Posts Tagged ‘MGS’

- The end of QE nears

Thursday, June 21st, 2018

The European Central Bank (ECB) announced last Thursday that it will be winding down its Quantitative Easing (QE) programme by the end of 2018. The current programme comprises purchases of sovereign bonds of €30 billion per month until the end of September 2018. At last week’s ECB’s monetary policy meeting, it was decided that the […]

- Lessons from Warren Buffett’s annual letter to investors

Thursday, March 8th, 2018

The Chairman and CEO of Berkshire Hathaway, Warren Buffett, published his annual letter to shareholders on Saturday 24 February. The letter by the 87 year-old billionaire is widely followed by the international financial media and by many investors around the world due to his remarkable track record over more than five decades and also since […]

- Treasury publishes the 2018 Annual Borrowing Plan

Thursday, February 8th, 2018

Last week, the Treasury of Malta issued its first ‘Annual Borrowing Plan’. This replaces the ‘Indicative Calendar’ published by the Treasury in previous years. The 2018 Annual Borrowing Plan covers the projected borrowing requirements of the Government of Malta for this year. The plan reveals that the total amount of issuance of Malta Government Stocks […]

Malta Government Stocks - 2018 MGS Indicative Calendar

Tuesday, January 30th, 2018

On 30 January 2018, the Treasury of Malta announced that the amount of issuance of Malta Government Stocks (“MGS”) during 2018 will not exceed €350 million. The funds raised will be principally used to finance the redemption of seven MGS issues. The Treasury explained that it will be issuing three different types of securities – […]

- RF MGS Index in first annual decline since 2011

Thursday, January 11th, 2018

In last week’s article, I explained that Maltese equity investors experienced a challenging year in 2017 as the MSE Equity Price Index declined by 2.6%. Unfortunately, investors solely exposed to Malta Government Stocks did not fare any better. In fact, the RF MGS Index lost 3%, representing its first annual decline since 2011. When reviewing […]

- MGS sell-off gathers momentum

Thursday, March 16th, 2017

Just over three months ago I wrote an article titled “The MGS market after Trump” wherein I gave a detailed description of the sudden drop in the prices of Malta Government Stocks (MGS) in the immediate aftermath of the result of the US election on 9 November. I had also published a table showing the […]

Malta Government Stocks - Listing & Trading of New MGS

Thursday, February 23rd, 2017

On 23 February, the Malta Stock Exchange announced that the recently issued Malta Government Stocks (MGS) will be admitted to the Official List with effect from today, Thursday 23 February 2017. Trading in these new stocks is expected to commence tomorrow, Friday 24 February.

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 […]

- The Net Debt to EBITDA multiple

Thursday, February 16th, 2017

In one of my articles published several years ago, I had explained some of the more important financial metrics that investors needed to track on a regular basis. One of the foremost ratios that I had mentioned was the level of gearing. I had also published a table showing the gearing level and the interest […]

Malta Government Stocks - Pricing of New Issues

Wednesday, February 8th, 2017

Further to the announcement dated 03 February 2017 with respect to the issue of the new Malta Government Stocks, the Treasury today established the prices of the 3 new MGS’s as follows: (i) 1.4% MGS 2023 (III) at 104.00% for every €100 nominal giving a yield to maturity of 0.788% per annum; (ii) 1.5% MGS 2027 […]