The Treasury is planning to issue a maximum of €600 million worth of Malta Government Stock (MGS) during 2016.

The government said that the new stocks would be used to cover the redemption of four MGS issues amounting to €418 million; the financing of the estimated central government deficit estimated at €196 million; the repayment of a bank loan of €56 million with a commercial bank maturing in 2016; and changes in the central government debt portfolio, as and when required, in line with the government’s debt management policies.

The securities planned for 2016 will be both conventional fixed rate MGS and floating rate MGS linked to the six-month Euribor, with the former being the main financial instrument. The maturity structure of the 2016 MGS issues will be a mix of short- and medium- to long- term MGS.

The first issue is expected to be launched in February.

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