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Government of Malta – Results of MGS Issue

Jonathan Falzon

July 18, 2025

18 July, 2025
3 min read
18 July, 2025
3 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 18 July 2025, the Treasury Department announced that it received applications totalling around €449 million (nominal) for the two new Malta Government Stocks. The Treasury had offered a total of €250 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €150 million (nominal). The Treasury exercised the vast majority of its over-allotment option and allotted a total of €388.1 million (nominal).

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to around €155 million (40% of the total allotment) 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 €233 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €222 million were allotted to institutional investors in the 3.40% MGS 2035 (IV) at prices ranging from a high of 100.25% (translating into a yield-to-maturity of 3.3702%) to a cut-off price of 97.30% (YTM: 3.7263%). The weighted average price for accepted bids was of 98.3412%, which translates to a YTM of 3.5992%.

In the 3.80% MGS 2040 (II), a total of €11 million (nominal) were allotted to institutional investors at prices ranging from 100.35% (YTM: 3.7692%) to a cut-off price of 98.21% (YTM: 3.9572%). The weighted average price for accepted bids was of 99.4641%, which translates to a YTM of 3.8464%.

Download a copy of the July 2025 – Malta Government Stock Issue Interim Report published by the Treasury Department.

On 29 July 2025, the Treasury Department published the July 2025 – Malta Government Stock Issue Final Statistics.

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 18 July 2025, the Treasury Department announced that it received applications totalling around €449 million (nominal) for the two new Malta Government Stocks. The Treasury had offered a total of €250 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €150 million (nominal). The Treasury exercised the vast majority of its over-allotment option and allotted a total of €388.1 million (nominal).

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to around €155 million (40% of the total allotment) 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 €233 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €222 million were allotted to institutional investors in the 3.40% MGS 2035 (IV) at prices ranging from a high of 100.25% (translating into a yield-to-maturity of 3.3702%) to a cut-off price of 97.30% (YTM: 3.7263%). The weighted average price for accepted bids was of 98.3412%, which translates to a YTM of 3.5992%.

In the 3.80% MGS 2040 (II), a total of €11 million (nominal) were allotted to institutional investors at prices ranging from 100.35% (YTM: 3.7692%) to a cut-off price of 98.21% (YTM: 3.9572%). The weighted average price for accepted bids was of 99.4641%, which translates to a YTM of 3.8464%.

Download a copy of the July 2025 – Malta Government Stock Issue Interim Report published by the Treasury Department.

On 29 July 2025, the Treasury Department published the July 2025 – Malta Government Stock Issue Final Statistics.