Government opens €300 million bond issue, may rise to €500 million on demand

The Accountant General has announced a new issuance of Malta GovernmentStocks (MGS), with the Governmentseeking to raise €300 million, potentially increasing to €500 million in the event of strong demand.

The offer comprises two fixed-rate instruments: a 3.80 per cent Malta Government Stock maturing in 2036 and a 4.10 per cent Malta Government Stock maturing in 2041. Investors may subscribe to either one or a combination of both securities.

The issuance forms part of the Government’s ongoing funding programme and is expected to attract a mix of retail and institutional investors, particularly in the context of prevailing interest rate conditions.

Members of the public can apply for up to €499,900 per person, per stock, either individually or jointly. The subscription window for retail investors will open on Monday, 20th April 2026 at 8:30am and close on Wednesday, 22nd April at 2:30pm, although the Accountant General reserves the right to close the offer earlier.

The prices at which the stocks will be issued to retail investors are set to be announced on Thursday, 16th April via a press release by the Department of Information.

Application forms will be available through authorised investment service providers, including members of the Malta Stock Exchange, and can also be downloaded from the Treasury’s website from 17th April.

Auction process for institutional investors

Wholesale investors will participate through an auction process involving sealed bids. This tranche will open on Friday, 24th April at 8:30am and close at noon on the same day, with results expected to be published within two hours of the auction’s close.

Further details on the issuance, including terms and conditions, are outlined in the Offering Circular, which is available on the Treasury’s website as of Friday (today).

The relatively higher coupon on the longer-dated 2041 bond may appeal to investors seeking to lock in returns over an extended period, while the 2036 bond offers a shorter maturity profile.