A total of 33 bids amounting to €153,000,000 nominal of the 5.1 per cent MGS 2014 (III) (source stock) were received by the Treasury for exchange on a bid-price basis in one or any one of the following Malta Government Stocks:
(i) 3.2 per cent MGS 2019 (V) (the destination stock); and
(ii) 3.35 per cent MGS 2020 (IV) (the destination stock).
The Treasury said it is allotting the accepted amounts as follows:
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Financial Institutions |
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Source Stock |
Destination Stocks |
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5.1% MGS 2014 (III) |
3.2% MGS 2019 (V) |
3.35% MGS 2020 (IV) |
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Nominal |
Nominal |
Nominal |
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Amount tendered of the Source Stock for exchange in the Destination Stock/s |
€153,000,000 |
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Amount accepted of the Source Stock for cancellation and switching into Destination Stocks |
€150,000,000 |
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Amount accepted and allotted in the Destination Stocks in accordance with the switch ratio |
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€83,742,000 |
€64,040,000 |
No bids were submitted in the name of Nominee a/c and/or Clients a/c.
The Treasury said it shall cancel €150,000,000 (nominal) of 5.1 per cent Malta Government Stock 2014 (III) it buys through this switch auction operation on December 9 (settlement date).
As a result the outstanding nominal balance of the 5.1 per cent MGS 2014 (III) (source stock) has been reduced from €388,915,541 to €238,915,541.
The outstanding amount of each of the newly created destination stocks shall be as follows:
- 3.2 per cent MGS 2019 (V) - €83,742,000; and
- 3.35 per cent MGS 2020 (IV) - €64,040,000.