Malta Government Stocks - Results of MGS Issues

On 21 May the Treasury announced that it received a total of 2,677 applications for the three new Malta Government Stocks for a value exceeding €232 million. The Treasury had announced the issue of three stocks for a total of €100 million with the option of increasing the aggregate amount up to an additional €50 million.

The Treasury announced that it allotted a total of €150.1 million (nominal) as follows: €18.1 million in the 3.75% MGS 2015 (VI) FI, €38.3 million in the 4.6% MGS 2020 (II) FI and €93.7 million in the 5.25% MGS 2030 (I).

Subscriptions from the General Public at the fixed prices established by the Treasury amounted to €69.3 million split up as follows: €3.8 million in the 3.75% MGS 2015 (VI) FI, €9.6 million in the 4.6% MGS 2020 (II) FI and €55.9 million in the 5.25% MGS 2030 (I). All these applications were met in full.

Meanwhile €14.3 million were allotted to institutional investors in the 3.75% MGS 2015 (VI) FI at prices ranging from a high of 103.75% to a cut-off rate of 103.33% compared to a fixed price of 102.8% for the General Public. Other tenders totalling €74.6 million remained unsatisfied despite the fact that the bids were pitched at or above the offer price of 102.8%. In the 4.6% MGS 2020 (II) FI, all the bids amounting to €29.7 million were allotted to institutional investors at prices ranging from 104.45% to 102.50% (equivalent to the fixed offer price(. In the 5.25% MGS 2030 (I), €37.8 million were allotted to institutional investors at prices ranging from 102.50% to 100%, with a further €7.4 million remaining unsatisfied as these were pitched below the par level (100%).

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