Government of Malta - Results of MGS Issue

On 14 July 2023, the Treasury Department announced that it received applications totalling around €569 million (nominal) for the three new Malta Government Stocks. The Treasury had offered a total of €270 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €130 million (nominal). The Treasury exercised its over-allotment option to increase the overall issue to just under €400 million.

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to around €180 million (nominal) and all applications in compliance with the terms of the Offering Circular will be accepted in full. The Treasury explained that the final nominal amount allotted to retail investors for each MGS will be published once the vetting of applications is completed.

The Treasury also allotted a total of €219.5 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €64 million were allotted to institutional investors in the 3.55% MGS 2026 (V) at prices ranging from a high of 100.42% (translating into a yield-to-maturity of 3.40%) to a cut-off price of 99.69% (YTM: 3.66%). The weighted average price for accepted bids was of 99.90%, which translates to a YTM of 3.59%.

In the 3.75% MGS 2033 (III), a total of €155.5 million were allotted to institutional investors at prices ranging from 103.44% (YTM: 3.35%) to a cut-off rate of 97.42% (YTM: 4.06%). The weighted average price for accepted bids was of 99.07%, which translates to a YTM of 3.86%.

Download a copy of the July 2023 – Malta Government Stock Issue Interim Statistics published by the Treasury Department.

On 26 July 2023, the Treasury Department published the July 2023 – Malta Government Stock Issue Final Results.