Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Tuesday, 07 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
(%)
Yield To Worst
(%) *
Closing Price
(EUR)
Last Trade
Ranking
3.25% APS 2025-2030 11/19/2030 - 94.80 0.00 4.47% 95 07/04/2026
3.25% AXG 2026 SI 12/20/2026 - 0.00 0.00 3.22% 100 07/04/2026
3.5% AXR 2032 02/06/2032 - 92.10 93.30 4.84% 93.3 07/04/2026
3.5% BOV 2030 S1 T1 08/08/2030 25,300 95.00 96.00 5.07% 94 07/04/2026
3.5% BOV 2030 S2 T1 08/08/2030 16,300 94.10 94.99 5.04% 94.1 07/04/2026
3.5% GO 2031 6/25/2031 - 95.20 97.99 4.15% 96.99 07/04/2026
3.5% SFC 2027 9/13/2027 - 99.55 100.25 3.85% 99.5 07/04/2026
3.65% IHI 2031 12/07/2031 8,000 92.51 93.93 4.90% 93.93 07/04/2026
3.65% MOF 2028-2031 10/15/2031 - 95.55 97.45 4.57% 95.55 07/04/2026
3.65% STV 2029 7/29/2029 - 96.21 98.96 4.91% 96.2 07/04/2026
3.75% AXG 2029 S2 12/20/2029 - 94.00 98.50 4.49% 97.5 07/04/2026
3.75% BOV 2026-2031 6/15/2031 - 0.00 95.50 4.63% 96 07/04/2026
3.75% BRX 2027 12/01/2027 7,700 98.06 99.90 4.98% 98.06 07/04/2026
3.75% MCY 2027 3/27/2027 16,300 99.00 99.50 4.82% 99 07/04/2026
3.75% PRC 2026 11/23/2026 5,000 97.51 100.00 7.74% 97.51 07/04/2026
3.75% TMF 2029 6/27/2029 - 96.10 96.75 4.60% 97.5 07/04/2026
3.75% TUM 2027 07/10/2027 - 97.00 99.43 6.27% 97 07/04/2026
3.75% VRT 2027 11/30/2027 10,000 98.15 99.79 4.93% 98.15 07/04/2026
3.8% HLF 2029 8/27/2029 - 95.25 96.50 5.10% 96 07/04/2026
3.85% HLF 2028 7/24/2028 - 96.52 98.49 5.49% 96.52 07/04/2026
3.9% BRW 2027-2031 07/09/2031 - 94.34 98.00 5.19% 94.15 07/04/2026
3.9% PZC 2026 9/22/2026 - 0.00 100.00 3.82% 100 07/04/2026
4% CBC 2027-2033 11/10/2033 - 80.00 90.00 5.65% 90 07/04/2026
4% CCS 2030 8/19/2030 - 95.00 97.19 5.44% 94.5 07/04/2026
4% EFC 2027 4/28/2027 15,000 99.00 100.00 4.98% 99 07/04/2026
4% EXF 2028 8/20/2028 - 0.00 99.90 3.99% 100 07/04/2026
4% HLF 2027 03/11/2027 - 99.10 100.00 3.99% 100 07/04/2026
4% IHI 2026 7/29/2026 - 98.01 99.10 10.19% 98.01 07/04/2026
4% IHI 2026 B 12/20/2026 - 99.00 99.50 4.11% 99.89 07/04/2026
4% LSI 2026-2031 06/02/2031 - 0.00 0.00 4.00% 100 07/04/2026
4% MED 2024-2029 EUR 11/05/2029 - 0.00 97.00 4.77% 97.5 07/04/2026
4% MIDI 2026 7/27/2026 - 98.00 100.00 3.89% 100 07/04/2026
4% MPC 2032 S1/22 T1 6/30/2032 - 0.00 99.50 4.00% 100 07/04/2026
4% SHM 2026 08/01/2026 - 0.00 98.00 14.85% 96.5 07/04/2026
4% SPF 2029 05/03/2029 - 97.01 99.40 5.07% 97.01 07/04/2026
4% STV 2027 10/18/2027 - 98.33 99.85 4.16% 99.75 07/04/2026
4.25% CCM 2024-2026 05/08/2026 - 97.50 99.50 9.31% 99.5 07/04/2026
4.25% CLP 2033 8/25/2033 - 0.00 100.24 4.17% 100.49 07/04/2026
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 10,600 0.00 99.99 4.25% 99.99 07/04/2026
4.25% MCY 2031 3/27/2031 - 96.61 99.93 4.26% 99.95 07/04/2026
4.3% MCY 2032 4/25/2032 - 96.15 97.75 5.08% 96 07/04/2026
4.35% HDS 2026 04/06/2026 - 98.01 99.95 35.36% 98 13/03/2026
4.35% SDF 2027 4/25/2027 10,000 98.00 99.99 6.36% 98 07/04/2026
4.4% CBC 2027 S1/17 T1 07/07/2027 - 98.00 100.00 6.08% 98 07/04/2026
4.5% BNF 2027 - 2032 7/29/2032 - 95.20 97.24 5.01% 97.25 07/04/2026
4.5% END 2029 3/22/2029 - 0.00 99.50 4.54% 99.9 07/04/2026
4.5% G3 2032 04/06/2032 - 0.00 100.00 4.52% 99.9 07/04/2026
4.5% GHM 2027 8/23/2027 - 97.38 99.90 4.58% 99.87 07/04/2026
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 98.40 5.10% 96.01 07/04/2026
4.5% SHM 2032 08/01/2032 - 0.00 88.00 6.90% 88 07/04/2026
4.55% STA 2032 02/07/2032 3,000 95.00 98.01 4.95% 98.01 07/04/2026
4.65% SMF 2031 4/22/2031 - 98.50 100.40 4.99% 98.5 07/04/2026
4.65% SMF 2032 8/23/2032 - 97.01 101.00 5.21% 97.01 07/04/2026
4.75% BDPH 2025-2027 11/30/2027 - 0.00 0.00 4.73% 100 07/04/2026
4.75% DNF 2033 11/19/2033 - 0.00 98.99 5.55% 95.1 07/04/2026
4.75% GAP 2025-2027 12/22/2027 - 100.00 0.00 4.74% 100 07/04/2026
4.75% GLR 2028 11/30/2028 - 94.00 0.00 7.30% 94 07/04/2026
4.75% KAF 2026-2029 8/23/2029 - 0.00 95.00 6.43% 95 07/04/2026
4.8% MMHF 2026 10/14/2026 - 0.00 98.99 22.24% 91.51 07/04/2026
4.85% JDC 2032 S1 T1 11/25/2032 - 97.01 98.00 5.39% 97.01 07/04/2026
4.9% CLS 2032 02/09/2032 - 99.50 0.00 4.90% 100 07/04/2026
5% BLF 2026-2029 02/07/2029 - 0.00 100.00 4.99% 100 07/04/2026
5% BOV 2029-2034 S1 T1 11/28/2034 14,000 99.00 100.00 5.00% 100 07/04/2026
5% BSB 2029 6/28/2029 - 0.00 101.00 4.65% 101 07/04/2026
5% CFE 2028-2033 01/06/2033 - 98.00 99.00 5.17% 99 07/04/2026
5% CVS 2026-2029 03/08/2029 - 0.00 100.50 4.92% 100.2 07/04/2026
5% DZF 2026 10/07/2026 - 94.50 98.99 17.39% 94 07/04/2026
5% FES 2029 3/18/2029 - 0.00 98.40 5.37% 99 07/04/2026
5% HHF 2023-2028 5/19/2028 - 0.00 0.00 4.99% 99.99 27/10/2025
5% HLF 2029 7/17/2029 5,000 100.00 100.01 4.99% 100.01 07/04/2026
5% HLF 2033 02/06/2033 10,000 98.01 101.75 4.69% 101.75 07/04/2026
5% HRZ 2026-2029 3/15/2029 - 0.00 100.00 5.00% 100 07/04/2026
5% IZB 2027 - 2032 9/15/2032 - 93.01 95.00 5.95% 95 07/04/2026
5% LLF 2028 7/29/2028 - 0.00 95.90 6.91% 96 07/04/2026
5% MDS 2029 12/20/2029 - 99.50 0.00 5.14% 99.5 07/04/2026
5% MED 2022-2027 EUR 10/13/2027 - 97.00 0.00 6.93% 97.25 07/04/2026
5% MRN 2032 12/16/2032 - 0.00 101.00 4.82% 101 07/04/2026
5% VDH 2032 12/16/2032 - 97.51 98.50 5.28% 98.4 07/04/2026
5.00% BOV 2030-2035 S1 T1 12/05/2035 - 100.25 100.50 4.96% 100.25 07/04/2026
5.00% BOV 2030-2035 S2 T1 07/07/2035 - 100.49 100.50 4.93% 100.5 07/04/2026
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 - 100.00 100.50 4.85% 100.99 07/04/2026
5.2% HHF 2035 10/28/2035 5,000 100.00 100.99 5.20% 100 07/04/2026
5.2% SDF 2031 S1/T1 2/15/2031 - 101.15 0.00 4.93% 101.15 07/04/2026
5.2% TUM 2031-2034 11/22/2034 5,100 100.00 100.70 5.20% 100 07/04/2026
5.2% VBL 2030-2034 10/25/2034 - 98.01 99.99 5.30% 99.3 07/04/2026
5.25% ACM 2028 -2030 8/20/2030 - 98.01 99.00 5.24% 99.99 07/04/2026
5.25% BBP 2033 S1 T1 04/03/2033 - 98.01 100.40 5.25% 100.01 07/04/2026
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 07/04/2026
5.25% MIH 2027 07/06/2027 - 99.10 100.00 5.23% 100 07/04/2026
5.25% QWR 2033 2/27/2033 - 0.00 0.00 5.07% 101 07/04/2026
5.3% GTR 2030 07/04/2030 10,000 100.01 101.60 5.29% 100.02 07/04/2026
5.3% MCY 2034 09/10/2034 5,000 99.00 100.00 5.29% 100 07/04/2026
5.30% IHI 2035 04/01/2035 - 101.39 102.50 4.95% 102.5 07/04/2026
5.35% BDPH 2032 2/21/2032 - 0.00 101.75 5.35% 100 07/04/2026
5.35% CPHCL 2035 12/18/2035 3,000 99.50 101.99 5.39% 99.7 07/04/2026
5.35% DSM 2028 10/28/2028 - 60.00 90.00 9.93% 89.99 07/04/2026
5.35% HMV 2031-2034 7/26/2034 - 0.00 101.50 5.12% 101.5 07/04/2026
5.35% JMB 2035 11/07/2035 - 98.05 100.99 5.35% 100 07/04/2026
5.35% MAR 2029-2031 6/27/2031 - 98.77 100.00 5.34% 100 07/04/2026
5.4% AGB 2035 S1 T1 10/10/2035 - 98.01 100.00 5.40% 100 07/04/2026
5.4% ECL 2031 12/30/2031 59,000 98.01 100.00 5.39% 100 07/04/2026
5.5% 9HC 2027 6/19/2027 - 0.00 100.00 5.48% 100 07/04/2026
5.5% AES 2036 S1 T2 10/08/2036 - 99.01 100.99 5.50% 100 07/04/2026
5.5% FTD 2036 2/27/2036 50,000 0.00 101.00 5.37% 101 07/04/2026
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 6.34% 99 17/02/2026
5.5% JUE 2035 6/27/2035 2,200 99.50 100.00 5.50% 100 07/04/2026
5.5% QLZ 2030 -2035 S1 T2 7/22/2035 - 98.09 99.99 5.50% 99.99 07/04/2026
5.5% QLZ 2030 -2035 S1T1 7/22/2035 - 98.01 99.25 5.64% 99 07/04/2026
5.5% TST 2029 01/09/2029 - 0.00 98.00 5.89% 99 07/04/2026
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 - 101.75 0.00 5.27% 101.75 07/04/2026
5.6% JDC 2035 5/23/2035 5,000 99.50 99.90 5.61% 99.9 07/04/2026
5.7% MRK 2033 08/12/2033 - 100.00 100.75 5.61% 100.49 07/04/2026
5.70% CBC 2030-2035 S1 T1 12/04/2035 13,000 0.00 99.90 5.72% 99.85 07/04/2026
5.75% AQC 2027 12/21/2027 - 98.00 100.49 5.42% 100.49 07/04/2026
5.75% BDPH 2027-2029 04/12/2029 - 0.00 102.90 4.84% 102.5 07/04/2026
5.75% IGI 2031-2036 02/12/2036 21,400 0.00 99.50 5.76% 99.9 07/04/2026
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 - 101.75 102.00 5.34% 102.5 07/04/2026
5.75% PLG 2028 11/23/2028 - 100.01 101.50 4.95% 101.9 07/04/2026
5.8% AES 2036 S1 T1 03/01/2036 - 100.00 101.79 5.56% 101.79 07/04/2026
5.8% APS 2028-2033 S1 T1 12/01/2033 - 103.00 104.49 5.04% 104.7 07/04/2026
5.8% GPH 2032 4/22/2032 - 0.00 99.99 5.80% 99.99 07/04/2026
5.85% AXG 2033 11/07/2033 - 102.50 103.50 5.51% 102 07/04/2026
5.85% BGA 2034 5/14/2034 - 101.00 102.50 5.31% 103.49 07/04/2026
5.85% MIH 2028 7/31/2028 - 100.15 100.90 5.83% 100 07/04/2026
5.9% TGS 2024-2026 7/22/2026 - 0.00 101.00 5.88% 100 06/12/2025
6% IHI 2033 11/14/2033 - 102.00 102.50 5.66% 102 07/04/2026
6% JDC 2033 S2 T1 7/19/2033 10,000 100.00 101.50 5.82% 101 07/04/2026
6% LDB 2030-2035 S1 T1 7/23/2035 - 0.00 101.70 5.99% 100 07/04/2026
6% MUL 2032 S1 T1 4/27/2032 - 0.00 0.00 6.00% 100 07/04/2026
6% PHC 2033 02/03/2033 - 100.50 102.00 6.18% 99 07/04/2026
6.25% AST 2033 6/16/2033 - 102.50 102.85 6.03% 101.25 07/04/2026
6.25% CMF 2034 2/23/2034 - 101.50 101.99 5.92% 102 07/04/2026
6.25% GPH 2030 03/10/2030 - 100.00 102.00 6.25% 100 07/04/2026
6.25% TGS 2030 -2032 2/14/2032 - 100.00 100.50 6.25% 100 07/04/2026
7.25% HRT 2025-2027 11/28/2027 - 0.00 100.00 7.21% 100 07/04/2026

* 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 5.08% 96.5 07/04/2026
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.98% 100 07/04/2026

* 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 - 100.00 104.00 6.16% 102.5 07/04/2026

* 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 6.20%
0.25% MGS 2026 (III) 11/18/2026 - 98.08 0.00 3.40%
0.40% MGS 2026 (II) 10/20/2026 - 98.16 0.00 3.85%
0.40% MGS 2027 (IV) 11/19/2027 - 96.39 0.00 2.69%
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 2.71%
0.90% MGS 2027 (V) 08/12/2027 - 97.71 0.00 2.63%
0.90% MGS 2031 (V) 07/11/2031 - 89.97 0.00 2.97%
1.0% MGS 2031 (II) 4/23/2031 - 91.75 0.00 2.76%
1.00% MGS 2035 (II) 8/23/2035 - 79.09 0.00 3.65%
1.20% MGS 2037 (I) 5/13/2037 - 78.01 0.00 3.62%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.94%
1.5% MGS 2027 (I) 6/15/2027 - 98.77 0.00 2.55%
1.50% MGS 2045 (I) 10/22/2045 - 63.00 0.00 4.32%
1.60% MGS 2032 (III) 05/03/2032 - 91.36 0.00 3.17%
1.70% MGS 2028 (IV) 08/04/2028 - 97.56 0.00 2.79%
1.80% MGS 2051 (I) 8/28/2051 - 59.18 0.00 4.52%
1.85% MGS 2029 (III) 5/30/2029 - 97.30 0.00 2.75%
2.00% MGS 2051 (II) 07/10/2051 - 69.00 0.00 3.95%
2.1% MGS 2039 (I) 8/24/2039 - 82.00 81.00 3.83%
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 3.92%
2.3% MGS 2029 (II) 7/24/2029 - 97.68 0.00 3.04%
2.4% MGS 2041 (I) 7/25/2041 - 79.04 75.00 4.28%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.92%
2.5% MGS 2036 (I) 11/17/2036 - 89.00 89.00 3.77%
2.55% MGS 2030 (V) 02/06/2030 - 99.00 99.00 2.83%
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 - 99.50 99.50 2.84%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 0.00 3.28%
2.80% MGS 2030 (III) 2/27/2030 - 99.96 0.00 2.81%
2.9% MGS 2032 (VI) 10/24/2032 - 97.30 0.00 3.36%
3% MGS 2040 (I) 06/11/2040 - 92.50 87.94 3.68%
3.00% MGS 2030 (IV) 11/05/2030 - 99.59 0.00 3.10%
3.15% MGS 2027 (VII) 5/20/2027 7,000 100.63 0.00 2.58%
3.25% MGS 2034 (IV) 09/05/2034 - 97.37 96.00 3.61%
3.35% MGS 2029 (V) 11/27/2029 - 100.95 100.77 3.07%
3.4% MGS 2027 (VI) 9/24/2027 - 101.04 101.04 2.67%
3.40% MGS 2035 (IV) 7/16/2035 - 99.99 98.01 3.40%
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 - 89.33 0.00 4.31%
3.50% MGS 2028 (VI) 07/07/2028 14,500 101.20 0.00 2.95%
3.50% MGS 2034 (III) 7/31/2034 2,650,000 97.55 99.00 3.85%
3.50% MGS 2035 (III) 12/18/2035 20,000 99.00 99.00 3.62%
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 10,000 100.29 0.00 2.42%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.31%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.03%
3.80% MGS 2040 (II) 10/16/2040 - 99.90 99.50 3.81%
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 98.01 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 0.34%
3.95% MGS 2028 (VII) 08/08/2028 - 104.12 0.00 2.14%
4% MGS 2032 (VII) 3/30/2032 - 103.47 103.15 3.36%
4.00% MGS 2033 (IV) 12/05/2033 - 101.92 0.00 3.71%
4.00% MGS 2038 (I) 8/25/2038 49,900 100.00 99.60 4.00%
4.00% MGS 2043 (I) 11/26/2043 5,000 100.00 99.00 4.00%
4.1% MGS 2034 (I) 10/18/2034 - 104.70 103.00 3.46%
4.3% MGS 2033 (I) 08/01/2033 - 105.28 104.53 3.48%
4.30% MGS 2038 (II) 11/15/2038 - 104.90 0.00 3.81%
4.45% MGS 2032 (II) 09/03/2032 - 106.52 105.58 3.31%
4.5% MGS 2028 (II) 10/25/2028 - 103.48 0.00 3.07%
4.65% MGS 2032 (I) 7/22/2032 - 107.39 0.00 3.34%
4.8% MGS 2028 (I) 09/11/2028 - 104.37 104.22 2.93%
5.1% MGS 2029 (I) 10/01/2029 61,800 106.53 106.53 3.11%
5.2% MGS 2031 (I) 9/16/2031 - 109.81 109.17 3.22%
5.25% MGS 2030 (I) 6/23/2030 468,800 108.01 0.00 3.20%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -57.15%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -46.83%
7% MGS 2032 (V) 12/31/2032 - 100.00 0.00 7.00%
7% MGS 2034 (II) 12/31/2034 - 100.00 0.00 7.00%

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

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