BOV to issue up to €150 million 5% unsecured subordinated bonds

The MSE Equity Price Index shed 0.20% to a fresh 3-month low of 3,785.170 points as the declines in BMIT, GO, HSBC, Farsons, and Trident outweighed the gain in MIA. Meanwhile, six other equities closed unchanged as today’s trading activity amounted to €0.12 million. Download today’s Equity market Summary.

Bank of Valletta plc closed unchanged at the €1.98 level over nine deals amounting to 4,652 shares. Today, BOV announced that it approved the Final Terms relating to the Series 2 Tranche 1 bonds under its existing Unsecured Euro Medium Term Bond Programme. The Bank intends to issue the Series 2 Tranche 1 in the form of an issue of €100 million (with an overallotment option of a further €50 million) 5% unsecured subordinated bonds maturing between 2030 and 2035. An amount of up to €50 million will be reserved for subscription by Preferred Applicants, which are holders of the 3.50% BOV subordinated bonds 2030 (Series 1 & 2), 3.75% BOV subordinated bonds 2026/31, 5.00% BOV subordinated bonds 2029/34 (Series 1) and shareholders of BOV as at close of trading on 23 May 2025 together with employees of the Bank and any of its subsidiaries. A further €35 million will be reserved for subscription by Professional Clients and Eligible Counterparties. The offer period is expected to open on Monday 9 June 2025.

Also in the banking sector, Lombard Bank plc held the €0.75 level on two deals totalling 4,734 shares.

FIMBank plc traded flat at the USD0.12 level as 14,500 shares changed hands.

A single trade of 85,000 shares left the share price of Hili Properties plc unchanged at the €0.24 level.

Plaza Centres plc held the €0.62 level on two trades amounting to 66,346 shares.

MaltaPost plc traded flat at the €0.40 level over three deals totalling 22,690 shares.

Simonds Farsons Cisk plc shed 1.6% to €6.00, the lowest level since July 2018, across three deals totalling 1,851 shares.

BMIT Technologies plc slumped by 6.8% to an all-time low of €0.30 on two trades totalling 15,000 shares.

BMIT’s parent company GO plc fell by 1.5% to the €2.64 level over trivial volumes.

HSBC Bank Malta plc decreased by 0.7% to the €1.43 level on muted activity.

Trident Estates plc moved 2.8% lower to the €1.06 level on two deals amounting to 9,000 shares.

Meanwhile, Malta International Airport plc gained 1.7% to the €5.90 level over three deals totalling 915 shares.

Today, Malta Properties Company plc published an updated financial analysis summary which showed that in 2025 revenues are expected to decrease by 11.5% to €5.04 million since following the expiration of a number of leases, certain properties will be vacant and undergoing renovations in the anticipation of new tenants. MPC explained that GO’s previous head office at Fra Diego Street Marsa will become partly occupied during the second half of the year. Furthermore, the Swatar property will become fully occupied during the second quarter of 2025. Meanwhile, the final stage of the works in The Exchange office building at Marsa will be finished by the third quarter of 2025 and it will then be fully leased out to Government of Malta entities. EBITDA is anticipated to decrease by 21.7% to €3.09 million and the EBITDA margin is expected to ease to 61.3% (2024: 69.3%). The net asset value per share as at 31 December 2025 is anticipated to amount to €0.568, unchanged from the previous year.

Today, Grand Harbour Marina plc declared a gross interim dividend of €0.039775 per share. The dividend is payable on 20 June 2025 to shareholders as at close of trading on 11 June 2025.

The RF MGS Index fell by 0.28% to 912.772 points as sovereign bond yields in the euro area rose and the currency also strengthened against the US Dollar. In the US, a tax and spending bill is being discussed which would raise deficits by over USD3 billion. Furthermore, the 30-year mortgage rate rose to a three-month high of just under 7% whilst weekly mortgage applications saw the largest decline in over a month. Elsewhere in the UK, inflation during April rose to 3.5% from 2.6% in March, which was also higher than the 3.3% which was anticipated. The increase in inflation was mostly driven by higher utility, energy, and housing prices.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.