Malta Government Stocks - Results of MGS Issue

Monday, February 20th, 2017

On 20 February, the Treasury announced that it received a total of 1,186 applications for the three new Malta Government Stocks for a value exceeding €282 million (nominal). The Treasury had offered a total of €130 million with the option of increasing the aggregate amount by a maximum amount of an additional €90 million.

The Treasury stated that it allotted €182.87 million (nominal) in the three fixed-rate stocks as follows: €125.3 million in the 1.4% MGS 2023 (III); €37.1 million in the 1.5% MGS 2027 (I) and €20.5 million in the 2.2% MGS 2035 (I).

Subscriptions from retail investors at the fixed prices established by the Treasury amounted to €19.1 million (nominal) split up as follows: €0.8 million (nominal) in the 1.4% MGS 2023 (III); €1.1 million (nominal) in the 1.5% MGS 2027 (I) and €17.3 million (nominal) in the 2.2% MGS 2035 (I). All these applications were met in full.

The Treasury also allotted a total of €163.76 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €124.5 million were allotted to institutional investors in the 1.4% MGS 2023 (III) at prices ranging from a high of 107.31% to a cut-off price of 103.92% compared to the fixed price for the General Public of 104%. A further €52.5 million remained unsatisfied at prices ranging from 103.90% to 101.51%.

In the 1.5% MGS 2027 (I), out of the €81.5 million tendered, €36 million were allotted to institutional investors at prices ranging from a high of 102% to a cut-off price of 100.66% compared to the fixed-offer price for the General Public of 100.50% whilst the remaining €44.5 million, at prices below the fixed price for the General Public, remained unsatisfied.

In the 2.2% MGS 2035 (I), institutional investors were allotted €3.26 million at prices ranging from a high of 101.01% to a cut-off price of 100.34% compared to the fixed-offer price for the General Public of 100.25%. A further €2.2 million remained unsatisfied at price ranging from 100% (par) to 93.75%.

Download a copy of the February 2017 – Malta Government Stock Issue Statistics published by the Treasury of Malta.

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