Malta prices October government stock issue at €100 for retail investors

The Treasury has set the retail price for Malta’s latest government stock issue, with both securities being offered to the public at €100 per €100 nominal value.

The October issue includes the 4.30% Malta Government Stock 2037 (II) and the 4.50% Malta Government Stock 2041 (III), giving retail investors a choice between two longer-term maturities carrying different fixed interest rates.

The issue forms part of the Government’s borrowing programme and could raise as much as €500 million if the Treasury exercises its full oversubscription option. The initial authorised amount is €300 million, with scope to increase it by a further €200 million if demand is strong.

Both stocks offered at par

For retail investors, both stocks have been priced at par.

The 4.30% Malta Government Stock 2037 (II) has been set at €100.00, giving a yield to maturity of 4.2997% and an annualised rate of 4.3459%.

The longer-dated 4.50% Malta Government Stock 2041 (III) has also been priced at €100.00, with a yield to maturity of 4.4995% and an annualised rate of 4.5501%.

Pricing a government stock at €100 means investors pay its full nominal value rather than buying it at a premium or discount. In this case, the coupon rates are therefore very close to the respective yields to maturity.

Retail applications open on Monday

Applications opend this morning and are scheduled to close at 2:30pm on Wednesday, 7 October, although the Accountant General may close the offer earlier.

Retail investors may apply for up to €499,900 per person in each of the two stocks, meaning investors are not restricted to choosing only one of the securities.

Applications can be submitted through members of the Malta Stock Exchange and other authorised investment service providers, while forms are also available through the Treasury website from 2 October.

Institutional auction follows later in the week

Once the retail offer closes, wholesale investors will have their turn through a competitive auction on Friday, 9 October.

Bids will be accepted between 8:30am and noon, with the auction determining the prices paid by institutional investors rather than using the fixed retail price available to members of the public.

The Treasury uses different pricing mechanisms for the two investor groups: retail investors subscribe at a pre-announced fixed price, while wholesale investors submit competitive bids through an auction.

Latest in a series of government stock issues

The October offer follows other Malta Government Stock issues during 2026, including issues launched earlier in the year in April and August.

Malta Government Stocks are medium- and long-term debt instruments issued by the Government and are commonly used by both individual and institutional investors looking for fixed-interest income.

Once issued, the securities can also be traded on the secondary market through the Malta Stock Exchange rather than necessarily being held until maturity.