Government of Malta - Results of MGS Issues

On 1 March, the Treasury announced that it received a total of 4,912 applications for the two new Malta Government Stocks  for a value exceeding €292.9 million (nominal). The Treasury had offered a total of €120 million with the option of increasing the aggregate amount by a maximum amount of an additional €80 million.

The Treasury stated that it allotted €199.6 million (nominal) in the two fixed-rate stocks as follows: €44.5 million in the 3.0% MGS 2019 (III) and €155.1 million in the 4.5% MGS 2028 (II).

Subscriptions from retail investors at the fixed prices established by the Treasury amounted to €123.87 million (nominal) split up as follows: €12.8 million (nominal) in the 3.0% MGS 2019 (III) and €111.06 million (nominal) in the 4.5% MGS 2028 (II). All these applications were met in full.

The statistics published by the Treasury indicate that €31.75 million were allotted to institutional investors in the 3.0% MGS 2019 (III) at prices ranging from a high of 101.86% to a cut-off price of 100.53% compared to the fixed price for the General Public of 100.50%. A further €72.15 million remained unsatisfied at prices ranging from 100.51% to 100%. In the 4.5% MGS 2028 (II), out of the €65.18 million tendered, only €44 million were allotted to institutional investors at prices ranging from a high of 101.01% to a cut-off price of 100.16% compared to the fixed-offer price for the General Public of 100% (par). The balance of €21.18 million remained unsatisfied despite being lodged at or slightly above par.

Download a copy of the February 2013 – Malta Government Stock Issues Statistics issued by the Treasury of Malta.