Government of Malta - Results of MGS Issue

On 21 November 2025, the Treasury Department announced that it received applications totalling around €542.5 million (nominal) for the three new Malta Government Stocks. The Treasury had offered a total of €350 million (nominal), with the option of increasing the aggregate amount by a maximum amount of a further €100 million (nominal). The Treasury exercised most of its over-allotment option and allotted a total of €426 million (nominal).

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to around €103 million (24% 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 €323 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €106 million were allotted to institutional investors in the 2.55% MGS 2030 (V) at prices ranging from a high of 100.05% (translating into a yield-to-maturity of 2.5369%) to a cut-off price of 98.23% (YTM: 3.0013%). The weighted average price for accepted bids was of 99.00%, which translates to a YTM of 2.8033%.

In the 3.40% MGS 2035 (IV) F.I. a total of €130.5 million (nominal) were allotted to institutional investors at prices ranging from a high of 100.05% (translating into a yield-to-maturity of 3.3935%) to a cut-off price of 97.19% (YTM: 3.7496%). The weighted average price for accepted bids was of 98.1217%, which translates to a YTM of 3.6323%.

In the 3.80% MGS 2040 (II) F.I., a total of €86.5 million (nominal) were allotted to institutional investors at prices ranging from 98.50% (YTM: 3.9338%) to a cut-off price of 96.83% (YTM: 4.0860%). The weighted average price for accepted bids was of 97.24%, which translates to a YTM of 4.0481%.

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

On 2 December 2025, the Treasury Department published the November 2025 – Malta Government Stock Issue Final Report.