Government of Malta - Results of MGS Issue

On 23 February 2024, the Treasury Department announced that it received applications totalling around €511 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 €399.2 million (nominal).

Subscriptions from retail investors at the fixed prices established by the Treasury Department amounted to just under €108 million (27% 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 €291.2 million (nominal) to institutional investors. The statistics published by the Treasury indicate that €30.5 million were allotted to institutional investors in the 3.15% MGS 2027 (VII) at prices ranging from a high of 99.78% (translating into a yield-to-maturity of 3.22%) to a cut-off price of 98.64% (YTM: 3.60%). The weighted average price for accepted bids was of 99.38%, which translates to a YTM of 3.35%.

In the 3.35% MGS 2029 (V), a total of 260.7 million (nominal) were allotted to institutional investors at prices ranging from 100.25% (YTM: 3.30%) to a cut-off price of 96.94% (YTM: 3.95%). The weighted average price for accepted bids was of 98.04%, which translates to a YTM of 3.77%.

The amount allotted in the 3.35% MGS 2029 (V) auction accounted for more than 65% of the total allotment at a weighted average bid price which was 196 basis points lower than the corresponding retail offer price.

Download a copy of the February 2024 – Malta Government Stock Issue Interim Statistics published by the Treasury Department.

On 1 March 2024, the Treasury Department published the February 2024 – Malta Government Stock Issue Final Statistics.