On 19 February the Treasury announced that it received a total of 3,238 applications for the three new Malta Government Stocks for a value exceeding €248 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 €149.8 million (nominal) as follows: €67.2 million in the 3.75% MGS 2015 (VI), €75.3 million in the 4.6% MGS 2020 (II) FI and €7.3 million in the Floating Rate MGS 2013 (V).
Subscriptions from the General Public at the fixed prices established by the Treasury amounted to €49.8 million split up as follows: €10.7 million in the 3.75% MGS 2015 (VI) and €39.1 million in the 4.6% MGS 2020 (II) FI. All these applications were met in full.
Meanwhile €56.5 million were allotted to institutional investors in the 3.75% MGS 2015 (VI) at prices ranging from a high of 101.80% to a cut-off rate of 100.75% compared to a fixed price of 100.25% for the General Public. Other tenders totalling €78.7 million remained unsatisfied despite the fact that most were pitched above the offer price of 100.25%. In the 4.6% MGS 2020 (II) FI, €36.3 million were allotted to institutional investors at prices ranging from 101.60% to 100.25%, with a further €17.4 million remaining unsatisfied as most were pitched at the par level.
In the Floating Rate MGS 2013 (V), €7.3 million were allotted to institutional investors with prices ranging from a high of 100% to a cut-off rate of 99.25%. The remaining tenders amounting to €3 million were unsuccessful as the bid prices ranged from 96.10% to 96.35%.