Bond Market Overview

Wednesday, 20 May 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		-	0.00	94.80	#VALUE!	94.8	20/05/2026
3.25% AXG 2026 SI		-	97.57	99.97	#VALUE!	99.99	20/05/2026
3.5% AXR 2032		-	92.50	94.00	#VALUE!	92.12	20/05/2026
3.5% BOV 2030 S1 T1		-	0.00	94.00	#VALUE!	94	20/05/2026
3.5% BOV 2030 S2 T1		-	92.50	95.00	#VALUE!	95	20/05/2026
3.5% GO 2031		3,600	93.01	94.70	#VALUE!	93.01	20/05/2026
3.5% SFC 2027		-	98.00	100.50	#VALUE!	100	20/05/2026
3.65% IHI 2031		29,900	93.00	93.49	#VALUE!	93	20/05/2026
3.65% MOF 2028-2031		-	95.75	96.00	#VALUE!	96	20/05/2026
3.65% STV 2029		-	0.00	96.38	#VALUE!	96.38	20/05/2026
3.75% AXG 2029 S2		-	94.00	98.49	#VALUE!	98.49	20/05/2026
3.75% BOV 2026-2031		-	0.00	95.00	#VALUE!	96	20/05/2026
3.75% BRX 2027		-	97.55	99.80	#VALUE!	97.3	20/05/2026
3.75% MCY 2027		5,000	97.01	99.99	#VALUE!	97.5	20/05/2026
3.75% PRC 2026		-	98.11	99.99	#VALUE!	99.9	20/05/2026
3.75% TMF 2029		12,800	96.45	97.50	#VALUE!	97	20/05/2026
3.75% TUM 2027		5,000	97.26	97.50	#VALUE!	97.26	20/05/2026
3.75% VRT 2027		210,000	98.11	100.00	#VALUE!	100	20/05/2026
3.8% HLF 2029		-	95.51	97.88	#VALUE!	97.88	20/05/2026
3.85% HLF 2028		1,100	96.75	98.50	#VALUE!	96.75	20/05/2026
3.9% BRW 2027-2031		-	95.55	96.00	#VALUE!	96	20/05/2026
3.9% PZC 2026		-	0.00	100.00	#VALUE!	100	20/05/2026
4% CBC 2027-2033		-	85.00	92.50	#VALUE!	90	20/05/2026
4% CCS 2030		-	0.00	96.99	#VALUE!	97	20/05/2026
4% EFC 2027		14,000	99.50	100.00	#VALUE!	99.5	20/05/2026
4% EXF 2028		-	97.11	99.90	#VALUE!	100	20/05/2026
4% HLF 2027		200,000	98.05	100.90	#VALUE!	100	20/05/2026
4% IHI 2026		-	98.67	99.89	#VALUE!	98.65	20/05/2026
4% IHI 2026 B		-	98.01	99.89	#VALUE!	99.89	20/05/2026
4% LSI 2026-2031		-	0.00	0.00	#VALUE!	100	20/05/2026
4% MED 2024-2029 EUR		-	0.00	98.00	#VALUE!	97	20/05/2026
4% MIDI 2026		-	98.01	100.00	#VALUE!	98	20/05/2026
4% MPC 2032 S1/22 T1		-	0.00	98.00	#VALUE!	98	20/05/2026
4% SHM 2026		-	0.00	98.00	#VALUE!	97	20/05/2026
4% SPF 2029		-	0.00	99.60	#VALUE!	99.69	20/05/2026
4% STV 2027		-	98.36	99.76	#VALUE!	99.82	20/05/2026
4.25% CCM 2024-2026	05/08/2026	-	0.00	0.00	16.69%	99.5	23/04/2026
4.25% CLP 2033		-	0.00	100.10	#VALUE!	100	20/05/2026
4.25% CPHCL 2026	04/12/2026	-	0.00	0.00	54.98%	98.01	30/03/2026
4.25% IZI 2029		5,000	99.00	99.50	#VALUE!	99	20/05/2026
4.25% MCY 2031		15,000	94.00	97.00	#VALUE!	96.61	20/05/2026
4.3% MCY 2032		-	96.11	97.00	#VALUE!	97.5	20/05/2026
4.35% HDS 2026	04/06/2026	-	98.01	99.95	35.36%	98	13/03/2026
4.35% SDF 2027		517,000	98.31	102.00	#VALUE!	100	20/05/2026
4.4% CBC 2027 S1/17 T1		-	0.00	100.00	#VALUE!	97.5	20/05/2026
4.5% BNF 2027 - 2032		-	0.00	96.00	#VALUE!	97.2	20/05/2026
4.5% END 2029		-	0.00	98.00	#VALUE!	99.9	20/05/2026
4.5% G3 2032		-	0.00	99.90	#VALUE!	99.9	20/05/2026
4.5% GHM 2027		-	97.77	100.00	#VALUE!	100	20/05/2026
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		-	96.50	98.39	#VALUE!	96.05	20/05/2026
4.5% SHM 2032		-	0.00	86.00	#VALUE!	86	20/05/2026
4.55% STA 2032		-	97.81	99.25	#VALUE!	98	20/05/2026
4.65% SMF 2031		5,000	0.00	99.72	#VALUE!	99.72	20/05/2026
4.65% SMF 2032		5,000	97.01	99.49	#VALUE!	99.49	20/05/2026
4.75% BDPH 2025-2027		-	100.00	0.00	#VALUE!	100	20/05/2026
4.75% DNF 2033		-	0.00	98.00	#VALUE!	96.01	20/05/2026
4.75% GAP 2025-2027		-	100.00	0.00	#VALUE!	100	20/05/2026
4.75% GLR 2028		-	95.00	0.00	#VALUE!	94.25	20/05/2026
4.75% KAF 2026-2029		-	0.00	94.00	#VALUE!	95	20/05/2026
4.8% MMHF 2026		-	0.00	98.99	#VALUE!	91.51	20/05/2026
4.85% JDC 2032 S1 T1		-	0.00	99.00	#VALUE!	99	20/05/2026
4.9% CLS 2032		-	99.50	0.00	#VALUE!	100	20/05/2026
5% BLF 2026-2029		-	0.00	98.99	#VALUE!	100	20/05/2026
5% BOV 2029-2034 S1 T1		-	99.30	100.00	#VALUE!	100	20/05/2026
5% BSB 2029		-	0.00	100.00	#VALUE!	101	20/05/2026
5% CFE 2028-2033		-	98.00	99.50	#VALUE!	100	20/05/2026
5% CVS 2026-2029		2,000	97.00	99.50	#VALUE!	98	20/05/2026
5% DZF 2026		-	0.00	99.00	#VALUE!	97	20/05/2026
5% FES 2029		-	0.00	98.50	#VALUE!	98.5	20/05/2026
5% HHF 2023-2028	5/19/2028	-	0.00	0.00	4.99%	99.99	27/10/2025
5% HLF 2029		-	100.00	101.00	#VALUE!	100.94	20/05/2026
5% HLF 2033		-	100.00	101.75	#VALUE!	101.75	20/05/2026
5% HRZ 2026-2029		-	0.00	98.00	#VALUE!	100	20/05/2026
5% IZB 2027 - 2032		-	93.01	95.00	#VALUE!	95	20/05/2026
5% LLF 2028		-	0.00	95.90	#VALUE!	96	20/05/2026
5% MDS 2029		-	0.00	100.00	#VALUE!	100	20/05/2026
5% MED 2022-2027 EUR		-	0.00	0.00	#VALUE!	99.99	20/05/2026
5% MRN 2032		-	0.00	0.00	#VALUE!	101	20/05/2026
5% VDH 2032		-	96.01	97.97	#VALUE!	96.01	20/05/2026
5.00% BOV 2030-2035 S1 T1		-	100.25	100.97	#VALUE!	100.25	20/05/2026
5.00% BOV 2030-2035 S2 T1		-	100.00	100.45	#VALUE!	100	20/05/2026
5.1% 6PM 2025	7/31/2025	-	0.00	99.99	12.44%	99	06/12/2025
5.10% PLG 2028 -2030		-	0.00	100.99	#VALUE!	100.99	20/05/2026
5.2% HHF 2035		-	97.19	99.70	#VALUE!	99.99	20/05/2026
5.2% SDF 2031 S1/T1		-	100.00	0.00	#VALUE!	100.01	20/05/2026
5.2% TUM 2031-2034		-	100.06	100.99	#VALUE!	100.01	20/05/2026
5.2% VBL 2030-2034		35,000	98.51	100.20	#VALUE!	100.2	20/05/2026
5.25% ACM 2028 -2030		-	97.00	100.00	#VALUE!	100	20/05/2026
5.25% BBP 2033 S1 T1		-	100.00	101.00	#VALUE!	101	20/05/2026
5.25% CBC 2025 S2 T1	12/30/2025	-	0.00	101.00	5.13%	100	06/12/2025
5.25% KLF 2027		-	0.00	0.00	#VALUE!	100	20/05/2026
5.25% MIH 2027		-	100.00	101.90	#VALUE!	100	20/05/2026
5.25% QWR 2033		-	100.00	100.50	#VALUE!	100	20/05/2026
5.3% GTR 2030		-	98.01	100.92	#VALUE!	100	20/05/2026
5.3% MCY 2034		-	99.01	101.00	#VALUE!	100	20/05/2026
5.30% IHI 2035		5,900	100.05	101.50	#VALUE!	100.05	20/05/2026
5.35% BDPH 2032		-	100.75	101.73	#VALUE!	101.5	20/05/2026
5.35% CPHCL 2035		21,000	100.02	101.25	#VALUE!	100.02	20/05/2026
5.35% DSM 2028		-	85.00	87.00	#VALUE!	89.99	20/05/2026
5.35% HMV 2031-2034		-	99.50	101.50	#VALUE!	100	20/05/2026
5.35% JMB 2035		5,000	98.01	99.90	#VALUE!	99.9	20/05/2026
5.35% MAR 2029-2031		5,000	99.00	100.00	#VALUE!	100	20/05/2026
5.4% AGB 2035 S1 T1		13,000	97.00	100.19	#VALUE!	99.2	20/05/2026
5.4% BBT 2032-2036		18,000	100.00	101.75	#VALUE!	101.5	20/05/2026
5.4% ECL 2031		-	99.50	100.49	#VALUE!	99.5	20/05/2026
5.5% 9HC 2027		-	0.00	100.00	#VALUE!	100	20/05/2026
5.5% AES 2036 S1 T2		-	99.50	101.00	#VALUE!	101	20/05/2026
5.5% FTD 2036		-	100.25	100.99	#VALUE!	100	20/05/2026
5.5% IGF 2024-2027	5/17/2027	-	0.00	0.00	6.34%	99	17/02/2026
5.5% IZI 2036		-	101.00	101.49	#VALUE!	101	20/05/2026
5.5% JUE 2035		-	99.00	100.73	#VALUE!	100	20/05/2026
5.5% QLZ 2030 -2035 S1 T2		-	98.09	101.25	#VALUE!	99.99	20/05/2026
5.5% QLZ 2030 -2035 S1T1		-	98.01	100.00	#VALUE!	100	20/05/2026
5.5% TST 2029		-	0.00	98.00	#VALUE!	99	20/05/2026
5.5% YCT 2021-2025	9/13/2025	-	0.00	0.00	16.49%	98	07/09/2025
5.50% MDS 2031-2036		25,000	102.50	0.00	#VALUE!	102.51	20/05/2026
5.50% TTM 2032		-	99.61	101.50	#VALUE!	101.85	20/05/2026
5.6% JDC 2035		-	98.08	99.99	#VALUE!	98.12	20/05/2026
5.7% MRK 2033		-	97.01	100.75	#VALUE!	100.73	20/05/2026
5.70% CBC 2030-2035 S1 T1		-	0.00	99.00	#VALUE!	99	20/05/2026
5.75% AQC 2027		20,000	99.50	99.99	#VALUE!	99.5	20/05/2026
5.75% BDPH 2027-2029		-	0.00	102.90	#VALUE!	102	20/05/2026
5.75% IGI 2031-2036		-	0.00	98.95	#VALUE!	98.95	20/05/2026
5.75% PHN 2028-2033		-	101.50	103.40	#VALUE!	101.51	20/05/2026
5.75% PLG 2028		-	101.50	101.90	#VALUE!	101.5	20/05/2026
5.8% AES 2036 S1 T1		-	100.03	100.99	#VALUE!	100.01	20/05/2026
5.8% APS 2028-2033 S1 T1		-	0.00	104.00	#VALUE!	103	20/05/2026
5.8% GPH 2032		-	100.00	101.00	#VALUE!	100.5	20/05/2026
5.85% AXG 2033		-	102.10	103.99	#VALUE!	102.1	20/05/2026
5.85% BGA 2034		-	102.00	102.99	#VALUE!	102	20/05/2026
5.85% MIH 2028		-	100.00	102.15	#VALUE!	101.7	20/05/2026
5.9% TGS 2024-2026	7/22/2026	-	0.00	101.00	5.88%	100	06/12/2025
6% IHI 2033		12,800	100.30	103.00	#VALUE!	103	20/05/2026
6% JDC 2033 S2 T1		-	100.50	101.25	#VALUE!	101.25	20/05/2026
6% LDB 2030-2035 S1 T1		-	0.00	101.75	#VALUE!	100	20/05/2026
6% MUL 2032 S1 T1		-	0.00	103.00	#VALUE!	100	20/05/2026
6% PHC 2033		-	101.00	102.97	#VALUE!	100.5	20/05/2026
6.25% AST 2033		-	100.10	102.70	#VALUE!	100.05	20/05/2026
6.25% CMF 2034		-	101.01	103.35	#VALUE!	101.19	20/05/2026
6.25% GPH 2030		-	100.07	101.99	#VALUE!	101.9	20/05/2026
6.25% TGS 2030 -2032		-	0.00	100.00	#VALUE!	101.99	20/05/2026
7.25% HRT 2025-2027		-	0.00	100.00	#VALUE!	100	20/05/2026

* 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		-	0.00	96.50	#VALUE!		96.5	20/05/2026
5% MED 2022-2027 GBP		-	0.00	0.00	#VALUE!		100	20/05/2026

* 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		-	0.00	0.00	#VALUE!		102.5	20/05/2026

* 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)		-	98.23	0.00	#VALUE!
0.25% MGS 2026 (III)		-	98.08	0.00	#VALUE!
0.40% MGS 2026 (II)		-	98.16	0.00	#VALUE!
0.40% MGS 2027 (IV)		-	96.39	0.00	#VALUE!
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)		-	98.00	0.00	#VALUE!
0.90% MGS 2027 (V)		-	97.71	0.00	#VALUE!
0.90% MGS 2031 (V)		-	89.26	0.00	#VALUE!
1.0% MGS 2031 (II)		-	89.70	0.00	#VALUE!
1.00% MGS 2035 (II)		-	78.47	80.00	#VALUE!
1.20% MGS 2037 (I)		-	78.01	0.00	#VALUE!
1.40% MGS 2046 (I)		-	60.13	0.00	#VALUE!
1.5% MGS 2027 (I)		-	98.94	0.00	#VALUE!
1.50% MGS 2045 (I)		-	62.72	0.00	#VALUE!
1.60% MGS 2032 (III)		-	90.15	0.00	#VALUE!
1.70% MGS 2028 (IV)		-	97.56	0.00	#VALUE!
1.80% MGS 2051 (I)		-	59.41	57.06	#VALUE!
1.85% MGS 2029 (III)		-	96.40	0.00	#VALUE!
2.00% MGS 2051 (II)		-	62.54	0.00	#VALUE!
2.1% MGS 2039 (I)		-	79.46	0.00	#VALUE!
2.10% MGS 2032 (IV)		-	94.56	0.00	#VALUE!
2.2% MGS 2035 (I)		-	86.29	0.00	#VALUE!
2.3% MGS 2029 (II)		-	97.54	95.80	#VALUE!
2.4% MGS 2041 (I)		-	79.77	0.00	#VALUE!
2.40% MGS 2052 (I)		-	75.22	0.00	#VALUE!
2.5% MGS 2036 (I)		-	87.52	0.00	#VALUE!
2.55% MGS 2030 (V)		-	99.50	99.50	#VALUE!
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)		15,000	99.41	0.00	#VALUE!
2.60% MGS 2047 (I)		-	89.60	0.00	#VALUE!
2.80% MGS 2030 (III)		-	98.88	0.00	#VALUE!
2.9% MGS 2032 (VI)		-	96.60	0.00	#VALUE!
3% MGS 2040 (I)		-	88.77	0.00	#VALUE!
3.00% MGS 2030 (IV)		5,000	100.00	100.00	#VALUE!
3.15% MGS 2027 (VII)		-	100.68	0.00	#VALUE!
3.25% MGS 2034 (IV)		18,500	97.00	97.00	#VALUE!
3.35% MGS 2029 (V)		10,000	100.63	0.00	#VALUE!
3.4% MGS 2027 (VI)		-	101.02	0.00	#VALUE!
3.40% MGS 2035 (IV)		-	100.00	97.00	#VALUE!
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)		-	90.19	87.17	#VALUE!
3.50% MGS 2028 (VI)		15,000	101.11	0.00	#VALUE!
3.50% MGS 2034 (III)		-	97.55	0.00	#VALUE!
3.50% MGS 2035 (III)		20,000	96.21	96.01	#VALUE!
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)		-	100.17	0.00	#VALUE!
3.7% MGS 2030 (II)		-	106.09	0.00	#VALUE!
3.75% MGS 2033 (III)		-	104.75	0.00	#VALUE!
3.80% MGS 2036 (III) A		-	99.38	0.00	#VALUE!
3.80% MGS 2036 (III) r		-	100.00	100.00	#VALUE!
3.80% MGS 2040 (II)		23,500	95.31	95.15	#VALUE!
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)		-	101.19	0.00	#VALUE!
3.95% MGS 2028 (VII)		-	104.12	0.00	#VALUE!
4% MGS 2032 (VII)		-	103.00	102.79	#VALUE!
4.00% MGS 2033 (IV)		15,400	101.95	0.00	#VALUE!
4.00% MGS 2038 (I)		75,000	100.00	99.00	#VALUE!
4.00% MGS 2043 (I)		25,000	100.75	99.75	#VALUE!
4.1% MGS 2034 (I)		-	102.00	0.00	#VALUE!
4.10% MGS 2041 (II) A		11,000	100.00	0.00	#VALUE!
4.10% MGS 2041 (II) r		10,000	100.00	100.00	#VALUE!
4.3% MGS 2033 (I)		1,200	104.06	0.00	#VALUE!
4.30% MGS 2038 (II)		-	102.09	0.00	#VALUE!
4.45% MGS 2032 (II)		-	105.06	0.00	#VALUE!
4.5% MGS 2028 (II)		5,000	103.00	0.00	#VALUE!
4.65% MGS 2032 (I)		-	105.00	0.00	#VALUE!
4.8% MGS 2028 (I)		-	104.04	103.97	#VALUE!
5.1% MGS 2029 (I)		-	106.53	0.00	#VALUE!
5.2% MGS 2031 (I)		-	109.00	0.00	#VALUE!
5.25% MGS 2030 (I)		-	108.38	0.00	#VALUE!
7% MGS 2025 (I)	12/31/2025	-	149.70	0.00	-57.15%
7% MGS 2026 (I)		-	155.80	0.00	#VALUE!
7% MGS 2032 (V)		-	100.00	0.00	#VALUE!
7% MGS 2034 (II)		-	100.00	0.00	#VALUE!

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