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Government of Malta – Pricing of New MGS Issues

Jonathan Falzon

April 16, 2026

16 April, 2026
5 min read
16 April, 2026
5 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 16 April 2026, the Treasury Department established the prices for the two new Malta Government Stocks for an aggregate nominal amount of €300 million subject to an over-allotment option of up to a further €200 million as follows:

(i) 3.80% MGS 2036 (III) at 100.00% for every €100 nominal giving a yield-to-maturity of 3.7998% per annum; and

(ii) 4.10% MGS 2041 (II) at 100.00% for every €100 nominal giving a yield-to-maturity of 4.0997% per annum.

The General Public has the possibility of applying for these stocks in multiples of €100 and up to a maximum of €499,900 (nominal) per application.

Investors interested in applying for any of the new Malta Government Stocks are kindly asked to complete an ‘Assessment & Confirmation Form’ and an Application Form which may be downloaded from the below links:

Application Form – 3.80% MGS 2036 (III)

Application Form – 4.10% MGS 2041 (II)

Assessment & Confirmation Form

Subscriptions for the General Public open on Monday 20 April 2026 and close at 14:30 hrs on Wednesday 22 April 2026 at 14:30 hrs – or earlier at the discretion of the Accountant General.

For applications in excess of €500,000 (nominal), a tendering process will apply. Tenders in the form of sealed bids will open on Friday 24 April 2026 and close on the same day at 12:00 hrs (noon) – or earlier at the discretion of the Accountant General.

Further information is available in the Offering Circular dated 10 April 2026 issued by the Government of Malta.

The value of these investments and the income derived therefrom may fall as well as rise and investors may not get back the amount originally invested. These investments are subject to Collective Action Clauses (CACs). Investors should refer to the General Prospectus of the Malta Government Stocks for further details about the risks of these investments.

For any clarifications, please send an email to info@rizzofarrugia.com or contact us on +356 2258 3000.

This communication is being sent for information purposes only and does NOT constitute personal investment advice or recommendation.  The recipient’s specific personal circumstances and investment objectives have NOT been considered and therefore, the investments mentioned may not be suitable for all its recipients.  Recipients should consult their investment advisor for personal investment advice on the investments mentioned in this e-mail. The value of the investments and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

Investors should read the Offering Circular before making any investment decisions in order to fully understand the potential risks and rewards associated with an investment in the Stocks.

This ADVERTISEMENT has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited 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.

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 16 April 2026, the Treasury Department established the prices for the two new Malta Government Stocks for an aggregate nominal amount of €300 million subject to an over-allotment option of up to a further €200 million as follows:

(i) 3.80% MGS 2036 (III) at 100.00% for every €100 nominal giving a yield-to-maturity of 3.7998% per annum; and

(ii) 4.10% MGS 2041 (II) at 100.00% for every €100 nominal giving a yield-to-maturity of 4.0997% per annum.

The General Public has the possibility of applying for these stocks in multiples of €100 and up to a maximum of €499,900 (nominal) per application.

Investors interested in applying for any of the new Malta Government Stocks are kindly asked to complete an ‘Assessment & Confirmation Form’ and an Application Form which may be downloaded from the below links:

Application Form – 3.80% MGS 2036 (III)

Application Form – 4.10% MGS 2041 (II)

Assessment & Confirmation Form

Subscriptions for the General Public open on Monday 20 April 2026 and close at 14:30 hrs on Wednesday 22 April 2026 at 14:30 hrs – or earlier at the discretion of the Accountant General.

For applications in excess of €500,000 (nominal), a tendering process will apply. Tenders in the form of sealed bids will open on Friday 24 April 2026 and close on the same day at 12:00 hrs (noon) – or earlier at the discretion of the Accountant General.

Further information is available in the Offering Circular dated 10 April 2026 issued by the Government of Malta.

The value of these investments and the income derived therefrom may fall as well as rise and investors may not get back the amount originally invested. These investments are subject to Collective Action Clauses (CACs). Investors should refer to the General Prospectus of the Malta Government Stocks for further details about the risks of these investments.

For any clarifications, please send an email to info@rizzofarrugia.com or contact us on +356 2258 3000.

This communication is being sent for information purposes only and does NOT constitute personal investment advice or recommendation.  The recipient’s specific personal circumstances and investment objectives have NOT been considered and therefore, the investments mentioned may not be suitable for all its recipients.  Recipients should consult their investment advisor for personal investment advice on the investments mentioned in this e-mail. The value of the investments and the income therefrom may go down as well as up and investors may lose some or all of the money invested.

Investors should read the Offering Circular before making any investment decisions in order to fully understand the potential risks and rewards associated with an investment in the Stocks.

This ADVERTISEMENT has been issued by Rizzo, Farrugia & Co. (Stockbrokers) Limited 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.