Bond Market Overview

Friday, 16 May 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	95.00	4.28%	95	16/05/2025
3.25% AXG 2026 SI	20/12/2026	50,000	0.00	100.00	3.24%	100	16/05/2025
3.5% AXR 2032	06/02/2032	-	90.54	94.50	5.11%	91	16/05/2025
3.5% BOV 2030 S1 T1	08/08/2030	-	94.50	97.00	4.15%	97	16/05/2025
3.5% BOV 2030 S2 T1	08/08/2030	-	94.00	94.90	4.82%	94	16/05/2025
3.5% GO 2031	25/06/2031	-	96.63	98.00	3.87%	98	16/05/2025
3.5% SFC 2027	13/09/2027	-	99.95	101.40	3.52%	99.95	16/05/2025
3.65% IHI 2031	07/12/2031	86,800	91.00	93.99	5.09%	92.1	16/05/2025
3.65% MOF 2028-2031	15/10/2031	-	97.00	97.50	4.10%	97.5	16/05/2025
3.65% STV 2029	29/07/2029	-	98.00	99.82	4.41%	97.15	16/05/2025
3.75% AXG 2029 S2	20/12/2029	-	95.00	100.00	3.75%	100	16/05/2025
3.75% BOV 2026-2031	15/06/2031	-	96.90	97.85	4.14%	97.96	16/05/2025
3.75% BRX 2027	01/12/2027	-	97.25	100.00	4.17%	99	16/05/2025
3.75% MCY 2027	27/03/2027	20,000	97.10	100.50	3.46%	100.5	16/05/2025
3.75% PRC 2026	23/11/2026	98,000	99.00	99.90	3.81%	99.9	16/05/2025
3.75% TMF 2029	27/06/2029	-	97.13	100.20	4.55%	97.05	16/05/2025
3.75% TUM 2027	10/07/2027	-	98.01	100.00	4.74%	98.01	16/05/2025
3.75% VRT 2027	30/11/2027	16,300	99.80	100.50	3.83%	99.8	16/05/2025
3.8% HLF 2029	27/08/2029	-	95.03	97.80	4.37%	97.8	16/05/2025
3.85% HLF 2028	24/07/2028	-	98.00	100.00	4.53%	98	16/05/2025
3.9% BRW 2027-2031	09/07/2031	-	96.25	98.98	4.28%	98	16/05/2025
3.9% PZC 2026	22/09/2026	100,000	0.00	100.00	3.89%	100	16/05/2025
4% CBC 2027-2033	10/11/2033	-	0.00	98.00	4.28%	98	16/05/2025
4% CCS 2030	19/08/2030	-	94.00	99.73	4.65%	97	16/05/2025
4% EFC 2027	28/04/2027	-	99.95	100.00	3.94%	100.1	16/05/2025
4% EXF 2028	20/08/2028	6,000	0.00	100.00	3.99%	100	16/05/2025
4% HLF 2027	11/03/2027	-	99.20	99.99	4.00%	99.99	16/05/2025
4% IHI 2026	29/07/2026	-	99.10	100.00	3.99%	100	16/05/2025
4% IHI 2026 B	20/12/2026	10,000	99.00	100.00	3.99%	100	16/05/2025
4% LSI 2026-2031	02/06/2031	-	0.00	0.00	4.00%	100	16/05/2025
4% MED 2024-2029 EUR	05/11/2029	-	0.00	97.99	4.32%	98.7	16/05/2025
4% MIDI 2026	27/07/2026	-	98.21	100.00	3.99%	100	16/05/2025
4% MPC 2032 S1/22 T1	30/06/2032	-	98.50	0.00	4.00%	100	16/05/2025
4% SHM 2026	01/08/2026	-	0.00	0.00	5.76%	97.99	16/05/2025
4% SPF 2029	03/05/2029	5,000	99.60	100.00	4.11%	99.6	16/05/2025
4% STV 2027	18/10/2027	-	98.01	100.00	3.55%	101	16/05/2025
4.25% CCM 2024-2026	08/05/2026	-	97.50	0.00	4.84%	99.45	16/05/2025
4.25% CLP 2033	25/08/2033	-	100.50	103.00	3.82%	103	16/05/2025
4.25% CPHCL 2026	12/04/2026	-	99.00	99.80	4.46%	99.8	16/05/2025
4.25% IZI 2029	14/04/2029	77,000	0.00	100.00	4.25%	100	16/05/2025
4.25% MCY 2031	27/03/2031	-	99.00	100.00	4.25%	100	16/05/2025
4.3% MCY 2032	25/04/2032	-	97.83	100.00	4.30%	100	16/05/2025
4.35% HDS 2026	06/04/2026	-	99.00	0.00	4.33%	100	16/05/2025
4.35% SDF 2027	25/04/2027	-	0.00	100.95	4.07%	100.5	16/05/2025
4.4% CBC 2027 S1/17 T1	07/07/2027	-	0.00	0.00	5.41%	98	16/05/2025
4.5% BNF 2027 - 2032	29/07/2032	-	0.00	98.80	4.70%	98.79	16/05/2025
4.5% END 2029	22/03/2029	-	0.00	99.90	4.53%	99.9	16/05/2025
4.5% G3 2032	06/04/2032	-	100.00	0.00	4.50%	100	16/05/2025
4.5% GHM 2027	23/08/2027	-	98.00	101.50	5.45%	98	16/05/2025
4.5% HIL 2025	16/10/2025	-	0.00	99.90	11.77%	97.01	16/05/2025
4.5% IZB 2025	30/06/2025	-	0.00	100.00	4.33%	100	16/05/2025
4.5% MDS 2026 EUR	05/02/2026	-	0.00	100.00	4.46%	99.99	16/05/2025
4.5% ONA 2028 - 2034	21/06/2034	-	97.01	99.97	4.50%	99.99	16/05/2025
4.5% SHM 2032	01/08/2032	14,000	98.00	98.50	4.75%	98.5	16/05/2025
4.55% STA 2032	07/02/2032	-	0.00	102.50	4.55%	100	16/05/2025
4.65% SMF 2031	22/04/2031	-	98.00	101.75	4.31%	101.75	16/05/2025
4.65% SMF 2032	23/08/2032	-	100.00	101.99	4.65%	100	16/05/2025
4.75% BDPH 2025-2027	30/11/2027	-	0.00	100.75	4.74%	100	16/05/2025
4.75% DNF 2033	19/11/2033	-	0.00	0.00	4.75%	100	16/05/2025
4.75% GAP 2025-2027	22/12/2027	-	100.00	101.00	4.74%	100	16/05/2025
4.75% GLR 2028	30/11/2028	-	0.00	99.99	6.82%	93.64	16/05/2025
4.75% KAF 2026-2029	23/08/2029	-	0.00	99.70	5.55%	97	16/05/2025
4.8% MMHF 2026	14/10/2026	-	0.00	0.00	11.64%	91.5	16/05/2025
4.85% JDC 2032 S1 T1	25/11/2032	-	100.50	100.99	4.85%	100	16/05/2025
4.9% CLS 2032	09/02/2032	-	0.00	0.00	4.90%	100	16/05/2025
5% BLF 2026-2029	07/02/2029	-	0.00	0.00	5.14%	99.5	16/05/2025
5% BOV 2029-2034 S1 T1	28/11/2034	-	102.75	103.20	4.54%	103.5	16/05/2025
5% BSB 2029	28/06/2029	-	100.00	102.00	5.00%	100	16/05/2025
5% CFE 2028-2033	06/01/2033	15,000	98.00	100.00	5.00%	100	16/05/2025
5% CVS 2026-2029	08/03/2029	-	98.00	0.00	5.59%	98	16/05/2025
5% DZF 2026	07/10/2026	-	98.00	100.00	5.09%	99.85	16/05/2025
5% FES 2029	18/03/2029	-	0.00	0.00	5.00%	100	16/05/2025
5% HHF 2023-2028	19/05/2028	-	0.00	99.50	5.74%	98	16/05/2025
5% HLF 2029	17/07/2029	-	101.50	102.00	4.46%	102	16/05/2025
5% HRZ 2026-2029	15/03/2029	-	0.00	0.00	5.59%	98	16/05/2025
5% IZB 2027 - 2032	15/09/2032	-	0.00	0.00	5.00%	100	16/05/2025
5% LLF 2028	29/07/2028	-	0.00	99.00	5.34%	99	16/05/2025
5% MDS 2029	20/12/2029	35,500	100.00	0.00	4.75%	101	16/05/2025
5% MED 2022-2027 EUR	13/10/2027	-	99.00	101.00	4.99%	100	16/05/2025
5% MRN 2032	16/12/2032	-	100.60	102.50	4.83%	101	16/05/2025
5% VDH 2032	16/12/2032	-	98.01	100.00	5.00%	100	16/05/2025
5.1% 6PM 2025	31/07/2025	-	99.00	100.00	9.73%	99	16/05/2025
5.2% TUM 2031-2034	22/11/2034	-	101.50	101.75	4.96%	101.75	16/05/2025
5.2% VBL 2030-2034	25/10/2034	2,200	102.00	102.50	4.98%	101.6	16/05/2025
5.25% BBP 2033 S1 T1	03/04/2033	-	101.60	0.00	4.94%	102	16/05/2025
5.25% CBC 2025 S2 T1	30/12/2025	-	99.00	101.00	5.15%	100	16/05/2025
5.25% KLF 2027	31/07/2027	-	0.00	0.00	5.24%	100	16/05/2025
5.25% MIH 2027	06/07/2027	-	100.30	102.25	5.12%	100.25	16/05/2025
5.25% QWR 2033	27/02/2033	-	102.50	0.00	4.93%	102	16/05/2025
5.3% MCY 2034	10/09/2034	-	100.20	101.99	5.03%	101.95	16/05/2025
5.30% IHI 2035	01/04/2035	-	102.00	102.99	5.04%	102	16/05/2025
5.35% BDPH 2032	21/02/2032	-	0.00	101.95	4.90%	102.5	16/05/2025
5.35% DSM 2028	28/10/2028	-	92.25	96.00	6.68%	95.99	16/05/2025
5.35% HMV 2031-2034	26/07/2034	-	104.00	104.50	4.79%	104.1	16/05/2025
5.4% ECL 2031	30/12/2031	-	101.50	101.93	5.04%	101.97	16/05/2025
5.5% 9HC 2027	19/06/2027	-	0.00	100.00	5.49%	100	16/05/2025
5.5% AES 2036 S1 T2	08/10/2036	-	101.75	102.50	5.26%	101.99	16/05/2025
5.5% IGF 2024-2027	17/05/2027	-	0.00	0.00	5.50%	100	16/05/2025
5.5% JUE 2035	27/06/2035	-	99.00	101.50	5.30%	101.5	16/05/2025
5.5% TST 2029	09/01/2029	-	0.00	100.00	5.49%	100	16/05/2025
5.5% YCT 2021-2025	13/09/2025	-	0.00	0.00	11.49%	98	16/05/2025
5.6% JDC 2035	23/05/2035	158,300	100.56	102.00	5.53%	100.56	16/05/2025
5.7% MRK 2033	12/08/2033	-	100.25	104.50	5.09%	104	16/05/2025
5.75% BDPH 2027-2029	12/04/2029	-	100.01	104.00	5.17%	102	16/05/2025
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	-	102.55	104.00	5.23%	103.5	16/05/2025
5.75% PLG 2028	23/11/2028	-	102.00	103.50	5.10%	102	16/05/2025
5.8% AES 2036 S1 T1	01/03/2036	-	101.50	103.70	5.33%	103.75	16/05/2025
5.8% APS 2028-2033 S1 T1	01/12/2033	-	102.50	108.00	5.42%	102.5	16/05/2025
5.8% GPH 2032	22/04/2032	160,000	101.00	101.90	5.40%	102.25	16/05/2025
5.85% AXG 2033	07/11/2033	-	105.85	107.00	4.96%	106	16/05/2025
5.85% BGA 2034	14/05/2034	-	103.00	105.99	5.03%	105.8	16/05/2025
5.85% MIH 2028	31/07/2028	-	102.00	0.00	5.15%	102	16/05/2025
5.9% TGS 2024-2026	22/07/2026	-	0.00	102.00	4.99%	101	16/05/2025
6% IHI 2033	14/11/2033	17,000	104.50	105.50	5.32%	104.5	16/05/2025
6% JDC 2033 S2 T1	19/07/2033	-	102.00	105.48	5.61%	102.5	16/05/2025
6% MUL 2032 S1 T1	27/04/2032	-	0.00	105.00	6.00%	100	16/05/2025
6% PHC 2033	03/02/2033	-	103.00	0.00	5.19%	105	16/05/2025
6.25% AST 2033	16/06/2033	-	103.50	105.00	5.47%	105	16/05/2025
6.25% CMF 2034	23/02/2034	-	102.50	105.95	5.65%	104	16/05/2025
6.25% GPH 2030	10/03/2030	14,700	101.20	103.82	5.52%	103	16/05/2025
6.25% TGS 2030 -2032	14/02/2032	-	102.00	104.40	5.88%	102	16/05/2025
7.25% HRT 2025-2027	28/11/2027	-	100.00	101.00	6.78%	101	16/05/2025

* 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	4.88%		96.5	16/05/2025
5% MED 2022-2027 GBP	13/10/2027	-	0.00	0.00	4.99%		100	16/05/2025

* 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	99.95	5.80%		99.9	16/05/2025

* 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	2.99%
0.25% MGS 2026 (III)	18/11/2026	-	96.56	0.00	2.60%
0.40% MGS 2026 (II)	20/10/2026	-	96.79	0.00	2.71%
0.40% MGS 2027 (IV)	19/11/2027	-	93.31	0.00	3.20%
0.5% MGS 2025 (II)	08/11/2025	-	98.61	98.70	3.49%
0.75% MGS 2025 (III)	17/07/2025	-	103.31	0.00	-18.56%
0.80% MGS 2027 (III)	29/04/2027	-	90.10	0.00	6.28%
0.90% MGS 2027 (V)	12/08/2027	-	95.40	0.00	3.04%
0.90% MGS 2031 (V)	11/07/2031	-	88.28	0.00	3.00%
1.0% MGS 2031 (II)	23/04/2031	-	90.00	0.00	2.84%
1.00% MGS 2035 (II)	23/08/2035	-	79.04	0.00	3.44%
1.20% MGS 2037 (I)	13/05/2037	-	77.83	0.00	3.48%
1.40% MGS 2046 (I)	20/08/2046	16,000	63.88	60.00	3.92%
1.5% MGS 2027 (I)	15/06/2027	-	98.00	0.00	2.49%
1.50% MGS 2045 (I)	22/10/2045	-	66.68	0.00	3.88%
1.60% MGS 2032 (III)	03/05/2032	-	91.36	0.00	2.98%
1.70% MGS 2028 (IV)	04/08/2028	-	90.83	0.00	4.81%
1.80% MGS 2051 (I)	28/08/2051	-	61.00	62.00	4.29%
1.85% MGS 2029 (III)	30/05/2029	-	96.25	0.00	2.84%
2.00% MGS 2051 (II)	10/07/2051	-	69.38	0.00	3.87%
2.1% MGS 2039 (I)	24/08/2039	-	83.00	0.00	3.64%
2.10% MGS 2032 (IV)	15/04/2032	-	94.56	0.00	2.98%
2.2% MGS 2035 (I)	24/11/2035	-	89.00	0.00	3.46%
2.3% MGS 2029 (II)	24/07/2029	10,000	99.11	0.00	2.53%
2.4% MGS 2041 (I)	25/07/2041	30,000	82.98	0.00	3.82%
2.40% MGS 2052 (I)	13/08/2052	-	75.22	0.00	3.88%
2.5% MGS 2036 (I)	17/11/2036	200,000	90.65	88.00	3.49%
2.60% MGS 2028 (V)	22/05/2028	-	100.95	0.00	2.27%
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	4,000	99.00	99.23	3.05%
3% MGS 2040 (I)	11/06/2040	-	97.80	92.70	3.18%
3.00% MGS 2030 (IV)	05/11/2030	-	101.66	0.00	2.67%
3.15% MGS 2027 (VII)	20/05/2027	-	101.91	0.00	2.17%
3.25% MGS 2034 (IV)	05/09/2034	-	100.02	100.02	3.25%
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	-	104.50	0.00	2.30%
3.35% MGS 2029 (V) r	11/27/2029	No Trades	100.02	-	3.34%
3.4% MGS 2027 (VI)	24/09/2027	10,000	102.81	102.81	2.17%
3.40% MGS 2042 (I)	26/08/2042	-	100.50	98.50	3.36%
3.50% MGS 2028 (VI)	07/07/2028	188,000	103.36	0.00	2.38%
3.50% MGS 2034 (III)	31/07/2034	-	102.25	102.25	3.22%
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	25,000	100.68	100.10	3.42%
3.55% MGS 2026 (V)	08/07/2026	473,500	101.67	0.00	2.06%
3.7% MGS 2030 (II)	25/11/2030	-	106.09	0.00	2.51%
3.75% MGS 2033 (III)	17/08/2033	-	104.81	0.00	3.08%
3.85% MGS 2026 (VI)	05/08/2026	-	102.31	0.00	1.92%
3.95% MGS 2028 (VII)	08/08/2028	-	104.05	0.00	2.63%
4% MGS 2032 (VII)	30/03/2032	110,000	106.55	0.00	2.94%
4.00% MGS 2033 (IV)	05/12/2033	-	106.50	106.50	3.13%
4.00% MGS 2038 (I)	25/08/2038	-	104.72	103.93	3.55%
4.00% MGS 2043 (I)	26/11/2043	10,000	105.00	102.50	3.63%
4.1% MGS 2034 (I)	18/10/2034	-	107.00	0.00	3.23%
4.3% MGS 2033 (I)	01/08/2033	-	107.79	0.00	3.21%
4.30% MGS 2038 (II)	15/11/2038	11,800	106.98	0.00	3.64%
4.45% MGS 2032 (II)	03/09/2032	-	110.34	0.00	2.87%
4.5% MGS 2028 (II)	25/10/2028	-	106.73	106.96	2.45%
4.65% MGS 2032 (I)	22/07/2032	9,000	110.51	0.00	3.01%
4.8% MGS 2028 (I)	11/09/2028	-	108.03	0.00	2.27%
5.1% MGS 2029 (I)	01/10/2029	-	110.75	110.42	2.49%
5.2% MGS 2031 (I)	16/09/2031	32,700	113.35	0.00	2.88%
5.25% MGS 2030 (I)	23/06/2030	-	112.50	112.06	2.61%
7% MGS 2025 (I)	31/12/2025	-	149.70	0.00	-50.70%
7% MGS 2026 (I)	31/12/2026	-	155.80	0.00	-20.33%
7% MGS 2032 (V)	31/12/2032	-	100.00	0.00	7.00%
7% MGS 2034 (II)	31/12/2034	-	100.00	0.00	7.00%

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