Bond Market Overview

Monday, 20 April 2026

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	11/19/2030	-	0.00	0.00	4.53%	94.8	20/04/2026
3.25% AXG 2026 SI	12/20/2026	-	98.00	0.00	6.29%	98	20/04/2026
3.5% AXR 2032	02/06/2032	1,700	92.75	94.00	4.97%	92.75	20/04/2026
3.5% BOV 2030 S1 T1	08/08/2030	-	94.00	96.00	4.81%	95	20/04/2026
3.5% BOV 2030 S2 T1	08/08/2030	-	92.50	94.90	4.81%	95	20/04/2026
3.5% GO 2031	6/25/2031	7,500	95.49	96.50	4.49%	95.49	20/04/2026
3.5% SFC 2027	9/13/2027	98,500	100.00	100.50	3.49%	100	20/04/2026
3.65% IHI 2031	12/07/2031	-	92.53	93.93	4.90%	93.93	20/04/2026
3.65% MOF 2028-2031	10/15/2031	10,500	95.55	97.45	4.58%	95.55	20/04/2026
3.65% STV 2029	7/29/2029	-	96.32	97.92	4.92%	96.21	20/04/2026
3.75% AXG 2029 S2	12/20/2029	-	95.01	98.50	4.19%	98.5	20/04/2026
3.75% BOV 2026-2031	6/15/2031	-	0.00	95.00	4.64%	96	20/04/2026
3.75% BRX 2027	12/01/2027	-	98.06	99.90	5.01%	98.06	20/04/2026
3.75% MCY 2027	3/27/2027	-	96.39	98.88	6.92%	97.2	20/04/2026
3.75% PRC 2026	11/23/2026	-	98.00	100.50	7.13%	98	20/04/2026
3.75% TMF 2029	6/27/2029	11,000	96.10	96.73	5.08%	96.15	20/04/2026
3.75% TUM 2027	07/10/2027	-	97.01	98.00	6.33%	97.03	20/04/2026
3.75% VRT 2027	11/30/2027	18,000	99.25	99.50	4.23%	99.25	20/04/2026
3.8% HLF 2029	8/27/2029	-	95.02	96.00	5.38%	95.25	20/04/2026
3.85% HLF 2028	7/24/2028	-	96.55	98.47	5.52%	96.52	20/04/2026
3.9% BRW 2027-2031	07/09/2031	-	94.68	98.00	5.20%	94.15	20/04/2026
3.9% PZC 2026	9/22/2026	-	0.00	100.00	3.81%	100	20/04/2026
4% CBC 2027-2033	11/10/2033	-	0.00	90.00	5.66%	90	20/04/2026
4% CCS 2030	8/19/2030	-	93.05	94.75	5.38%	94.75	20/04/2026
4% EFC 2027	4/28/2027	-	99.00	0.00	4.00%	100	20/04/2026
4% EXF 2028	8/20/2028	-	0.00	99.80	3.99%	100	20/04/2026
4% HLF 2027	03/11/2027	-	99.10	100.00	3.98%	100	20/04/2026
4% IHI 2026	7/29/2026	-	98.60	99.89	11.09%	98.01	20/04/2026
4% IHI 2026 B	12/20/2026	-	98.01	99.87	4.13%	99.88	20/04/2026
4% LSI 2026-2031	06/02/2031	-	0.00	0.00	4.00%	100	20/04/2026
4% MED 2024-2029 EUR	11/05/2029	-	0.00	98.70	4.78%	97.5	20/04/2026
4% MIDI 2026	7/27/2026	-	98.00	100.00	11.27%	98	20/04/2026
4% MPC 2032 S1/22 T1	6/30/2032	-	0.00	99.40	4.00%	100	20/04/2026
4% SHM 2026	08/01/2026	-	97.00	98.00	14.55%	97	20/04/2026
4% SPF 2029	05/03/2029	-	97.01	99.73	4.10%	99.73	20/04/2026
4% STV 2027	10/18/2027	-	98.50	99.85	4.09%	99.85	20/04/2026
4.25% CCM 2024-2026	05/08/2026	-	97.50	99.50	13.38%	99.5	20/04/2026
4.25% CLP 2033	8/25/2033	-	0.00	100.00	4.25%	100	20/04/2026
4.25% CPHCL 2026	04/12/2026	-	0.00	0.00	54.98%	98.01	30/03/2026
4.25% IZI 2029	4/14/2029	-	98.00	99.90	4.29%	99.9	20/04/2026
4.25% MCY 2031	3/27/2031	-	96.63	98.99	5.04%	96.61	20/04/2026
4.3% MCY 2032	4/25/2032	25,000	96.10	98.30	4.59%	98.5	20/04/2026
4.35% HDS 2026	04/06/2026	-	98.01	99.95	35.36%	98	13/03/2026
4.35% SDF 2027	4/25/2027	-	98.05	100.00	4.86%	99.5	20/04/2026
4.4% CBC 2027 S1/17 T1	07/07/2027	-	0.00	100.00	6.14%	98	20/04/2026
4.5% BNF 2027 - 2032	7/29/2032	10,000	96.10	97.20	5.24%	96.1	20/04/2026
4.5% END 2029	3/22/2029	-	0.00	99.50	4.53%	99.9	20/04/2026
4.5% G3 2032	04/06/2032	-	0.00	99.90	4.50%	100	20/04/2026
4.5% GHM 2027	8/23/2027	-	97.60	99.50	4.87%	99.5	20/04/2026
4.5% HIL 2025	10/16/2025	-	98.00	99.00	7.30%	99	06/12/2025
4.5% IZB 2025	6/30/2025	-	0.00	100.00	4.31%	100	06/12/2025
4.5% MDS 2026 EUR	02/05/2026	-	0.00	0.00	4.31%	100	21/01/2026
4.5% ONA 2028 - 2034	6/21/2034	-	96.05	98.39	5.10%	96.05	20/04/2026
4.5% SHM 2032	08/01/2032	-	86.00	88.00	7.35%	86	20/04/2026
4.55% STA 2032	02/07/2032	10,000	0.00	98.90	4.95%	98.01	20/04/2026
4.65% SMF 2031	4/22/2031	-	98.50	99.98	5.00%	98.5	20/04/2026
4.65% SMF 2032	8/23/2032	-	97.01	100.00	4.65%	100	20/04/2026
4.75% BDPH 2025-2027	11/30/2027	-	0.00	0.00	4.73%	100	20/04/2026
4.75% DNF 2033	11/19/2033	10,000	0.00	98.97	5.40%	96.01	20/04/2026
4.75% GAP 2025-2027	12/22/2027	-	99.80	100.00	4.73%	100	20/04/2026
4.75% GLR 2028	11/30/2028	-	94.00	95.00	7.34%	94	20/04/2026
4.75% KAF 2026-2029	8/23/2029	-	0.00	94.00	6.45%	95	20/04/2026
4.8% MMHF 2026	10/14/2026	-	0.00	98.99	23.63%	91.51	20/04/2026
4.85% JDC 2032 S1 T1	11/25/2032	-	97.01	99.59	4.92%	99.59	20/04/2026
4.9% CLS 2032	02/09/2032	-	99.50	0.00	4.90%	100	20/04/2026
5% BLF 2026-2029	02/07/2029	-	0.00	100.00	4.99%	100	20/04/2026
5% BOV 2029-2034 S1 T1	11/28/2034	25,000	100.20	100.30	4.97%	100.2	20/04/2026
5% BSB 2029	6/28/2029	-	0.00	100.00	4.65%	101	20/04/2026
5% CFE 2028-2033	01/06/2033	-	98.00	99.85	5.01%	99.9	20/04/2026
5% CVS 2026-2029	03/08/2029	-	0.00	99.50	4.92%	100.2	20/04/2026
5% DZF 2026	10/07/2026	-	0.00	96.99	17.23%	94.5	20/04/2026
5% FES 2029	3/18/2029	-	0.00	98.50	5.57%	98.5	20/04/2026
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029	7/17/2029	10,000	99.90	100.00	5.03%	99.9	20/04/2026
5% HLF 2033	02/06/2033	-	99.70	100.20	4.96%	100.2	20/04/2026
5% HRZ 2026-2029	3/15/2029	-	0.00	100.00	5.00%	100	20/04/2026
5% IZB 2027 - 2032	9/15/2032	-	93.01	95.00	6.35%	93.01	20/04/2026
5% LLF 2028	7/29/2028	-	0.00	95.90	6.94%	96	20/04/2026
5% MDS 2029	12/20/2029	-	99.50	0.00	5.14%	99.5	20/04/2026
5% MED 2022-2027 EUR	10/13/2027	-	97.00	0.00	6.98%	97.25	20/04/2026
5% MRN 2032	12/16/2032	-	98.01	0.00	4.82%	101	20/04/2026
5% VDH 2032	12/16/2032	-	96.51	98.50	5.19%	98.94	20/04/2026
5.00% BOV 2030-2035 S1 T1	12/05/2035	-	100.25	100.49	4.96%	100.25	20/04/2026
5.00% BOV 2030-2035 S2 T1	07/07/2035	4,400	100.00	100.50	5.00%	100	20/04/2026
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	12.44%	99	06/12/2025
5.10% PLG 2028 -2030	11/19/2030	-	0.00	100.00	5.09%	100	20/04/2026
5.2% HHF 2035	10/28/2035	-	97.04	100.87	5.20%	99.97	20/04/2026
5.2% SDF 2031 S1/T1	2/15/2031	-	101.15	0.00	4.92%	101.15	20/04/2026
5.2% TUM 2031-2034	11/22/2034	-	99.01	101.50	5.03%	101.15	20/04/2026
5.2% VBL 2030-2034	10/25/2034	-	99.00	99.99	5.20%	100	20/04/2026
5.25% ACM 2028 -2030	8/20/2030	-	98.03	100.00	5.77%	98.03	20/04/2026
5.25% BBP 2033 S1 T1	04/03/2033	-	98.51	101.00	5.18%	100.4	20/04/2026
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	101.00	5.13%	100	06/12/2025
5.25% KLF 2027	7/31/2027	-	0.00	0.00	5.23%	100	20/04/2026
5.25% MIH 2027	07/06/2027	-	99.00	100.00	5.23%	100	20/04/2026
5.25% QWR 2033	2/27/2033	-	100.50	0.00	5.16%	100.51	20/04/2026
5.3% GTR 2030	07/04/2030	-	99.50	100.99	4.88%	101.54	20/04/2026
5.3% MCY 2034	09/10/2034	-	99.70	101.46	5.10%	101.3	20/04/2026
5.30% IHI 2035	04/01/2035	-	100.00	101.39	5.30%	100	20/04/2026
5.35% BDPH 2032	2/21/2032	-	100.00	101.73	5.04%	101.5	20/04/2026
5.35% CPHCL 2035	12/18/2035	-	100.00	101.59	5.13%	101.59	20/04/2026
5.35% DSM 2028	10/28/2028	-	50.00	89.99	10.00%	89.99	20/04/2026
5.35% HMV 2031-2034	7/26/2034	-	0.00	101.50	5.12%	101.5	20/04/2026
5.35% JMB 2035	11/07/2035	-	98.05	101.99	5.08%	102	20/04/2026
5.35% MAR 2029-2031	6/27/2031	5,800	98.77	100.00	5.62%	98.77	20/04/2026
5.4% AGB 2035 S1 T1	10/10/2035	15,000	98.09	99.99	5.40%	100	20/04/2026
5.4% BBT 2032-2036	04/09/2036	25,000	0.00	100.50	5.33%	100.5	20/04/2026
5.4% ECL 2031	12/30/2031	-	99.80	100.00	5.39%	100	20/04/2026
5.5% 9HC 2027	6/19/2027	-	0.00	0.00	5.48%	100	20/04/2026
5.5% AES 2036 S1 T2	10/08/2036	-	100.00	101.00	5.62%	99.01	20/04/2026
5.5% FTD 2036	2/27/2036	-	98.00	101.49	5.50%	100	20/04/2026
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.34%	99	17/02/2026
5.5% IZI 2036	04/02/2036	-	0.00	101.00	5.30%	101.5	20/04/2026
5.5% JUE 2035	6/27/2035	-	99.50	100.99	5.50%	100	20/04/2026
5.5% QLZ 2030 -2035 S1 T2	7/22/2035	10,900	98.09	101.26	5.50%	99.99	20/04/2026
5.5% QLZ 2030 -2035 S1T1	7/22/2035	-	98.01	99.25	5.64%	99	20/04/2026
5.5% TST 2029	01/09/2029	-	0.00	98.00	5.90%	99	20/04/2026
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.50% MDS 2031-2036	6/30/2036	-	102.00	0.00	5.27%	101.75	20/04/2026
5.50% TTM 2032	04/02/2032	-	100.70	101.20	5.13%	101.87	20/04/2026
5.6% JDC 2035	5/23/2035	-	0.00	99.40	5.68%	99.4	20/04/2026
5.7% MRK 2033	08/12/2033	-	0.00	99.87	6.04%	98	20/04/2026
5.70% CBC 2030-2035 S1 T1	12/04/2035	-	0.00	99.50	5.72%	99.85	20/04/2026
5.75% AQC 2027	12/21/2027	-	0.00	100.49	5.77%	99.94	20/04/2026
5.75% BDPH 2027-2029	04/12/2029	12,400	100.01	102.90	5.01%	102	20/04/2026
5.75% IGI 2031-2036	02/12/2036	-	0.00	99.00	5.81%	99.5	20/04/2026
5.75% IHI 2025	13/05/2025	-	0.00	0.00	-37.09%	102	25/04/2025
5.75% PHN 2028-2033	12/30/2033	6,000	101.90	103.50	5.44%	101.9	20/04/2026
5.75% PLG 2028	11/23/2028	-	100.01	101.90	4.94%	101.9	20/04/2026
5.8% AES 2036 S1 T1	03/01/2036	-	100.00	101.77	5.56%	101.77	20/04/2026
5.8% APS 2028-2033 S1 T1	12/01/2033	-	103.00	0.00	5.04%	104.7	20/04/2026
5.8% GPH 2032	4/22/2032	-	99.50	100.00	5.80%	100	20/04/2026
5.85% AXG 2033	11/07/2033	-	102.00	0.00	5.51%	102	20/04/2026
5.85% BGA 2034	5/14/2034	-	100.22	102.49	5.53%	102	20/04/2026
5.85% MIH 2028	7/31/2028	4,000	100.00	102.49	5.36%	101	20/04/2026
5.9% TGS 2024-2026	7/22/2026	-	0.00	101.00	5.88%	100	06/12/2025
6% IHI 2033	11/14/2033	-	102.00	103.00	5.50%	103	20/04/2026
6% JDC 2033 S2 T1	7/19/2033	20,000	98.01	100.99	5.99%	100	20/04/2026
6% LDB 2030-2035 S1 T1	7/23/2035	-	0.00	101.75	6.00%	100	20/04/2026
6% MUL 2032 S1 T1	4/27/2032	-	0.00	100.00	6.00%	100	20/04/2026
6% PHC 2033	02/03/2033	-	100.50	102.00	5.63%	102	20/04/2026
6.25% AST 2033	6/16/2033	3,000	101.50	102.79	5.76%	102.79	20/04/2026
6.25% CMF 2034	2/23/2034	-	102.00	102.89	5.92%	102	20/04/2026
6.25% GPH 2030	03/10/2030	-	100.00	101.00	6.24%	100	20/04/2026
6.25% TGS 2030 -2032	2/14/2032	-	99.00	100.50	6.14%	100.5	20/04/2026
7.25% HRT 2025-2027	11/28/2027	-	0.00	100.00	7.21%	100	20/04/2026

* 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	11/05/2029	-	0.00	96.50	5.10%		96.5	20/04/2026
5% MED 2022-2027 GBP	10/13/2027	-	0.00	0.00	4.98%		100	20/04/2026

* 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	02/05/2026	-	0.00	0.00	5.45%		100	21/01/2026
6.50% MDS 2031-2036	6/30/2036	-	0.00	0.00	6.16%		102.5	20/04/2026

* 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)	7/20/2026	-	98.23	0.00	7.19%
0.25% MGS 2026 (III)	11/18/2026	-	98.08	0.00	3.62%
0.40% MGS 2026 (II)	10/20/2026	-	98.16	0.00	4.14%
0.40% MGS 2027 (IV)	11/19/2027	-	96.39	0.00	2.75%
0.5% MGS 2025 (II)	11/8/2025	-	98.61	0.00	4.03%
0.75% MGS 2025 (III)	7/17/2025	-	103.31	0.00	-34.32%
0.80% MGS 2027 (III)	4/29/2027	-	98.00	0.00	2.79%
0.90% MGS 2027 (V)	08/12/2027	-	97.71	0.00	2.68%
0.90% MGS 2031 (V)	07/11/2031	-	89.97	0.00	2.99%
1.0% MGS 2031 (II)	4/23/2031	-	91.75	0.00	2.77%
1.00% MGS 2035 (II)	8/23/2035	-	79.09	0.00	3.66%
1.20% MGS 2037 (I)	5/13/2037	-	78.01	0.00	3.63%
1.40% MGS 2046 (I)	8/20/2046	-	64.60	0.00	3.95%
1.5% MGS 2027 (I)	6/15/2027	-	98.77	0.00	2.59%
1.50% MGS 2045 (I)	10/22/2045	-	63.00	0.00	4.33%
1.60% MGS 2032 (III)	05/03/2032	-	91.36	0.00	3.18%
1.70% MGS 2028 (IV)	08/04/2028	-	97.56	0.00	2.80%
1.80% MGS 2051 (I)	8/28/2051	-	60.07	59.30	4.44%
1.85% MGS 2029 (III)	5/30/2029	-	97.30	0.00	2.76%
2.00% MGS 2051 (II)	07/10/2051	-	69.00	0.00	3.95%
2.1% MGS 2039 (I)	8/24/2039	-	80.22	0.00	4.03%
2.10% MGS 2032 (IV)	4/15/2032	-	94.56	0.00	3.10%
2.2% MGS 2035 (I)	11/24/2035	-	86.29	0.00	3.93%
2.3% MGS 2029 (II)	7/24/2029	194,000	97.96	0.00	2.96%
2.4% MGS 2041 (I)	7/25/2041	-	80.57	0.00	4.13%
2.40% MGS 2052 (I)	8/13/2052	-	75.22	0.00	3.92%
2.5% MGS 2036 (I)	11/17/2036	-	88.15	88.00	3.88%
2.55% MGS 2030 (V)	02/06/2030	-	98.33	0.00	3.02%
2.55% MGS 2030 (V) A	02/06/2030	-	99.19	0.00	2.77%
2.55% MGS 2030 (V) r	02/06/2030	-	100.00	0.00	2.55%
2.60% MGS 2028 (V)	5/22/2028	10,000	99.65	0.00	2.77%
2.60% MGS 2047 (I)	9/27/2047	-	89.60	0.00	3.28%
2.80% MGS 2030 (III)	2/27/2030	-	98.88	0.00	3.11%
2.9% MGS 2032 (VI)	10/24/2032	-	97.30	0.00	3.37%
3% MGS 2040 (I)	06/11/2040	-	88.53	0.00	4.07%
3.00% MGS 2030 (IV)	11/05/2030	-	99.59	0.00	3.10%
3.15% MGS 2027 (VII)	5/20/2027	19,700	100.65	0.00	2.54%
3.25% MGS 2034 (IV)	09/05/2034	-	97.15	0.00	3.65%
3.35% MGS 2029 (V)	11/27/2029	130,600	101.17	101.17	3.00%
3.4% MGS 2027 (VI)	9/24/2027	140,000	101.16	0.00	2.57%
3.40% MGS 2035 (IV)	7/16/2035	400,000	96.90	0.00	3.80%
3.40% MGS 2035 (IV) A	7/16/2035	-	98.24	0.00	3.62%
3.40% MGS 2035 (IV) FI A	7/16/2035	-	98.18	0.00	3.63%
3.40% MGS 2035 (IV) r	7/16/2035	-	100.00	0.00	3.40%
3.40% MGS 2042 (I)	8/26/2042	-	90.87	0.00	4.18%
3.50% MGS 2028 (VI)	07/07/2028	222,100	101.46	101.46	2.82%
3.50% MGS 2034 (III)	7/31/2034	40,000	98.87	98.87	3.66%
3.50% MGS 2035 (III)	12/18/2035	20,700	97.14	97.14	3.86%
3.50% MGS 2035 (III) A	12/18/2035	-	100.34	0.00	3.46%
3.50% MGS 2035 (III) r	12/18/2035	281,900	101.40	101.40	3.34%
3.55% MGS 2026 (V)	07/08/2026	482,000	100.25	100.25	2.39%
3.7% MGS 2030 (II)	11/25/2030	-	106.09	0.00	2.30%
3.75% MGS 2033 (III)	8/17/2033	-	104.75	0.00	3.02%
3.80% MGS 2040 (II)	10/16/2040	-	97.00	97.00	4.08%
3.80% MGS 2040 (II) A	10/16/2040	-	99.65	0.00	3.83%
3.80% MGS 2040 (II) FI A	10/16/2040	-	100.10	0.00	3.79%
3.80% MGS 2040 (II) FI r	10/16/2040	-	98.00	0.00	3.98%
3.80% MGS 2040 (II) r	10/16/2040	3,000	100.00	99.74	3.80%
3.85% MGS 2026 (VI)	08/05/2026	-	101.19	0.00	-0.14%
3.95% MGS 2028 (VII)	08/08/2028	-	104.12	0.00	2.11%
4% MGS 2032 (VII)	3/30/2032	70,000	103.61	0.00	3.33%
4.00% MGS 2033 (IV)	12/05/2033	82,500	102.87	100.64	3.57%
4.00% MGS 2038 (I)	8/25/2038	-	100.01	100.00	4.00%
4.00% MGS 2043 (I)	11/26/2043	-	98.50	98.50	4.12%
4.1% MGS 2034 (I)	10/18/2034	-	103.19	102.97	3.66%
4.3% MGS 2033 (I)	08/01/2033	-	105.15	104.99	3.49%
4.30% MGS 2038 (II)	11/15/2038	-	104.70	0.00	3.83%
4.45% MGS 2032 (II)	09/03/2032	-	105.76	106.04	3.44%
4.5% MGS 2028 (II)	10/25/2028	-	103.99	0.00	2.85%
4.65% MGS 2032 (I)	7/22/2032	-	107.30	0.00	3.35%
4.8% MGS 2028 (I)	09/11/2028	-	104.50	0.00	2.84%
5.1% MGS 2029 (I)	10/01/2029	-	106.53	106.88	3.09%
5.2% MGS 2031 (I)	9/16/2031	-	109.81	109.59	3.21%
5.25% MGS 2030 (I)	6/23/2030	-	108.28	0.00	3.12%
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-57.15%
7% MGS 2026 (I)	12/31/2026	-	155.80	0.00	-49.48%
7% MGS 2032 (V)	12/31/2032	-	100.00	0.00	7.00%
7% MGS 2034 (II)	12/31/2034	-	100.00	100.00	7.00%

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