On 13 November the Treasury announced that it received a total of 1,720 applications for the three new Malta Government Stocks for a value exceeding €168 million. The Treasury had announced the issue of three stocks for a total of €80 million with the option of increasing the aggregate amount up to an additional €20 million.
The Treasury announced that it allotted a total of €100 million (nominal) as follows: €25.5 million in the 3.6% MGS 2013 (IV) FI, €44.7 million in the 4.6% MGS 2020 (II) and €29.8 million in the Floating Rate MGS 2015 (V).
Subscriptions from the General Public at the fixed prices established by the Treasury amounted to €30.8 million split up as follows: €5.5 million in the 3.6% MGS 2013 (IV) FI and €25.4 million in the 4.6% MGS 2020 (II). All these applications were met in full.
Meanwhile €20 million was allotted to institutional investors in the 3.6% MGS 2013 (IV) FI at prices ranging from a high of 101.11% to a cut-off rate of 100.905% compared to a fixed price of 100.75% for the General Public. Other tenders totalling €5.4 million remained unsatisfied despite the fact that most were pitched at the 100.75% level. In the 4.6% MGS 2020 (II), €19.4 million were allotted to institutional investors at prices ranging from 101.01% to 100%, with a further €9.1 remaining unsatisfied as the bids at the par level were only allotted 52.7% and other bids were placed below the offer price.
In the Floating Rate MGS 2015 (V), €29.8 million were allotted to institutional investors with prices ranging from a high of 100.2% to a cut-off rate of 100%. The remaining tenders amounting to €53.6 million were unsuccessful as the bid price was below the par value.