Euro Two Hundred and Sixty million combined Malta Government Stocks issue
The Government of Malta has announced two new issues of Euro 260,000,000 (in total) subject to an over-allotment option of Euro 140,000,000 in the event of oversubscription:
- 4.00% Malta Government Stock 2033 (IV) – maturing 5th of December 2033, open for both Retail and Wholesale investors; and
- 4.30% Malta Government Stock 2038 (II) – maturing 15th of November 2038, open for both Retail and Wholesale investors.
Interest on each Stock is payable half yearly in arrears.
- Interest at the rate of 2.00% in respect of the 4.00% Malta Government Stock 2033 (IV) shall be payable semi-annually in arrears on the 5th of June and the 5th of December in every year for the duration of the Stock.
- Interest at the rate of 2.15% in respect of the 4.30% Malta Government Stock 2038 (II) shall be payable semi-annually in arrears on the 15th of May and the 15th of November in every year for the duration of the Stock.
Retail applicants can apply for a minimum of €100 up to a maximum amount of €499,900 nominal per person in multiples of €100 in any or each of the two stocks at the fixed price to be established for each stock on Wednesday the 30th of August 2023. The amount due by retail investors in respect of applications submitted under non-competitive applications shall be settled with the application.
All applications are to be made on the prescribed form. Application forms may be obtained from and lodged with us.
Applications in the name of ‘Nominee account’ and/or ‘Clients account’ for and on behalf of clients will only be accepted if accompanied by a list showing the identity card number or in case of a body corporate, the relevant identification number of their respective clients.
Wholesale investors (Auction) applications shall be made on a competitive basis by auction. Applicants under this category are precluded from applying under Retail category. Each application in any or each of the two Stocks must be in the form of a competitive bid for a minimum nominal value of €500,000 and in multiples of €500,000 each thereafter.
Successful bidders at the auction shall settle the amount due by Tuesday, the 12th of September 2023 at 10.00 a.m. (CET) on a T+2 basis.
Timeline:
Applications for retail investors open at 8.30 a.m. on Friday, the 1st of September 2023 and close at 10 a.m. on Tuesday, the 5th of September 2023.
After the closure of the application window reserved for retail investors, there shall be a bidding window for wholesale investors. Applications (bids) for participation in the competitive auction open at 8.30 a.m. on Thursday, the 7th of September 2023 and close on the same day at noon (CET).
Retail investors who applied at the pre-announced fixed price under the non-competitive element of the issuance will be allocated first.
If you are interested to apply, please reach out to one of the Client Managers below.
Please click here for more colour on the issuance and to read the Offering Documentation.
Disclaimer
Curmi & Partners Ltd is acting as an Authorised Financial Intermediary for these bonds. This communication should not be considered as investment advice or recommendation with respect to these financial instruments and the information provided herein is for informational purposes only. No tax, legal or any other ancillary regulatory advice is provided in this advertisement. The information contained in this advertisement is based on public information and reflects the Offering Documentation of the financial instruments, with the information being accurately reproduced and no facts have been omitted which would render the reproduced information inaccurate or misleading. However, Curmi & Partners Ltd has not independently verified the information it has obtained from sources that it believes to be reliable. Investors are urged to read the Offering Documentation when considering whether to invest in this financial instruments. The value of investments can fall as well as rise and past performance is no indication of future performance. Curmi & Partners Ltd is acting on a non-independent basis and may receive inducements from the Issuer of the securities.
This advertisement was approved for issue by Curmi & Partners Ltd, which is licensed to conduct investment services business under the Investments Services Act (Cap 370 of the Laws of Malta) by the MFSA and is also a Member of the Malta Stock Exchange. Curmi & Partners Ltd’s registered address is at Finance House, Princess Elizabeth Street, Ta’ Xbiex, XBX 1102.