On 17 April, the Treasury of Malta issued an update to the 2013 Indicative Calendar for Malta Government Stock issues which was originally published in January 2013.
The updated indicative calendar confirms that the amount of MGS to be issued this year will not exceed €650 million and will be used to redeem a total of €370.3 million of maturing MGS as well as to finance the Central Government Deficit which is now estimated to be at €163.8 million.
Fixed rate MGS will remain the predominant type of stocks to be issued across a mix of 3 to 9 year and over 10-year issues.
The Treasury still plans to undertake four to five issues with a more front-loaded programme across the first-half of the year. In this respect, the Treasury stated that the first MGS offer was conducted in February 2013 and the second offering is expected to be launched in May 2013.
No changes from the January 2013 calendar were reported with respect to the MGS Switch Auctions Programme and Treasury Bill issuance.