50	2.61%	97.45	26/03/2025
4% CCS 2030	19/08/2030	-	97.00	99.00	2.51%	99	26/03/2025
4% EFC 2027	28/04/2027	20,000	81.00	99.99	3.15%	99.99	26/03/2025
4% EXF 2028	20/08/2028	10,000	99.95	101.25	2.47%	101.25	26/03/2025
4% HLF 2027	11/03/2027	-	100.00	100.80	3.57%	100.89	26/03/2025
4% IHI 2026	29/07/2026	-	100.00	101.00	2.34%	101	26/03/2025
4% IHI 2026 B	20/12/2026	24,500	99.00	100.00	2.66%	100	26/03/2025
4% LSI 2026-2031	02/06/2031	-	0.00	0.00	2.79%	100	26/03/2025
4% MED 2024-2029 EUR	05/11/2029	-	0.00	99.00	2.57%	99	26/03/2025
4% MIDI 2026	27/07/2026	3,400	98.20	100.00	2.36%	100	26/03/2025
4% MPC 2032 S1/22 T1	30/06/2032	-	98.50	0.00	2.62%	100	26/03/2025
4% SHM 2026	01/08/2026	-	95.00	0.00	2.37%	98.5	26/03/2025
4% SPF 2029	03/05/2029	-	0.00	0.00	3.12%	99	26/03/2025
4% STV 2027	18/10/2027	-	98.53	99.98	2.49%	99.98	26/03/2025
4.25% CCM 2024-2026	08/05/2026	-	97.50	99.45	3.04%	97.5	26/03/2025
4.25% CLP 2033	25/08/2033	70,000	100.50	101.00	2.55%	101	26/03/2025
4.25% CPHCL 2026	12/04/2026	-	98.40	99.50	3.65%	98.2	26/03/2025
4.25% IZI 2029	14/04/2029	6,000	0.00	101.00	3.61%	101	26/03/2025
4.25% MCY 2031	27/03/2031	10,000	98.02	100.00	4.18%	101	26/03/2025
4.3% MCY 2032	25/04/2032	-	99.00	100.00	3.40%	99.99	26/03/2025
4.35% HDS 2026	06/04/2026	-	98.50	0.00	3.90%	100	26/03/2025
4.35% SDF 2027	25/04/2027	-	99.50	100.00	3.39%	100.5	26/03/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	98.25	0.00	2.71%	98	26/03/2025
4.5% BNF 2027 - 2032	29/07/2032	-	99.00	100.00	2.68%	100	26/03/2025
4.5% END 2029	22/03/2029	-	0.00	100.50	4.30%	100	26/03/2025
4.5% G3 2032	06/04/2032	-	98.00	0.00	4.17%	98.01	26/03/2025
4.5% GHM 2027	23/08/2027	-	99.00	100.99	2.57%	102	26/03/2025
4.5% HIL 2025	16/10/2025	20,600	99.50	99.99	1.49%	99.99	26/03/2025
4.5% IZB 2025	30/06/2025	-	0.00	100.00	1.03%	100	26/03/2025
4.5% MDS 2026 EUR	05/02/2026	-	0.00	100.00	2.71%	99.95	26/03/2025
4.5% ONA 2028 - 2034	21/06/2034	44,400	99.50	100.00	2.84%	100	26/03/2025
4.5% SHM 2032	01/08/2032	-	0.00	99.50	2.68%	99.49	26/03/2025
4.55% STA 2032	07/02/2032	22,000	100.05	0.00	3.35%	103	26/03/2025
4.65% SMF 2031	22/04/2031	1,700	99.27	100.00	3.69%	99.27	26/03/2025
4.65% SMF 2032	23/08/2032	-	101.99	0.00	2.66%	101.99	26/03/2025
4.75% BDPH 2025-2027	30/11/2027	-	100.00	0.00	2.88%	100.01	26/03/2025
4.75% DNF 2033	19/11/2033	-	0.00	0.00	2.84%	101	26/03/2025
4.75% GAP 2025-2027	22/12/2027	-	100.40	103.00	3.00%	101	26/03/2025
4.75% GLR 2028	30/11/2028	-	0.00	0.00	2.90%	100	26/03/2025
4.75% KAF 2026-2029	23/08/2029	4,000	97.00	98.00	2.73%	98	26/03/2025
4.8% MMHF 2026	14/10/2026	-	0.00	96.00	2.67%	96	26/03/2025
4.85% JDC 2032 S1 T1	25/11/2032	4,000	98.20	101.95	2.92%	99.5	26/03/2025
4.9% CLS 2032	09/02/2032	-	0.00	0.00	3.62%	100	26/03/2025
5% BLF 2026-2029	07/02/2029	-	0.00	0.00	3.67%	98.5	26/03/2025
5% BOV 2029-2034 S1 T1	28/11/2034	-	104.41	104.99	2.90%	104.41	26/03/2025
5% BSB 2029	28/06/2029	-	100.00	102.00	2.95%	99.4	26/03/2025
5% CFE 2028-2033	06/01/2033	-	99.50	101.00	3.23%	101	26/03/2025
5% CVS 2026-2029	08/03/2029	-	0.00	0.00	4.29%	100	26/03/2025
5% DZF 2026	07/10/2026	-	0.00	102.00	2.64%	100	26/03/2025
5% FES 2029	18/03/2029	-	0.00	102.00	4.61%	100	26/03/2025
5% HHF 2023-2028	19/05/2028	-	0.00	99.50	3.31%	99.5	26/03/2025
5% HLF 2029	17/07/2029	19,400	101.25	101.75	2.84%	101.25	26/03/2025
5% HRZ 2026-2029	15/03/2029	-	0.00	0.00	4.51%	99.75	26/03/2025
5% IZB 2027 - 2032	15/09/2032	-	99.50	0.00	2.77%	100	26/03/2025
5% LLF 2028	29/07/2028	-	0.00	99.00	2.80%	100	26/03/2025
5% MDS 2029	20/12/2029	-	100.50	0.00	3.09%	101	26/03/2025
5% MED 2022-2027 EUR	13/10/2027	-	0.00	0.00	2.74%	102.2	26/03/2025
5% MRN 2032	16/12/2032	4,500	101.01	105.00	3.00%	105	26/03/2025
5% VDH 2032	16/12/2032	3,000	99.50	100.50	3.08%	100	26/03/2025
5.1% 6PM 2025	31/07/2025	-	99.00	0.00	1.16%	100	26/03/2025
5.2% TUM 2031-2034	22/11/2034	-	102.00	103.50	2.96%	102.05	26/03/2025
5.2% VBL 2030-2034	25/10/2034	-	101.60	102.99	2.86%	101.6	26/03/2025
5.25% BBP 2033 S1 T1	03/04/2033	-	0.00	0.00	4.77%	102	26/03/2025
5.25% CBC 2025 S2 T1	30/12/2025	-	0.00	0.00	2.30%	100	26/03/2025
5.25% KLF 2027	31/07/2027	-	0.00	0.00	2.83%	100	26/03/2025
5.25% MIH 2027	06/07/2027	10,000	100.25	101.00	2.91%	101	26/03/2025
5.25% QWR 2033	27/02/2033	-	102.00	0.00	4.10%	102.04	26/03/2025
5.3% MCY 2034	10/09/2034	15,000	101.60	102.97	2.80%	102.95	26/03/2025
5.35% DSM 2028	28/10/2028	-	94.00	95.99	2.98%	96	26/03/2025
5.35% HMV 2031-2034	26/07/2034	-	104.50	110.00	2.84%	106	26/03/2025
5.4% ECL 2031	30/12/2031	1,400	102.00	102.74	3.30%	102	26/03/2025
5.5% 9HC 2027	19/06/2027	-	0.00	100.00	3.10%	100	26/03/2025
5.5% AES 2036 S1 T2	08/10/2036	-	103.00	103.49	2.87%	103.59	26/03/2025
5.5% IGF 2024-2027	17/05/2027	-	0.00	100.00	3.48%	100	26/03/2025
5.5% JUE 2035	27/06/2035	-	104.00	104.47	3.03%	104.46	26/03/2025
5.5% TST 2029	09/01/2029	-	0.00	100.00	3.46%	100	26/03/2025
5.5% YCT 2021-2025	13/09/2025	-	0.00	0.00	1.40%	98	26/03/2025
5.7% MRK 2033	12/08/2033	4,000	105.00	105.30	2.89%	105.3	26/03/2025
5.75% BDPH 2027-2029	12/04/2029	-	103.00	104.00	4.52%	104.5	26/03/2025
5.75% IHI 2025	13/05/2025	-	0.00	0.00	0.92%	102	26/03/2025
5.75% PHN 2028-2033	30/12/2033	-	104.50	105.40	3.37%	104	26/03/2025
5.75% PLG 2028	23/11/2028	-	101.50	0.00	3.12%	101.5	26/03/2025
5.8% AES 2036 S1 T1	01/03/2036	-	104.00	105.50	4.47%	104	26/03/2025
5.8% APS 2028-2033 S1 T1	01/12/2033	-	106.00	108.00	3.14%	104.5	26/03/2025
5.85% AXG 2033	07/11/2033	-	104.00	107.48	2.99%	107.5	26/03/2025
5.85% BGA 2034	14/05/2034	-	105.00	106.00	3.65%	102.1	26/03/2025
5.85% MIH 2028	31/07/2028	-	0.00	104.00	2.95%	104	26/03/2025
5.9% TGS 2024-2026	22/07/2026	-	98.00	0.00	2.86%	98	26/03/2025
6% IHI 2033	14/11/2033	-	105.25	105.50	3.09%	105	26/03/2025
6% JDC 2033 S2 T1	19/07/2033	-	102.90	103.00	3.05%	102.9	26/03/2025
6% MUL 2032 S1 T1	27/04/2032	-	0.00	100.00	4.17%	100	26/03/2025
6% PHC 2033	03/02/2033	-	104.02	0.00	3.91%	104.01	26/03/2025
6.25% AST 2033	16/06/2033	-	102.10	110.00	3.27%	106	26/03/2025
6.25% CMF 2034	23/02/2034	-	104.10	106.79	4.47%	104.1	26/03/2025
6.25% GPH 2030	10/03/2030	-	103.50	104.00	5.06%	103.8	26/03/2025
7.25% HRT 2025-2027	28/11/2027	-	99.50	0.00	3.46%	101	26/03/2025

* 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	2.61%		96.5	26/03/2025
5% MED 2022-2027 GBP	13/10/2027	-	0.00	0.00	2.77%		100	26/03/2025

* 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	-	95.00	99.98	3.12%		99.9	26/03/2025

* 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	0.13%
0.25% MGS 2026 (III)	18/11/2026	-	96.56	0.00	0.27%
0.40% MGS 2026 (II)	20/10/2026	-	96.79	0.00	0.42%
0.40% MGS 2027 (IV)	19/11/2027	-	93.31	0.00	0.44%
0.5% MGS 2025 (II)	08/11/2025	-	98.61	0.00	0.44%
0.75% MGS 2025 (III)	17/07/2025	-	103.31	0.00	0.41%
0.80% MGS 2027 (III)	29/04/2027	-	90.10	0.00	0.89%
0.90% MGS 2027 (V)	12/08/2027	-	95.40	0.00	0.88%
0.90% MGS 2031 (V)	11/07/2031	-	88.28	0.00	0.95%
1.0% MGS 2031 (II)	23/04/2031	-	89.32	0.00	1.09%
1.00% MGS 2035 (II)	23/08/2035	-	79.35	0.00	1.13%
1.20% MGS 2037 (I)	13/05/2037	-	77.83	0.00	1.42%
1.40% MGS 2046 (I)	20/08/2046	-	65.18	0.00	1.71%
1.5% MGS 2027 (I)	15/06/2027	-	97.97	0.00	1.35%
1.50% MGS 2045 (I)	22/10/2045	-	67.71	0.00	1.75%
1.60% MGS 2032 (III)	03/05/2032	-	90.93	0.00	1.62%
1.70% MGS 2028 (IV)	04/08/2028	-	90.83	0.00	1.55%
1.80% MGS 2051 (I)	28/08/2051	-	61.00	0.00	2.10%
1.85% MGS 2029 (III)	30/05/2029	-	96.25	0.00	1.67%
2.00% MGS 2051 (II)	10/07/2051	-	69.38	0.00	2.13%
2.1% MGS 2039 (I)	24/08/2039	-	81.15	0.00	1.93%
2.10% MGS 2032 (IV)	15/04/2032	-	94.20	0.00	2.09%
2.2% MGS 2035 (I)	24/11/2035	-	89.25	0.00	1.93%
2.3% MGS 2029 (II)	24/07/2029	-	97.69	0.00	1.84%
2.4% MGS 2041 (I)	25/07/2041	-	80.50	0.00	2.14%
2.40% MGS 2052 (I)	13/08/2052	-	75.22	0.00	2.21%
2.5% MGS 2036 (I)	17/11/2036	-	88.84	88.00	2.10%
2.60% MGS 2028 (V)	22/05/2028	-	99.81	0.00	2.14%
2.60% MGS 2047 (I)	27/09/2047	-	85.83	0.00	2.13%
2.80% MGS 2030 (III)	27/02/2030	-	100.00	99.65	2.51%
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	-	97.78	97.00	2.13%
3% MGS 2040 (I)	11/06/2040	-	99.80	94.00	2.28%
3.00% MGS 2030 (IV) A	05/11/2030	-	100.87	0.00	2.15%
3.00% MGS 2030 (IV) r	05/11/2030	-	101.00	101.00	2.15%
3.15% MGS 2027 (VII)	20/05/2027	-	101.46	0.00	2.41%
3.15% MGS 2027 (VII) r (xd)	5/20/2027	No Trades	99.70	-	3.26%
3.25% MGS 2034 (IV)	05/09/2034	-	100.00	0.00	2.22%
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)	27/11/2029	-	102.00	102.24	2.34%
3.35% MGS 2029 (V) r	11/27/2029	No Trades	100.02	-	3.34%
3.4% MGS 2027 (VI)	24/09/2027	-	102.50	0.00	2.21%
3.40% MGS 2042 (I)	26/08/2042	-	101.85	0.00	2.26%
3.50% MGS 2028 (VI)	07/07/2028	-	102.77	0.00	2.35%
3.50% MGS 2034 (III)	31/07/2034	-	100.00	100.52	2.35%
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	2.51%
3.50% MGS 2035 (III) r	18/12/2035	79,900	100.45	0.00	2.51%
3.55% MGS 2026 (V)	08/07/2026	-	101.56	0.00	2.23%
3.7% MGS 2030 (II)	25/11/2030	-	106.09	0.00	2.42%
3.75% MGS 2033 (III)	17/08/2033	-	103.69	0.00	2.37%
3.85% MGS 2026 (VI)	05/08/2026	-	102.31	0.00	2.26%
3.95% MGS 2028 (VII)	08/08/2028	-	104.05	0.00	2.43%
4% MGS 2032 (VII)	30/03/2032	20,000	105.26	105.31	3.72%
4.00% MGS 2033 (IV)	05/12/2033	-	104.73	0.00	2.60%
4.00% MGS 2038 (I)	25/08/2038	-	105.02	105.02	2.43%
4.00% MGS 2043 (I)	26/11/2043	-	104.80	101.70	2.56%
4.1% MGS 2034 (I)	18/10/2034	-	105.05	104.10	2.49%
4.3% MGS 2033 (I)	01/08/2033	4,000	107.00	107.15	2.53%
4.30% MGS 2038 (II)	15/11/2038	-	112.09	0.00	2.53%
4.45% MGS 2032 (II)	03/09/2032	-	108.11	0.00	2.52%
4.5% MGS 2028 (II)	25/10/2028	-	106.28	0.00	2.60%
4.65% MGS 2032 (I)	22/07/2032	-	109.40	100.00	2.62%
4.8% MGS 2028 (I)	11/09/2028	-	106.80	0.00	2.62%
5.1% MGS 2029 (I)	01/10/2029	-	109.84	0.00	2.68%
5.2% MGS 2031 (I)	16/09/2031	-	112.27	0.00	2.67%
5.25% MGS 2030 (I)	23/06/2030	-	111.12	0.00	2.90%
7% MGS 2025 (I)	31/12/2025	-	149.70	0.00	1.97%
7% MGS 2026 (I)	31/12/2026	-	155.80	0.00	2.86%
7% MGS 2032 (V)	31/12/2032	-	100.00	0.00	3.79%

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