The prices of the bonds issued by Mediterranean Investments Holding plc (MIH) continued to recover during this morning’s session following the recent positive announcement by the Company with respect to developments in Libya and the Palm City Residences.
Following the removal of the Gaddafi regime in Libya, on 4 September MIH announced that operations at the Palm City Residences are gearing up in full swing in preparation for the influx of business that is expected to start flowing into Libya in the coming weeks and months. In fact, MIH reported that new clients have made requests to lease units with immediate effect. MIH also revealed that a number of Palm City tenants as well as other multinational corporations have also made contact with the management team indicating that they are prepared to return to Tripoli as soon as it is safe for workers to travel and reside.
During this morning’s session, the euro tranche of the 7.15% MIH 2017 bonds climbed 100 basis points to 98% in contrast to its all-time low of 74% reached in April 2011. Similarly, the price of the 7.5% MIH 2015 bonds jumped 200 basis points to regain the par level, representing a significant recovery from its all-time low of 79.50% (reached in April 2011).
On the equity market, activity remained muted with only 3 equities active today. Bank of Valletta plc regained the €2.60 level on volumes of 4,461 shares while the share prices of HSBC Bank Malta plc and GO plc closed unchanged at €2.73 and €1.20 respectively.