The Maltese government is offering an initial €300 million in long-dated bonds with unusually high rates reflecting the rising interest-rate environment and tighter liquidity conditions in the Eurozone.
The government may issue another €200 million if the initial offering is oversubscribed. The bonds issued are dated to 2036 and 2046 with 3.8% and 4.25% yields respectively.
Malta is currently borrowing long-dated credit with yields compared to other debt-heavy EU countries. France auctioned a 4.10% government bond maturing in May 2046 at an average yield of 4.27% earlier this month.
The previously issued long-dated government bonds ending at 2046 and 2051 issued at 1.4% and 1.8-2% yields respectively, are currently trading in the secondary market at steep discounts with some even trading around €60per coupon.
The increasing yields reflects the rising interest-rate environment in the Eurozone.
Full government press release below.
Prices of Fixed Rate Malta Government Stock – Issue August 2026
Further to Press Release no. 261205 issued on Friday, 17 July 2026, the Accountant General notifies that the price for each Stock offered for subscription by members of the public has been established as follows:
(i) 3.80% Malta Government Stock 2036 (IV) at €100.00 with a YTM of 3.7997%, which corresponds to an annualised rate of 3.8358%, and
(ii) 4.25% Malta Government Stock 2046 (II) at €100.00 with a YTM of 4.2497%, which corresponds to an annualised rate of 4.2949%.
The applications open and close on the time and dates as indicated below, or earlier at the discretion of the Accountant General:
Applications from:
(i) members of the public for an amount not exceeding €499,900 per person in any or in each of the two stocks open on Monday, 27 July 2026 at 8.30 a.m. and close at 2.30 p.m. on Wednesday, 29 July 2026; and
(ii) wholesale investors in the form of sealed bids (auction) open on Friday, 31 July 2026 at 8.30 a.m. and close at noon (CET) of the same day. The allotment results of each stock to applicants whose applications are in the form of sealed bids (auction) will be determined and announced two hours after the closing time of the auction.
Application forms may be obtained from and lodged at, all members of the Malta Stock Exchange and other authorised Investment Service Providers. Application forms may also be downloaded from the Treasury’s website (https://treasury.gov.mt/en/services/) as from Friday, 24 July 2026.
More information on these stocks is available in the Offering Circular issued by the Treasury Department on 17 July 2026.
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