Government of Malta - Results of MGS Issues

On 27 May, the Treasury announced that it received a total of 5,752 applications for the two new Malta Government Stocks  for a value exceeding €282.5 million (nominal). The Treasury had offered a total of €100 million with the option of increasing the aggregate amount by a maximum amount of an additional €70 million.

The Treasury stated that it allotted just under €170 million (nominal) in the two fixed-rate stocks as follows: € 38.4 million in the 3.0% MGS 2019 (III) FI and €131.6 million in the 4.5% MGS 2028 (II) FI.

Subscriptions from retail investors at the fixed prices established by the Treasury amounted to €149 million (nominal) split up as follows: € 17.9 million (nominal) in the 3.0% MGS 2019 (III) FI and €131.1 million (nominal) in the 4.5% MGS 2028 (II) FI. All these applications were met in full.

The statistics published by the Treasury indicate that €20.5 million were allotted to institutional investors in the 3.0% MGS 2019 (III) FI at prices ranging from a high of 103.51% to a cut-off price of 102.60% compared to the fixed price for the General Public of 102.25%. A further €96 million remained unsatisfied at prices ranging from 102.51% to 102.16%. In the 4.5% MGS 2028 (II) FI, out of the €17 million tendered, only €0.5 million were allotted to institutional investors at prices ranging from a high of 102.85% to a cut-off price of 102% compared to the fixed-offer price for the General Public of 101.50% (par). The balance of €16.5 million remained unsatisfied despite being lodged at or above the fixed offer price.

Download a copy of the May 2013 – Malta Government Stock Issues Statistics issued by the Treasury of Malta.