On 30 January 2018, the Treasury of Malta announced that the amount of issuance of Malta Government Stocks (“MGS”) during 2018 will not exceed €350 million. The funds raised will be principally used to finance the redemption of seven MGS issues.
The Treasury explained that it will be issuing three different types of securities – the conventional fixed rate MGS; floating rate MGS linked to the six-month Euribor primarily targeted to institutional investors; as well as Malta Government Retail Savings Bonds similar to the savings bonds issued in 2017. The Treasury is aiming to spread its issuance programme over 3 to 4 issues whilst the maturity structure will be a mix of short and medium to long term MGS. Full details of the MGS on offer and the respective amounts and maturities will be published one to two weeks prior to each offer.
Meanwhile, the Treasury also explained that it will continue to hold auctions for treasury bills on a weekly basis.