Government of Malta - Results of MGS Issue
On 24 February 2023, the Treasury Department announced that it received applications totalling just under €416 million (nominal) for the two new Malta Government Stocks. The Treasury had offered a total of €200 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €150 million (nominal). The Treasury exercised its over-allotment option to increase the overall issue to just under €350 million.
Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to €179.5 million (nominal) and all applications in compliance with the terms of the Offering Circular will be accepted in full. The Treasury explained that the final nominal amount allotted to retail investors for each MGS will be published once the vetting of applications is completed.
The Treasury also allotted a total of €170 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €155.5 million were allotted to institutional investors in the 3.50% MGS 2028 (VI) at prices ranging from a high of 101.25% (translating into a yield-to-maturity of 3.24% and equivalent to the fixed offer price to retail investors) to a cut-off price of 98.23% (YTM: 3.87%).
In the 4.00% MGS 2043 (I), a total of €14.5 million were allotted to institutional investors at prices ranging from 100.00% (YTM: 4.00% and equivalent to the fixed offer price to retail investors) to a cut-off rate of 93.85% (YTM: 4.46%).
Download a copy of the February 2023 – Malta Government Stock Issue Interim Statistics published by the Treasury Department.
On 3 March 2023, the Treasury Department published the February 2023 – Malta Government Stock Issue Final Results.