Government of Malta - Results of MGS Issue

On 15 July 2022, the Treasury Department announced that it received a total of 2,125 applications/bids for the three new Malta Government Stocks for a value of €200.6 million (nominal). The Treasury had offered a total of €150 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €100 million (nominal).

The Treasury Department stated that it allotted €200.6 million (nominal) in the three fixed-rate stocks as follows: €120 million in the 2.6% MGS 2028 (V); €57.7 million in the 2.9% MGS 2032 (VI); and €22.9 million in the 3.4% MGS 2042 (I).

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to €57.7 million (nominal) split up as follows: €13.6 million (nominal) in the 2.6% MGS 2028 (V); €23.3 million (nominal) in the 2.9% MGS 2032 (VI); and €20.9 million (nominal) in the 3.4% MGS 2042 (I). All these applications were met in full.

The Treasury also allotted a total of €142.9 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €106.5 million were allotted to institutional investors in the 2.6% MGS 2028 (V) at prices ranging from a high of 103.58% (translating into a yield-to-maturity [“YTM”] of 1.9485%) to a cut-off price of 100% (YTM of 2.5997%) compared to the fixed price for the General Public of 102.50% (YTM of 2.142%). All bids were met in full.

In the 2.9% MGS 2032 (VI), €34.4 million were allotted to institutional investors at prices ranging from a high of 102.25% (YTM of 2.6480%) to a cut-off price of 97.90% (YTM of 3.1406%) compared to the fixed-offer price for the General Public of 101.75% (YTM of 2.703%). All bids were met in full.

In the 3.4% MGS 2042 (I), institutional investors were allotted €2 million at prices ranging from a high of 102.36% (YTM of 3.2392%) to a cut-off price of 102.26% (YTM of 3.2459%) compared to the fixed-offer price for the General Public of 102.25% (YTM of 3.247%). All bids were met in full.

Download a copy of the July 2022 – Malta Government Stock Issue Statistics published by the Treasury Department.