On 13 May the Treasury announced that it received a total of 3,850 applications for the two new fixed rate Malta Government Stocks for a value exceeding €198 million. The Treasury had announced the issue of: (i) two fixed-rate stocks for a total of €100 million with the option of increasing the aggregate amount up to an additional €50 million and (ii) a new floating-rate stock for a total of €52 million.
The Treasury stated that it allotted a total of €149.8 million (nominal) in the two fixed-rate stocks as follows: €89.3 million in the 4.25% MGS 2017 (III) FI and €60.5 million in the 5.25% MGS 2030 (I) FI. Moreover the Treasury revealed that it also allotted the €52 million in the Floating Rate MGS 2013 (VII) after it received bids totalling €102.65 million.
Subscriptions from the General Public at the fixed prices established by the Treasury of 100.75% in both stocks amounted to €67.8 million split up as follows: €33.3 million in the 4.25% MGS 2017 (III) FI and €34.5 million in the 5.25% MGS 2030 (I) FI. All these applications were met in full.
Meanwhile €56 million were allotted to institutional investors in the 4.25% MGS 2017 (III) FI at prices ranging from a high of 102.18% to a cut-off rate of 101.51% compared to a fixed price of 100.75% for the General Public. Other tenders totalling €23.3 million remained unsatisfied despite the fact that all bids were pitched at or above the offer price of 100.75%. In the 5.25% MGS 2030 (I) FI, €26 million were allotted to institutional investors at prices ranging from 102.41% to 101.50%, with a further €24.9 million remaining unsatisfied. Also in this case, all unsuccessful bids were pitched at or above the offer price of 100.75%.
In the Floating Rate MGS 2013 (VII), €52 million were allotted to institutional investors with prices ranging from a high of 100.32% to a cut-off rate of 100.10%. The remaining tenders amounting to €50.65 million, with bids all priced at or above the par level, were unsuccessful as the amount on offer was fully subscribed.
Download a copy of the May 2011 Malta Government Stocks Issue Statistics issue by the Treasury of Malta