Tag: bonds
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Shoreline Mall pays bond interest as €14 million principal repayment is postponed until 2028
Shoreline Mall has announced that it has paid the annual interest due on its €14 million 4% Secured Bonds 2026 and its €26 million 4.5% Secured Bonds 2032. The company also paid holders of the 2026 bonds a one-time commitment fee equivalent to 0.25% of their bonds’ face value. The announcement does not mean that…
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Maltese Government debt issuance oversubscribed
The Maltese Government’s latest debt issuance, which offered higher interest rates than recent government-stock issues, attracted applications worth approximately €852 million. Demand reached 284% of the Treasury’s initial authorised issue of €300 million. Even after the government exercised its €200 million over-allotment option, increasing the maximum issuance to €500 million, investor demand exceeded the available…
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Malta offers up to €500 million in government stocks as 20-year borrowing rate reaches 4.25%
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…
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Even the ducks have been left without water at Shoreline Mall
Things are going so badly at Shoreline Mall that even the ducks have been left without water. We have further news about Shoreline Mall that we intend to publish soon. In the meantime, we can confirm that Shoreline Mall’s bondholders have agreed to defer the company’s scheduled bond payments until next year. This arrangement was…
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Shoreline Mall defaults on its bonds
As expected, Shoreline Mall has defaulted on its bonds. It has confirmed this in a public statement to its shareholders and bondholders where it is demanding to postpone payments for next year. The public document can be found here. Shoreline Mall is expected to pay up to €14 million of Secured Bonds which had a…
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Stocks up but bonds down
Despite the Maltese stock market hitting an all-time high last week, corporate bonds ended the week lower compared to their close in the previous week. The MSE Corporate Bonds Total Return Index fell by 0.5% to 1,154.01 points. Out of 74 active corporate bond issues, only 13 advanced, while 35 closed in the red. The…
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Maltese markets are not correctly pricing distressed assets
Not enough public debate has been made about the Smart City project which Keith Schembri and his friends then turned into Shoreline Mall. The project, which involved handing out public land to a group of speculators and investors, mimics the project of MIDI at Tigné Point and Joseph Muscat’s administration seems to have tried to…
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Creating a dangerous precedent in markets by bailing-out toxic garbage
The Labour Party is extensively changing Malta’s social contract, skewing it in favour of the richest and the strongest at the expense of the weakest and the smallest, and the latest tweak that the Labour government is introducing is its new dangerous precedent of bailing out bondholders and shareholders of bad investments gone wrong. The…
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EXCLUSIVE: No guarantee by Shoreline director that bondholders are to be paid
One of the directors of Shoreline Mall, a real-estate project in Smart City, Kalkara, currently led by Kevin Deguara and his associates, has told The Maltese Herald that he can not confirm whether bondholders of the 4% secured bonds maturing in August are to be paid. The bonds are currently trading at 97% of their…
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No crying in the (rent-seeking) casino
Apparently, some self-declared local financial experts are calling the press to spread panic over the fact that MIDI’s bond-holders may end up with nothing as the company fails to meet its financing requirements and has no capability of repaying its debts and creditors. A Maltese bank that was to finance MIDI’s project at Manoel Island…
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Bank of Valletta approached by investors to buy HSBC Malta
Updated: After the announcement issued by BOV, the Finance Minister gave comments to the press outside Parliament and said that he is against a situation where one of the two largest retail banks merges with another as this would erode the competitivity of the banking sector. Following the Minister’s comments, BOV issued a statement saying…
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Tum Invest has issued €12 million in bonds to pay debts, and finance their businesses
Tum Invest, an off-shoot from Tumas Group that is fully owned by Anthony Fenech has issued €12 million in bonds at 5.2% for 10 years on the Malta Stock Exchange. Tum Invest claimed that the money was to be spread and used across their companies and business activities but up to €3.8 million of the…