Curmi & Partners - Bond Market Overview Malta

Bond Market Overview

Friday, 12 December 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 11/19/2030 - 92.00 95.00 4.40% 95 12/12/2025
3.25% AXG 2026 SI 12/20/2026 - 97.05 98.95 4.33% 98.95 12/12/2025
3.5% AXR 2032 2/6/2032 - 94.00 94.22 4.79% 93.25 12/12/2025
3.5% BOV 2030 S1 T1 8/8/2030 - 0.00 95.90 4.97% 94 12/12/2025
3.5% BOV 2030 S2 T1 8/8/2030 - 93.00 94.00 5.23% 93 12/12/2025
3.5% GO 2031 6/25/2031 - 94.50 95.00 4.54% 95 12/12/2025
3.5% SFC 2027 9/13/2027 - 0.00 97.99 4.10% 99 12/12/2025
3.65% IHI 2031 12/7/2031 10,000 92.01 94.00 5.31% 91.7 12/12/2025
3.65% MOF 2028-2031 10/15/2031 25,000 92.70 94.95 5.17% 92.5 12/12/2025
3.65% STV 2029 7/29/2029 - 96.01 97.50 4.87% 96.01 12/12/2025
3.75% AXG 2029 S2 12/20/2029 - 90.00 99.00 4.02% 99 12/12/2025
3.75% BOV 2026-2031 6/15/2031 - 0.00 96.40 4.35% 97.1 12/12/2025
3.75% BRX 2027 12/1/2027 12,000 97.00 97.99 5.40% 97 12/12/2025
3.75% MCY 2027 3/27/2027 - 95.01 97.00 6.24% 97 12/12/2025
3.75% PRC 2026 11/23/2026 - 0.00 0.00 5.40% 98.51 12/12/2025
3.75% TMF 2029 6/27/2029 - 0.00 100.00 3.74% 100 12/12/2025
3.75% TUM 2027 7/10/2027 - 96.50 100.00 3.91% 99.75 12/12/2025
3.75% VRT 2027 11/30/2027 - 97.43 99.75 4.57% 98.5 12/12/2025
3.8% HLF 2029 8/27/2029 - 96.50 97.00 4.70% 97 12/12/2025
3.85% HLF 2028 7/24/2028 - 97.00 97.97 4.99% 97.25 12/12/2025
3.9% BRW 2027-2031 7/9/2031 5,000 0.00 96.95 4.58% 96.7 12/12/2025
3.9% PZC 2026 9/22/2026 - 0.00 100.00 3.87% 100 12/12/2025
4% CBC 2027-2033 11/10/2033 - 0.00 93.50 5.43% 91.01 12/12/2025
4% CCS 2030 8/19/2030 - 0.00 97.20 4.49% 97.97 12/12/2025
4% EFC 2027 4/28/2027 24,100 96.88 97.50 5.93% 97.5 12/12/2025
4% EXF 2028 8/20/2028 - 0.00 99.00 3.99% 100 12/12/2025
4% HLF 2027 3/11/2027 - 97.30 98.50 5.27% 98.5 12/12/2025
4% IHI 2026 7/29/2026 15,000 0.00 99.11 7.25% 98 12/12/2025
4% IHI 2026 B 12/20/2026 - 97.03 97.79 6.31% 97.79 12/12/2025
4% LSI 2026-2031 6/2/2031 - 0.00 0.00 4.00% 100 12/12/2025
4% MED 2024-2029 EUR 11/5/2029 - 0.00 98.70 4.57% 98 12/12/2025
4% MIDI 2026 7/27/2026 - 88.01 95.00 12.55% 95 12/12/2025
4% MPC 2032 S1/22 T1 6/30/2032 - 0.00 100.00 4.00% 100 12/12/2025
4% SHM 2026 8/1/2026 - 0.00 97.79 7.21% 98 12/12/2025
4% SPF 2029 5/3/2029 - 96.01 99.00 4.97% 97.01 12/12/2025
4% STV 2027 10/18/2027 2,100 98.01 100.95 5.15% 98.01 12/12/2025
4.25% CCM 2024-2026 5/8/2026 - 99.45 0.00 10.54% 97.5 12/12/2025
4.25% CLP 2033 8/25/2033 1,000 0.00 99.80 4.28% 99.8 12/12/2025
4.25% CPHCL 2026 4/12/2026 - 0.00 0.00 10.26% 98.01 12/12/2025
4.25% IZI 2029 4/14/2029 - 98.75 98.99 4.41% 99.5 12/12/2025
4.25% MCY 2031 3/27/2031 - 96.51 100.50 4.90% 97 12/12/2025
4.3% MCY 2032 4/25/2032 - 93.01 96.90 4.80% 97.29 12/12/2025
4.35% HDS 2026 4/6/2026 - 98.01 99.80 4.22% 100 12/12/2025
4.35% SDF 2027 4/25/2027 8,500 96.62 99.00 5.74% 98.2 12/12/2025
4.4% CBC 2027 S1/17 T1 7/7/2027 - 0.00 99.00 5.06% 99 12/12/2025
4.5% BNF 2027 - 2032 7/29/2032 - 97.00 97.23 5.04% 97 12/12/2025
4.5% END 2029 3/22/2029 - 0.00 99.90 4.53% 99.9 12/12/2025
4.5% G3 2032 4/6/2032 - 0.00 100.00 4.50% 100 12/12/2025
4.5% GHM 2027 8/23/2027 - 97.01 100.00 4.49% 100 12/12/2025
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 2/5/2026 - 0.00 0.00 4.33% 100 12/12/2025
4.5% ONA 2028 - 2034 6/21/2034 - 99.70 99.90 4.51% 99.9 12/12/2025
4.5% SHM 2032 8/1/2032 - 0.00 91.50 5.41% 95 12/12/2025
4.55% STA 2032 2/7/2032 - 0.00 99.89 4.57% 99.89 12/12/2025
4.65% SMF 2031 4/22/2031 - 0.00 99.82 5.08% 98.02 12/12/2025
4.65% SMF 2032 8/23/2032 - 98.01 99.90 4.65% 99.99 12/12/2025
4.75% BDPH 2025-2027 11/30/2027 - 0.00 0.00 4.75% 100 12/12/2025
4.75% DNF 2033 11/19/2033 - 97.00 98.00 5.06% 98 12/12/2025
4.75% GAP 2025-2027 12/22/2027 - 0.00 0.00 4.75% 100 12/12/2025
4.75% GLR 2028 11/30/2028 - 0.00 99.50 8.30% 91 12/12/2025
4.75% KAF 2026-2029 8/23/2029 - 0.00 95.00 6.30% 95 12/12/2025
4.8% MMHF 2026 10/14/2026 - 0.00 0.00 16.26% 91.5 12/12/2025
4.85% JDC 2032 S1 T1 11/25/2032 - 97.51 100.99 4.68% 100.99 12/12/2025
4.9% CLS 2032 2/9/2032 - 0.00 100.00 4.90% 100 12/12/2025
5% BLF 2026-2029 2/7/2029 - 0.00 98.00 4.65% 101 12/12/2025
5% BOV 2029-2034 S1 T1 11/28/2034 16,400 100.00 100.01 5.00% 100 12/12/2025
5% BSB 2029 6/28/2029 - 100.00 101.50 5.31% 99 12/12/2025
5% CFE 2028-2033 1/6/2033 - 0.00 100.00 5.00% 100 12/12/2025
5% CVS 2026-2029 3/8/2029 - 0.00 99.00 4.99% 100 12/12/2025
5% DZF 2026 10/7/2026 - 90.01 95.00 23.86% 87 12/12/2025
5% FES 2029 3/18/2029 - 0.00 100.00 4.99% 100 12/12/2025
5% HHF 2023-2028 5/19/2028 - 0.00 0.00 4.99% 99.99 27/10/2025
5% HLF 2029 7/17/2029 10,200 99.01 100.00 5.30% 99.01 12/12/2025
5% HRZ 2026-2029 3/15/2029 - 0.00 100.00 5.68% 98 12/12/2025
5% IZB 2027 - 2032 9/15/2032 - 0.00 97.00 5.00% 100 12/12/2025
5% LLF 2028 7/29/2028 - 0.00 96.99 5.49% 98.8 12/12/2025
5% MDS 2029 12/20/2029 - 0.00 100.00 5.28% 99 12/12/2025
5% MED 2022-2027 EUR 10/13/2027 - 0.00 99.00 5.58% 99 12/12/2025
5% MRN 2032 12/16/2032 6,000 99.06 100.50 5.16% 99.05 12/12/2025
5% VDH 2032 12/16/2032 - 97.11 98.50 5.51% 97.11 12/12/2025
5.00% BOV 2030-2035 S2 T1 7/7/2035 - 98.50 99.99 5.00% 99.99 12/12/2025
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 2,700 0.00 101.79 5.10% 100 12/12/2025
5.2% HHF 2035 10/28/2035 7,000 98.02 100.00 5.20% 100 12/12/2025
5.2% SDF 2031 S1/T1 2/15/2031 - 100.00 100.99 5.03% 100.73 12/12/2025
5.2% TUM 2031-2034 11/22/2034 - 98.01 100.00 5.20% 100 12/12/2025
5.2% VBL 2030-2034 10/25/2034 - 98.01 100.10 5.20% 100 12/12/2025
5.25% ACM 2028 -2030 8/20/2030 - 0.00 100.00 5.24% 100 12/12/2025
5.25% BBP 2033 S1 T1 4/3/2033 - 99.01 99.75 5.25% 100 12/12/2025
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 12/12/2025
5.25% MIH 2027 7/6/2027 14,700 98.50 100.00 5.23% 100 12/12/2025
5.25% QWR 2033 2/27/2033 - 101.00 102.00 5.25% 100 12/12/2025
5.3% GTR 2030 7/4/2030 - 101.50 101.55 4.92% 101.5 12/12/2025
5.3% MCY 2034 9/10/2034 - 98.02 100.00 5.30% 100 12/12/2025
5.30% IHI 2035 4/1/2035 11,000 99.99 100.00 5.30% 100 12/12/2025
5.35% BDPH 2032 2/21/2032 - 98.02 99.95 5.73% 98.05 12/12/2025
5.35% DSM 2028 10/28/2028 - 50.00 90.00 9.48% 90 12/12/2025
5.35% HMV 2031-2034 7/26/2034 - 101.50 103.00 5.13% 101.5 12/12/2025
5.35% JMB 2035 11/7/2035 - 99.00 100.00 5.35% 100 12/12/2025
5.35% MAR 2029-2031 6/27/2031 - 98.77 101.20 5.13% 101 12/12/2025
5.4% AGB 2035 S1 T1 10/10/2035 17,000 98.01 99.50 5.46% 99.5 12/12/2025
5.4% ECL 2031 12/30/2031 - 0.00 99.00 5.60% 99 12/12/2025
5.5% 9HC 2027 6/19/2027 - 0.00 101.70 5.47% 100 12/12/2025
5.5% AES 2036 S1 T2 10/8/2036 - 100.00 101.48 5.50% 100.01 12/12/2025
5.5% IGF 2024-2027 5/17/2027 - 0.00 0.00 6.23% 99 12/12/2025
5.5% JUE 2035 6/27/2035 - 101.75 101.95 5.24% 101.9 12/12/2025
5.5% QLZ 2030 -2035 7/22/2035 - 98.01 100.00 5.50% 100 12/12/2025
5.5% TST 2029 1/9/2029 - 0.00 99.00 5.86% 99 12/12/2025
5.5% YCT 2021-2025 9/13/2025 - 0.00 0.00 16.49% 98 07/09/2025
5.6% JDC 2035 5/23/2035 8,700 0.00 100.99 5.59% 100 12/12/2025
5.7% MRK 2033 8/12/2033 - 98.00 99.90 5.61% 100.49 12/12/2025
5.75% AQC 2027 12/21/2027 2,000 99.50 100.99 6.02% 99.5 12/12/2025
5.75% BDPH 2027-2029 4/12/2029 - 102.00 102.50 5.07% 102 12/12/2025
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 10,000 100.00 101.00 5.59% 101 12/12/2025
5.75% PLG 2028 11/23/2028 - 100.50 100.99 5.37% 101 12/12/2025
5.8% AES 2036 S1 T1 3/1/2036 - 101.01 102.00 5.54% 101.95 12/12/2025
5.8% APS 2028-2033 S1 T1 12/1/2033 - 100.00 104.90 5.22% 103.7 12/12/2025
5.8% GPH 2032 4/22/2032 - 99.00 100.99 5.60% 101 12/12/2025
5.85% AXG 2033 11/7/2033 2,800 102.10 0.00 5.51% 102.1 12/12/2025
5.85% BGA 2034 5/14/2034 - 102.50 103.00 5.58% 101.75 12/12/2025
5.85% MIH 2028 7/31/2028 - 101.01 103.50 5.42% 101 12/12/2025
5.9% TGS 2024-2026 7/22/2026 - 0.00 101.00 5.88% 100 06/12/2025
6% IHI 2033 11/14/2033 - 100.02 103.50 5.76% 101.5 12/12/2025
6% JDC 2033 S2 T1 7/19/2033 - 102.10 103.40 5.65% 102.1 12/12/2025
6% LDB 2030-2035 S1 T1 7/23/2035 - 99.00 100.00 5.72% 102 12/12/2025
6% MUL 2032 S1 T1 4/27/2032 - 0.00 101.00 5.80% 101 12/12/2025
6% PHC 2033 2/3/2033 - 97.01 102.00 5.48% 103 12/12/2025
6.25% AST 2033 6/16/2033 - 100.01 103.84 6.24% 100.01 12/12/2025
6.25% CMF 2034 2/23/2034 - 101.90 102.90 6.03% 101.37 12/12/2025
6.25% GPH 2030 3/10/2030 - 100.02 102.14 5.83% 101.5 12/12/2025
6.25% TGS 2030 -2032 2/14/2032 - 0.00 104.48 5.46% 104 12/12/2025
7.25% HRT 2025-2027 11/28/2027 - 0.00 0.00 6.68% 101 12/12/2025

* 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 11/5/2029 - 0.00 96.50 5.01% 96.5 12/12/2025
5% MED 2022-2027 GBP 10/13/2027 - 0.00 0.00 4.99% 100 12/12/2025

* 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 2/5/2026 - 0.00 0.00 6.14% 99.9 12/12/2025

* 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) 7/20/2026 - 98.23 0.00 3.10%
0.25% MGS 2026 (III) 11/18/2026 - 98.08 0.00 2.35%
0.40% MGS 2026 (II) 10/20/2026 - 98.16 0.00 2.61%
0.40% MGS 2027 (IV) 11/19/2027 - 96.39 0.00 2.32%
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 2.29%
0.90% MGS 2027 (V) 8/12/2027 - 97.71 0.00 2.31%
0.90% MGS 2031 (V) 7/11/2031 - 89.97 0.00 2.86%
1.0% MGS 2031 (II) 4/23/2031 - 90.20 0.00 2.99%
1.00% MGS 2035 (II) 8/23/2035 - 79.09 0.00 3.57%
1.20% MGS 2037 (I) 5/13/2037 - 78.01 0.00 3.56%
1.40% MGS 2046 (I) 8/20/2046 - 64.60 0.00 3.91%
1.5% MGS 2027 (I) 6/15/2027 - 98.70 0.00 2.39%
1.50% MGS 2045 (I) 10/22/2045 - 67.10 0.00 3.89%
1.60% MGS 2032 (III) 5/3/2032 - 91.36 0.00 3.10%
1.70% MGS 2028 (IV) 8/4/2028 - 98.23 0.00 2.40%
1.80% MGS 2051 (I) 8/28/2051 - 63.60 61.50 4.11%
1.85% MGS 2029 (III) 5/30/2029 - 97.31 0.00 2.67%
2.00% MGS 2051 (II) 7/10/2051 - 69.00 0.00 3.93%
2.1% MGS 2039 (I) 8/24/2039 - 84.00 81.00 3.59%
2.10% MGS 2032 (IV) 4/15/2032 - 94.56 0.00 3.05%
2.2% MGS 2035 (I) 11/24/2035 - 89.00 0.00 3.52%
2.3% MGS 2029 (II) 7/24/2029 - 98.57 0.00 2.72%
2.4% MGS 2041 (I) 7/25/2041 - 82.20 0.00 3.94%
2.40% MGS 2052 (I) 8/13/2052 - 75.22 0.00 3.90%
2.5% MGS 2036 (I) 11/17/2036 - 90.50 88.45 3.56%
2.55% MGS 2030 (V) A 2/6/2030 - 99.00 0.00 2.81%
2.60% MGS 2028 (V) 5/22/2028 - 99.98 0.00 2.61%
2.60% MGS 2047 (I) 9/27/2047 - 89.60 0.00 3.27%
2.80% MGS 2030 (III) 2/27/2030 - 100.88 0.00 2.58%
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) 10/24/2032 - 98.08 97.50 3.21%
3% MGS 2040 (I) 6/11/2040 - 90.50 0.00 3.86%
3.00% MGS 2030 (IV) 11/5/2030 - 101.00 0.00 2.78%
3.15% MGS 2027 (VII) 5/20/2027 - 101.16 101.07 2.32%
3.25% MGS 2034 (IV) 9/5/2034 300 97.38 97.38 3.60%
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) 11/27/2029 - 101.78 0.00 2.87%
3.4% MGS 2027 (VI) 9/24/2027 10,000 101.60 101.60 2.47%
3.40% MGS 2035 (IV) A 7/16/2035 - 98.27 0.00 3.61%
3.40% MGS 2035 (IV) FI A 7/16/2035 - 98.00 0.00 3.65%
3.40% MGS 2035 (IV) r 7/16/2035 - 98.17 0.00 3.63%
3.40% MGS 2042 (I) 8/26/2042 - 93.00 92.03 3.98%
3.50% MGS 2028 (VI) 7/7/2028 - 102.43 0.00 2.52%
3.50% MGS 2034 (III) 7/31/2034 - 100.14 99.66 3.48%
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) 12/18/2035 - 100.00 0.00 3.50%
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) 7/8/2026 25,000 100.76 100.76 2.19%
3.7% MGS 2030 (II) 11/25/2030 - 106.09 0.00 2.39%
3.75% MGS 2033 (III) 8/17/2033 - 104.75 0.00 3.05%
3.80% MGS 2040 (II) 10/16/2040 - 100.00 100.00 3.80%
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 - 97.24 0.00 4.05%
3.80% MGS 2040 (II) r 10/16/2040 3,000 100.00 99.74 3.80%
3.85% MGS 2026 (VI) 8/5/2026 - 101.19 0.00 1.98%
3.95% MGS 2028 (VII) 8/8/2028 - 104.12 0.00 2.34%
4% MGS 2032 (VII) 3/30/2032 10,000 104.52 0.00 3.20%
4.00% MGS 2033 (IV) 12/5/2033 - 103.67 0.00 3.47%
4.00% MGS 2038 (I) 8/25/2038 - 101.75 100.60 3.82%
4.00% MGS 2043 (I) 11/26/2043 4,000 100.00 100.00 4.00%
4.1% MGS 2034 (I) 10/18/2034 - 103.77 0.00 3.60%
4.3% MGS 2033 (I) 8/1/2033 - 105.74 0.00 3.44%
4.30% MGS 2038 (II) 11/15/2038 - 104.66 0.00 3.84%
4.45% MGS 2032 (II) 9/3/2032 - 106.95 0.00 3.29%
4.5% MGS 2028 (II) 10/25/2028 - 104.96 0.00 2.69%
4.65% MGS 2032 (I) 7/22/2032 - 108.75 0.00 3.17%
4.8% MGS 2028 (I) 9/11/2028 - 106.28 0.00 2.42%
5.1% MGS 2029 (I) 10/1/2029 - 109.49 0.00 2.47%
5.2% MGS 2031 (I) 9/16/2031 - 110.50 0.00 3.19%
5.25% MGS 2030 (I) 6/23/2030 - 109.63 0.00 2.96%
7% MGS 2025 (I) 12/31/2025 - 149.70 0.00 -57.15%
7% MGS 2026 (I) 12/31/2026 - 155.80 0.00 -33.11%
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.