In the primary market, Government is issuing Lm40 million in bonds to the public. The main issue, which is a fungibility issue, will have a coupon of 5%, maturing in 2021, at Lm102 per Lm100 nominal, corresponding to a gross redemption yield of 4.82%.
Applications open on Thursday and close at noon on July 26, or earlier at the discretion of the accountant-general. The Treasury will also be issuing another MGS, to be added to the already listed 5.7% MGS 2012 (III). These stocks can be applied for only in the form of sealed bids for amounts of Lm50,000 and above and at a price of not less than Lm109.70 per Lm100 nominal.
If oversubscribed, the accountant general reserves the right to exercise an overallotment option for an additional Lm10 million in the main issue, whereas an additional amount of up to Lm15 million can be taken in the case of 5.7% MGS 2012 (III).
Meanwhile, in the secondary market, total Malta Government Stock turnover amounted to a nominal value of Lm656,300, being traded in 73 deals over 17 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm67,509.
Bank of Valletta shares opened at Lm5, lost 1c during the week, before ending at Lm5.02 on Friday. Total turnover amounted to 20,779 shares, changing hands over 47 deals.
At the end of Friday's session, bids for 519 shares at Lm5 and offers of 351 shares at Lm5.02 made up the best unsatisfied closing positions.
HSBC Bank Malta shares fell 5c last week. Trading opened on Monday at Lm5.29, and Friday's session closed at Lm5.24. The price ranged between Lm5.30 and Lm5.23. Total turnover last week amounted to 17,820 shares, changing hands over 24 deals.
At the close of business on Friday, best bids for 500 shares at Lm5.15 and best offers for 1,000 shares at Lm5.26 remained outstanding.
On Friday, HSBC announced that the board of directors is to meet on Friday to approve the group's and the bank's interim accounts for the half- year ending June 30, 2005, and to consider the declaration of an interim dividend.
Trading in Maltacom shares opened at Lm1.33 on Monday and closed at Lm1.35 on Friday. A total of 46,489 shares changed hands, spread over 33 deals.
The price ranged between Lm1.38 and Lm1.33. At the end of Friday's session 1,000 shares at Lm1.355 and 3,000 shares at Lm1.375 were the best unsatisfied bids and offers, respectively.
The other equities, which traded last week, with the trading range in brackets, were: 3,647 Middlesea Insurance shares (Lm3.26-Lm3.22); 6,100 Simonds Farsons Cisk shares (Lm0.89-Lm0.85); 9,000 International Hotel Investments shares (€0.752); 2,000 Plaza Centres shares (Lm0.609); 9,525 Malta International Airport shares (Lm1.31-Lm1.30); 3,308 Global Financial Services shares (Lm1.14-Lm1.089); and 12,154 Datatrak shares (19cl-17c5).
The Malta Stock Exchange Share Index fell 6.009 points or 0.17% over the week and now stands at 3,476.401.
Azzopardi Investment Management Limited and its directors have an interest in the listed companies mentioned and may have an interest in other securities, commodities or currencies mentioned.