Bond Market Overview

Friday, 25 April 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	97.00	3.75%	97.5	25/04/2025
3.25% AXG 2026 SI	20/12/2026	30,000	0.00	100.00	3.24%	100	25/04/2025
3.5% AXR 2032	06/02/2032	-	93.20	94.50	4.46%	94.5	25/04/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	94.00	97.00	4.14%	97	25/04/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	0.00	94.90	4.60%	94.9	25/04/2025
3.5% GO 2031	25/06/2031	29,000	97.50	98.50	3.78%	98.5	25/04/2025
3.5% SFC 2027	13/09/2027	-	99.95	101.00	3.49%	100	25/04/2025
3.65% IHI 2031	07/12/2031	-	0.00	95.99	4.72%	94	25/04/2025
3.65% MOF 2028-2031	15/10/2031	-	95.75	97.50	4.00%	98	25/04/2025
3.65% STV 2029	29/07/2029	-	97.12	99.84	4.17%	98	25/04/2025
3.75% AXG 2029 S2	20/12/2029	-	94.00	100.00	3.75%	100	25/04/2025
3.75% BOV 2026-2031	15/06/2031	-	0.00	97.90	4.13%	97.96	25/04/2025
3.75% BRX 2027	01/12/2027	4,000	97.00	98.50	5.00%	97	25/04/2025
3.75% MCY 2027	27/03/2027	-	97.73	100.00	3.75%	100	25/04/2025
3.75% PRC 2026	23/11/2026	31,000	0.00	99.99	5.43%	97.5	25/04/2025
3.75% TMF 2029	27/06/2029	10,000	97.51	99.00	4.01%	99	25/04/2025
3.75% TUM 2027	10/07/2027	-	0.00	101.00	3.74%	100	25/04/2025
3.75% VRT 2027	30/11/2027	-	98.11	99.49	3.95%	99.49	25/04/2025
3.8% HLF 2029	27/08/2029	30,000	95.05	97.50	5.10%	95.05	25/04/2025
3.85% HLF 2028	24/07/2028	-	0.00	98.00	4.18%	99	25/04/2025
3.9% BRW 2027-2031	09/07/2031	5,700	96.25	98.99	4.14%	98.69	25/04/2025
3.9% PZC 2026	22/09/2026	-	0.00	0.00	3.89%	100	25/04/2025
4% CBC 2027-2033	10/11/2033	-	0.00	97.60	4.28%	97.99	25/04/2025
4% CCS 2030	19/08/2030	15,000	97.05	98.30	4.51%	97.6	25/04/2025
4% EFC 2027	28/04/2027	-	81.00	100.00	4.00%	100	25/04/2025
4% EXF 2028	20/08/2028	-	0.00	101.25	3.59%	101.25	25/04/2025
4% HLF 2027	11/03/2027	50,000	0.00	99.98	5.14%	98	25/04/2025
4% IHI 2026	29/07/2026	-	97.50	99.90	4.00%	99.99	25/04/2025
4% IHI 2026 B	20/12/2026	-	98.60	99.20	4.50%	99.2	25/04/2025
4% LSI 2026-2031	02/06/2031	-	0.00	0.00	4.00%	100	25/04/2025
4% MED 2024-2029 EUR	05/11/2029	-	0.00	97.99	4.32%	98.7	25/04/2025
4% MIDI 2026	27/07/2026	-	98.21	99.89	3.99%	100	25/04/2025
4% MPC 2032 S1/22 T1	30/06/2032	-	98.50	0.00	4.00%	100	25/04/2025
4% SHM 2026	01/08/2026	-	0.00	0.00	5.68%	97.99	25/04/2025
4% SPF 2029	03/05/2029	3,300	99.50	100.00	4.28%	99	25/04/2025
4% STV 2027	18/10/2027	-	99.15	100.00	3.99%	100	25/04/2025
4.25% CCM 2024-2026	08/05/2026	-	97.50	99.45	6.84%	97.5	25/04/2025
4.25% CLP 2033	25/08/2033	-	100.10	101.00	4.25%	100	25/04/2025
4.25% CPHCL 2026	12/04/2026	30,000	0.00	99.50	4.79%	99.5	25/04/2025
4.25% IZI 2029	14/04/2029	10,000	0.00	99.50	4.39%	99.5	25/04/2025
4.25% MCY 2031	27/03/2031	3,600	0.00	99.99	4.84%	97	25/04/2025
4.3% MCY 2032	25/04/2032	10,000	98.50	99.97	4.30%	99.97	25/04/2025
4.35% HDS 2026	06/04/2026	-	99.00	0.00	4.34%	100	25/04/2025
4.35% SDF 2027	25/04/2027	4,000	96.00	100.00	5.16%	98.5	25/04/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	98.00	0.00	5.38%	98	25/04/2025
4.5% BNF 2027 - 2032	29/07/2032	-	0.00	98.90	4.66%	99	25/04/2025
4.5% END 2029	22/03/2029	-	0.00	100.00	4.50%	100	25/04/2025
4.5% G3 2032	06/04/2032	-	100.00	0.00	4.50%	100	25/04/2025
4.5% GHM 2027	23/08/2027	-	0.00	100.00	4.51%	99.98	25/04/2025
4.5% HIL 2025	16/10/2025	-	98.50	99.49	7.62%	98.5	25/04/2025
4.5% IZB 2025	30/06/2025	-	0.00	100.00	4.34%	100	25/04/2025
4.5% MDS 2026 EUR	05/02/2026	-	0.00	100.00	4.51%	99.99	25/04/2025
4.5% ONA 2028 - 2034	21/06/2034	-	99.50	100.00	4.50%	100	25/04/2025
4.5% SHM 2032	01/08/2032	-	0.00	98.00	5.00%	97	25/04/2025
4.55% STA 2032	07/02/2032	-	0.00	100.00	4.55%	100	25/04/2025
4.65% SMF 2031	22/04/2031	-	0.00	101.49	4.55%	100.5	25/04/2025
4.65% SMF 2032	23/08/2032	-	0.00	100.00	4.65%	100	25/04/2025
4.75% BDPH 2025-2027	30/11/2027	-	0.00	0.00	4.74%	100	25/04/2025
4.75% DNF 2033	19/11/2033	-	0.00	0.00	4.75%	99.99	25/04/2025
4.75% GAP 2025-2027	22/12/2027	-	99.10	99.90	4.74%	100	25/04/2025
4.75% GLR 2028	30/11/2028	-	0.00	100.00	4.74%	100	25/04/2025
4.75% KAF 2026-2029	23/08/2029	-	0.00	98.00	5.54%	97	25/04/2025
4.8% MMHF 2026	14/10/2026	2,000	91.80	92.00	11.12%	91.8	25/04/2025
4.85% JDC 2032 S1 T1	25/11/2032	9,000	99.25	99.90	4.86%	99.9	25/04/2025
4.9% CLS 2032	09/02/2032	-	0.00	0.00	4.90%	100	25/04/2025
5% BLF 2026-2029	07/02/2029	-	0.00	0.00	5.44%	98.5	25/04/2025
5% BOV 2029-2034 S1 T1	28/11/2034	-	102.25	102.99	4.70%	102.25	25/04/2025
5% BSB 2029	28/06/2029	-	0.00	100.00	5.00%	100	25/04/2025
5% CFE 2028-2033	06/01/2033	-	98.00	0.00	5.32%	98	25/04/2025
5% CVS 2026-2029	08/03/2029	-	0.00	0.00	5.59%	98	25/04/2025
5% DZF 2026	07/10/2026	-	0.00	100.00	5.09%	99.85	25/04/2025
5% FES 2029	18/03/2029	-	0.00	100.00	5.00%	100	25/04/2025
5% HHF 2023-2028	19/05/2028	-	0.00	98.00	5.18%	99.5	25/04/2025
5% HLF 2029	17/07/2029	-	99.60	102.00	4.47%	101.99	25/04/2025
5% HRZ 2026-2029	15/03/2029	-	0.00	0.00	5.58%	98	25/04/2025
5% IZB 2027 - 2032	15/09/2032	-	0.00	0.00	5.00%	100	25/04/2025
5% LLF 2028	29/07/2028	-	0.00	99.00	5.33%	99	25/04/2025
5% MDS 2029	20/12/2029	-	0.00	101.00	4.75%	101	25/04/2025
5% MED 2022-2027 EUR	13/10/2027	-	0.00	101.50	4.03%	102.2	25/04/2025
5% MRN 2032	16/12/2032	2,000	100.00	100.52	5.00%	100	25/04/2025
5% VDH 2032	16/12/2032	1,400	99.80	100.00	5.03%	99.8	25/04/2025
5.1% 6PM 2025	31/07/2025	-	0.00	100.00	4.91%	100	25/04/2025
5.2% TUM 2031-2034	22/11/2034	40,000	0.00	103.50	4.83%	102.75	25/04/2025
5.2% VBL 2030-2034	25/10/2034	-	100.01	101.00	4.99%	101.55	25/04/2025
5.25% BBP 2033 S1 T1	03/04/2033	-	100.50	102.00	5.17%	100.5	25/04/2025
5.25% CBC 2025 S2 T1	30/12/2025	-	0.00	100.00	6.00%	99.5	25/04/2025
5.25% KLF 2027	31/07/2027	-	0.00	0.00	5.24%	100	25/04/2025
5.25% MIH 2027	06/07/2027	-	100.30	102.25	5.09%	100.3	25/04/2025
5.25% QWR 2033	27/02/2033	-	102.10	0.00	4.93%	102	25/04/2025
5.3% MCY 2034	10/09/2034	-	100.05	101.55	4.96%	102.5	25/04/2025
5.30% IHI 2035	01/04/2035	2,900	100.50	102.00	5.23%	100.5	25/04/2025
5.35% BDPH 2032	21/02/2032	-	0.00	102.95	5.17%	101	25/04/2025
5.35% DSM 2028	28/10/2028	-	92.25	96.00	6.66%	95.99	25/04/2025
5.35% HMV 2031-2034	26/07/2034	-	0.00	103.99	4.80%	104	25/04/2025
5.4% ECL 2031	30/12/2031	5,000	100.10	101.90	5.05%	101.9	25/04/2025
5.5% 9HC 2027	19/06/2027	-	0.00	100.00	5.49%	100	25/04/2025
5.5% AES 2036 S1 T2	08/10/2036	-	0.00	102.40	5.14%	103	25/04/2025
5.5% IGF 2024-2027	17/05/2027	-	0.00	100.00	5.50%	100	25/04/2025
5.5% JUE 2035	27/06/2035	-	100.10	103.00	5.18%	102.5	25/04/2025
5.5% TST 2029	09/01/2029	-	0.00	100.00	5.49%	100	25/04/2025
5.5% YCT 2021-2025	13/09/2025	-	0.00	0.00	10.60%	98	25/04/2025
5.7% MRK 2033	12/08/2033	10,000	0.00	104.98	5.11%	103.9	25/04/2025
5.75% BDPH 2027-2029	12/04/2029	-	0.00	104.40	5.18%	102	25/04/2025
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	-	102.15	105.00	5.44%	102.1	25/04/2025
5.75% PLG 2028	23/11/2028	-	101.50	103.98	5.27%	101.5	25/04/2025
5.8% AES 2036 S1 T1	01/03/2036	-	100.60	104.00	5.55%	102	25/04/2025
5.8% APS 2028-2033 S1 T1	01/12/2033	-	102.50	0.00	5.42%	102.5	25/04/2025
5.85% AXG 2033	07/11/2033	-	102.00	104.02	4.76%	107.5	25/04/2025
5.85% BGA 2034	14/05/2034	-	101.05	104.75	5.70%	101.01	25/04/2025
5.85% MIH 2028	31/07/2028	-	0.00	0.00	5.16%	102	25/04/2025
5.9% TGS 2024-2026	22/07/2026	-	0.00	102.00	5.02%	101	25/04/2025
6% IHI 2033	14/11/2033	-	104.00	105.50	5.18%	105.5	25/04/2025
6% JDC 2033 S2 T1	19/07/2033	-	103.00	105.49	5.53%	103	25/04/2025
6% MUL 2032 S1 T1	27/04/2032	-	0.00	0.00	6.00%	100	25/04/2025
6% PHC 2033	03/02/2033	-	101.02	102.99	5.99%	100	25/04/2025
6.25% AST 2033	16/06/2033	-	102.10	110.00	5.91%	102.1	25/04/2025
6.25% CMF 2034	23/02/2034	-	0.00	106.99	5.52%	105	25/04/2025
6.25% GPH 2030	10/03/2030	-	103.50	103.51	5.34%	103.8	25/04/2025
6.25% TGS 2030 -2032	14/02/2032	5,000	99.00	101.70	5.93%	101.7	25/04/2025
7.25% HRT 2025-2027	28/11/2027	-	99.50	0.00	6.79%	101	25/04/2025

* 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	4.87%		96.5	25/04/2025
5% MED 2022-2027 GBP	13/10/2027	-	0.00	0.00	4.99%		100	25/04/2025

* 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	99.97	5.81%		99.9	25/04/2025

* 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	2.85%
0.25% MGS 2026 (III)	18/11/2026	-	96.56	0.00	2.52%
0.40% MGS 2026 (II)	20/10/2026	-	96.79	0.00	2.62%
0.40% MGS 2027 (IV)	19/11/2027	-	93.31	96.00	3.14%
0.5% MGS 2025 (II)	08/11/2025	-	98.61	0.00	3.16%
0.75% MGS 2025 (III)	17/07/2025	-	103.31	0.00	-13.57%
0.80% MGS 2027 (III)	29/04/2027	-	90.10	0.00	6.12%
0.90% MGS 2027 (V)	12/08/2027	-	95.40	98.00	2.99%
0.90% MGS 2031 (V)	11/07/2031	-	88.28	0.00	2.98%
1.0% MGS 2031 (II)	23/04/2031	-	89.32	0.00	2.96%
1.00% MGS 2035 (II)	23/08/2035	-	79.35	0.00	3.39%
1.20% MGS 2037 (I)	13/05/2037	-	77.83	0.00	3.47%
1.40% MGS 2046 (I)	20/08/2046	-	65.18	0.00	3.80%
1.5% MGS 2027 (I)	15/06/2027	-	98.00	99.00	2.47%
1.50% MGS 2045 (I)	22/10/2045	-	66.68	0.00	3.87%
1.60% MGS 2032 (III)	03/05/2032	-	90.93	0.00	3.05%
1.70% MGS 2028 (IV)	04/08/2028	-	90.83	99.00	4.76%
1.80% MGS 2051 (I)	28/08/2051	-	61.00	60.00	4.28%
1.85% MGS 2029 (III)	30/05/2029	-	96.25	0.00	2.83%
2.00% MGS 2051 (II)	10/07/2051	-	69.38	0.00	3.87%
2.1% MGS 2039 (I)	24/08/2039	-	82.62	82.00	3.67%
2.10% MGS 2032 (IV)	15/04/2032	-	94.20	0.00	3.03%
2.2% MGS 2035 (I)	24/11/2035	-	89.00	0.00	3.45%
2.3% MGS 2029 (II)	24/07/2029	-	100.10	99.56	2.27%
2.4% MGS 2041 (I)	25/07/2041	-	80.00	80.50	4.10%
2.40% MGS 2052 (I)	13/08/2052	-	75.22	0.00	3.88%
2.5% MGS 2036 (I)	17/11/2036	-	91.22	88.00	3.43%
2.60% MGS 2028 (V)	22/05/2028	-	100.95	0.00	2.28%
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	-	99.37	0.00	2.99%
3% MGS 2040 (I)	11/06/2040	-	98.00	94.00	3.17%
3.00% MGS 2030 (IV) A	05/11/2030	-	100.87	0.00	2.83%
3.00% MGS 2030 (IV) r	05/11/2030	-	100.93	0.00	2.82%
3.15% MGS 2027 (VII)	20/05/2027	-	101.50	0.00	2.40%
3.15% MGS 2027 (VII) r (xd)	5/20/2027	No Trades	99.70	-	3.26%
3.25% MGS 2034 (IV)	05/09/2034	26,300	100.55	100.80	3.18%
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	-	103.75	0.00	2.48%
3.35% MGS 2029 (V) r	11/27/2029	No Trades	100.02	-	3.34%
3.4% MGS 2027 (VI)	24/09/2027	-	103.04	0.00	2.10%
3.40% MGS 2042 (I)	26/08/2042	-	101.85	0.00	3.26%
3.50% MGS 2028 (VI)	07/07/2028	100,000	103.94	103.94	2.22%
3.50% MGS 2034 (III)	31/07/2034	-	102.50	100.50	3.19%
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	107,200	101.73	101.73	3.31%
3.55% MGS 2026 (V)	08/07/2026	26,000	101.85	101.85	1.98%
3.7% MGS 2030 (II)	25/11/2030	-	106.09	0.00	2.52%
3.75% MGS 2033 (III)	17/08/2033	-	103.69	0.00	3.24%
3.85% MGS 2026 (VI)	05/08/2026	-	102.31	0.00	2.01%
3.95% MGS 2028 (VII)	08/08/2028	-	104.05	0.00	2.65%
4% MGS 2032 (VII)	30/03/2032	111,800	107.36	103.00	2.82%
4.00% MGS 2033 (IV)	05/12/2033	-	106.89	0.00	3.08%
4.00% MGS 2038 (I)	25/08/2038	-	104.72	105.15	3.55%
4.00% MGS 2043 (I)	26/11/2043	39,000	103.00	101.50	3.77%
4.1% MGS 2034 (I)	18/10/2034	10,000	107.58	0.00	3.17%
4.3% MGS 2033 (I)	01/08/2033	-	109.13	0.00	3.04%
4.30% MGS 2038 (II)	15/11/2038	-	107.00	0.00	3.64%
4.45% MGS 2032 (II)	03/09/2032	112,000	110.34	0.00	2.88%
4.5% MGS 2028 (II)	25/10/2028	-	107.00	0.00	2.40%
4.65% MGS 2032 (I)	22/07/2032	10,000	111.59	0.00	2.86%
4.8% MGS 2028 (I)	11/09/2028	-	106.80	0.00	2.68%
5.1% MGS 2029 (I)	01/10/2029	-	109.84	0.00	2.73%
5.2% MGS 2031 (I)	16/09/2031	-	113.72	0.00	2.84%
5.25% MGS 2030 (I)	23/06/2030	-	112.60	0.00	2.62%
7% MGS 2025 (I)	31/12/2025	-	149.70	0.00	-46.53%
7% MGS 2026 (I)	31/12/2026	-	155.80	0.00	-19.48%
7% MGS 2032 (V)	31/12/2032	-	100.00	0.00	7.00%

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