Malta Government Stocks - Results of MGS Issues

Friday, February 18th, 2011

On 18 February, the Treasury announced that it received a total of 6,052 applications for the two new Malta Government Stocks for a value exceeding €326 million. The Treasury had announced the issue of an aggregate of €200 million in a combination of two stocks: (i) 4.25% MGS 2017 (III) and (ii) 5.25% MGS 2030 (I) Fungible Issue.

The Treasury stated that it allotted a total of €199.8 million (nominal) in the two stocks as follows: €115.1 million in the 4.25 % MGS 2017 (III) and €84.7 million in the 5.25% MGS 2030 (I) FI .

Subscriptions from the General Public at the fixed prices established by the Treasury amounted to €107.78 million split up as follows: €52.56 million in the 4.25% MGS 2017 (III) and €55.22 million in the 5.25% MGS 2030 (I) FI. All these applications were met in full.

Meanwhile €62.5 million were allotted to institutional investors in the 4.25% MGS 2017 (III) at prices ranging from a high of 103.20% to a cut-off rate of 102.33% compared to a fixed price of 101.25% for the General Public. Other tenders totalling €126 million remained unsatisfied despite the fact that almost all bids were pitched at or above the offer price of 101.25%. In the 5.25% MGS 2030 (I) FI, €29.5 million were allotted to institutional investors at prices ranging from 103.76% to 101.85%, with a further €1 million remaining unsatisfied as the bid price was set below the issue price of 101.50%.

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