€100 million government stock issue announced
The Treasury on August 5 will issue €100 million in government stocks subject to an over-allotment option of an additional €20 million, the Accountant General said.
The issue will consist of:
(i) 3.6% Malta Government Stock 2013 (IV) Fungibility Issue, and
(ii) 5% Malta Government Stock 2021 (I) Fungibility Issue, or of
(iii) Any combination of the above two Stocks shall, in the aggregate, be €100 million.
The price for each stock shall be established on Friday and announced to the Malta Stock Exchange, published in the daily newspapers and through a press release by the Department of Information.
The issue closes:
(i) at noon on August 8 for applications by any single and/or joint applications which in the aggregate do not exceed €100,000 per person, and
(ii) at noon on August 11 for applications in the form of sealed bids (auction).
They may be closed earlier at the discretion of the Accountant General.
The allotment results of each stock to applicants whose applicants are in the form of sealed bids (auction) would be determined and announced within two hours after the closing time of applications by 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 website.
More information on these stocks can be found in their respective prospectus and on the Treasury website at www.treasury.gov.mt .
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alfred agius
Jul 28th 2009, 23:34
If people had more brains than tongue in cheek they would refrain from subscribing to MGS issues & teach GM / Opposition a lesson. In D meantime we'll play D waiting game 2C whether any oversubscription materialises again as in all previous issues.
This ought to shed some light as to the amount of excess currency available or not gauging the extent of the local credit crunch in relation to the international main instigator, conveniently depicted locally by opportunists as gonzipn.
Only time will tell like it always did no matter what the frey said.
Alexander Morana
Jul 28th 2009, 19:51
Looks like this administration has no more morals left in controlling the deficit and debts incurred after all these years. Besides who cares whoever comes after 2013 to govern this island, let them worry about it.
Oh by the way has ever happened to the 800 million Euros brussels was suppose to transfere to Malta? Did we use them all up now?
Anthony Magri
Jul 28th 2009, 17:57
How is the gonzipn government going to finance such projects as the Valletta entrance,80 million the Marsa project120 millions, the Cancer centre 80 millions, the Power Station 200 million.
Very simple answer: issue bonds and the money is quickly available in debts. Our children's children will make good. After us the deluge! Who cares about the present. Not having any solution then let those that come after solve the problems.
Wizard of Oz
Let's clean the stables.
N.Grima
Jul 28th 2009, 17:37
@ Martin Büttner --- err, currency problems? you know it's euros not lira right? lol
P Zammit
Jul 28th 2009, 16:33
Money.... No problem....
Galea. L
Jul 28th 2009, 16:25
Nigel Lawrence
This is a vicious circle. The Government always issuing stocks (debt) to pay earlier stocks without the debt ever decreasing but always increasing as it has been doing since PN came to power in 1987 after having squandered some LM500 million left in Malta's coffer by the previous Labour Government and leading Malta into nearly €5000 million debt.
Nigel Lawrence
Jul 28th 2009, 16:13
Gonzi PN still piling up the debt. SOMEBODY has to pay it back one day.
Martin Büttner
Jul 28th 2009, 15:46
The government's extraordinary high deficit makes this possible. However, the government should avoid this happen too often as it could result in currency and price instability as well as inflation where the 3.6% or 5% are eaten up easily.