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Government of Malta – Details of New Bond Issue

Jonathan Falzon

November 14, 2025

14 November, 2025
6 min read
14 November, 2025
6 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 14 November 2025, CPHCL Finance plc published a Prospectus in relation to a new €45 million bond issue maturing in 2035. The salient features of the new bonds are as follows:

Coupon:

5.35%

Amount Offered:

€45 million

Issue Price:

100% (par)

Interest Payment Date:

Annually on 18 December (with the first interest payment date being 18 December 2026)

Maturity Date:

18 December 2035

Use of Proceeds:

The net proceeds from the bond issue will be principally used by the Group for the redemption and cancellation of the €40 million 4.25% unsecured bonds redeemable on 12 April 2026. The remaining balance of around €4.2 million will be used for financing of existing and prospective capital expenditure projects to be undertaken by the Group.

Status & Ranking:

The bonds will constitute the general, direct, unsecured, and unconditional obligations of the Issuer, guaranteed jointly and severally by the Guarantor in respect of both the interest due and the principal amount and will, at all times, rank pari passu, without any priority or preference among themselves and with other unsecured debt of the Issuer, present and future, if any. Furthermore, third party security interests may be registered which will rank in priority to the Bonds against the assets of the Issuer and Guarantor for so long as such security interests remain in effect.

Plan of Distribution:

The bonds will be allocated as follows:

  1. An amount of €40 million is reserved for holders of 4.25% CPHCL Finance plc unsecured bonds up to the amount of bonds held as at 5 November 2025 and subject to any cash top-ups if applicable. Holders of the 4.25% CPHCL Finance plc unsecured bonds may apply for additional amounts (Excess Bonds).
  2. An amount of €5 million together with any balances not subscribed by existing CPHCL Finance plc bondholders will be made available for subscription by Authorised Financial Intermediaries through an Intermediaries’ Offer.

Offer Period:

From 17 November to 10 December 2025 at 12:00 hrs (or earlier in case of oversubscription)

Minimum Subscription Amount:

€2,000 (nominal) and in multiples of €100 thereafter.

Listing:

Official List of the Malta Stock Exchange

Download:

Prospectus dated 12 November 2025

Fact Sheet dated 18 November 2025

 

Disclaimer:

This webpage has been prepared based on the Prospectus dated 14 November 2025 issued by CPHCL Finance plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

Investors wishing to acquire the Bond should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta, and having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 14 November 2025, CPHCL Finance plc published a Prospectus in relation to a new €45 million bond issue maturing in 2035. The salient features of the new bonds are as follows:

Coupon:

5.35%

Amount Offered:

€45 million

Issue Price:

100% (par)

Interest Payment Date:

Annually on 18 December (with the first interest payment date being 18 December 2026)

Maturity Date:

18 December 2035

Use of Proceeds:

The net proceeds from the bond issue will be principally used by the Group for the redemption and cancellation of the €40 million 4.25% unsecured bonds redeemable on 12 April 2026. The remaining balance of around €4.2 million will be used for financing of existing and prospective capital expenditure projects to be undertaken by the Group.

Status & Ranking:

The bonds will constitute the general, direct, unsecured, and unconditional obligations of the Issuer, guaranteed jointly and severally by the Guarantor in respect of both the interest due and the principal amount and will, at all times, rank pari passu, without any priority or preference among themselves and with other unsecured debt of the Issuer, present and future, if any. Furthermore, third party security interests may be registered which will rank in priority to the Bonds against the assets of the Issuer and Guarantor for so long as such security interests remain in effect.

Plan of Distribution:

The bonds will be allocated as follows:

  1. An amount of €40 million is reserved for holders of 4.25% CPHCL Finance plc unsecured bonds up to the amount of bonds held as at 5 November 2025 and subject to any cash top-ups if applicable. Holders of the 4.25% CPHCL Finance plc unsecured bonds may apply for additional amounts (Excess Bonds).
  2. An amount of €5 million together with any balances not subscribed by existing CPHCL Finance plc bondholders will be made available for subscription by Authorised Financial Intermediaries through an Intermediaries’ Offer.

Offer Period:

From 17 November to 10 December 2025 at 12:00 hrs (or earlier in case of oversubscription)

Minimum Subscription Amount:

€2,000 (nominal) and in multiples of €100 thereafter.

Listing:

Official List of the Malta Stock Exchange

Download:

Prospectus dated 12 November 2025

Fact Sheet dated 18 November 2025

 

Disclaimer:

This webpage has been prepared based on the Prospectus dated 14 November 2025 issued by CPHCL Finance plc and no representations or guarantees are made by Rizzo, Farrugia & Co. (Stockbrokers) Ltd with respect to the accuracy of the data. This webpage is for information purposes only. It is NOT intended to be and should NOT be construed as an offer or solicitation to acquire or dispose of any of the securities or issues mentioned herein. Rizzo, Farrugia & Co. (Stockbrokers) Ltd accepts NO responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this webpage.

Investors wishing to acquire the Bond should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards associated with an investment in the Bonds. A copy of the Prospectus is available on Rizzo, Farrugia & Co. (Stockbrokers) Limited’s website. Prospective investors are urged to consult their financial advisers as to the suitability or otherwise of acquiring such Bonds. The value of the investment and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

This advertisement has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited, a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta, and having its registered address at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta