Government of Malta - Results of MGS Issue

On 18 July 2025, the Treasury Department announced that it received applications totalling around €449 million (nominal) for the two new Malta Government Stocks. The Treasury had offered a total of €250 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €150 million (nominal). The Treasury exercised the vast majority of its over-allotment option and allotted a total of €388.1 million (nominal).

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to around €155 million (40% 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 €233 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €222 million were allotted to institutional investors in the 3.40% MGS 2035 (IV) at prices ranging from a high of 100.25% (translating into a yield-to-maturity of 3.3702%) to a cut-off price of 97.30% (YTM: 3.7263%). The weighted average price for accepted bids was of 98.3412%, which translates to a YTM of 3.5992%.

In the 3.80% MGS 2040 (II), a total of €11 million (nominal) were allotted to institutional investors at prices ranging from 100.35% (YTM: 3.7692%) to a cut-off price of 98.21% (YTM: 3.9572%). The weighted average price for accepted bids was of 99.4641%, which translates to a YTM of 3.8464%.

Download a copy of the July 2025 – Malta Government Stock Issue Interim Report published by the Treasury Department.

On 29 July 2025, the Treasury Department published the July 2025 – Malta Government Stock Issue Final Statistics.