Government of Malta - Results of MGS Issue

On 3 March, the Treasury announced that it received a total of 5,589 applications for the three new Malta Government Stocks  for a value exceeding €232.7 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 €60 million.

The Treasury stated that it allotted €159.9 million (nominal) in the three fixed-rate stocks as follows: €7.2 million in the 3.2% MGS 2019 (V) FI; €24.1 million in the 3.3% MGS 2024 (I) and €128.7 million in the 4.45% MGS 2032 (II).

Subscriptions from retail investors at the fixed prices established by the Treasury amounted to €151.4 million (nominal) split up as follows: €1.2 million (nominal) in the 3.2% MGS 2019 (V) FI; €21.6 million (nominal) in the 3.3% MGS 2024 (I) and €128.7 million (nominal) in the 4.45% MGS 2032 (II). All these applications were met in full.

Due to the strong participation from the general public, the Treasury only allotted a total of €8.5 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €6 million were allotted to institutional investors in the 3.2% MGS 2019 (V) FI at prices ranging from a high of 106.25% to a cut-off price of 105.99% compared to the fixed price for the General Public of 105.50%. A further €56 million remained unsatisfied at prices ranging from 105.91% to 98%. In the 3.3% MGS 2024 (I), out of the €4 million tendered, €2.5 million were allotted to institutional investors at 101% compared to the fixed-offer price for the General Public of 100.25%.  In the 4.45% MGS 2032 (II), none of the €15.3 million tendered bids were allotted to institutional investors although most were placed above the fixed-offer price for the General Public of 100.25%.

Download a copy of the February 2014 – Malta Government Stock Issues Statistics issued by the Treasury of Malta.