Government of Malta - Results of MGS Issue
On 2 August 2024, the Treasury Department announced that it received applications totalling around €630.5 million (nominal) for the two new Malta Government Stocks. The Treasury had offered a total of €270 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €130 million (nominal). The Treasury exercised the vast majority of its over-allotment option and allotted a total of €388 million (nominal).
Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to around €102 million (26% of the total allotment) 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 €286 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €82 million were allotted to institutional investors in the 3.40% MGS 2027 (VI) Fungibility Issue at prices ranging from a high of 101.51% (translating into a yield-to-maturity of 2.89%) to a cut-off price of 100.71% (YTM: 3.16%). The weighted average price for accepted bids was of 101.37%, which translates to a YTM of 2.94%.
In the 3.50% MGS 2034 (III), a total of 204 million (nominal) were allotted to institutional investors at prices ranging from 100.62% (YTM: 3.43%) to a cut-off price of 98.70% (YTM: 3.66%). The weighted average price for accepted bids was of 99.43%, which translates to a YTM of 3.57%.
Download a copy of the August 2024 – Malta Government Stock Issue Interim Report published by the Treasury Department.
On 9 August 2024, the Treasury Department published the August 2024 – Malta Government Stock Issue Final Statistics.