Malta Government Stocks - Results of Malta Government Stock Issue

The Treasury announced on 11 August that during last week’s new Malta Government Stock issues, 1,245 applications were received for a total value of €168 million. The Treasury issued two fungible stocks for a total of €100 million with the option of increasing the aggregate amount by up to an additional €50 million. The Treasury announced that it allotted a total of €127,345,900 (nominal) as follows: €105.7 million in the 5.10% MGS 2014 (III) fungible issue and €21.7 million in the 5.0% MGS 2021 (I) fungible issue.

Subscriptions from the General Public at the fixed prices established by the Treasury totaled €14.5 million. The balance of €113 million was allotted to institutional investors from the total demand of €153 million received by way of tender. In the 5.0% MGS 2021 (I), a total of €17.5 million were allotted to institutions at prices between a high of 97.39% and a low of 97.20% (equivalent to the fixed price offered to the public). Meanwhile, in the shorter-term paper, total demand by institutional investors amounted to €107.5 million, but only €95.3 million were allotted. The highest successful bid was at 100.60% with the lowest accepted bid of 100.09%. In this case, the lowest successful bid was at a premium to the fixed price for the General Public offering of 99.45%.

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