The government is planning on borrowing up to €1.6 billion this year.

In a statement, the Treasury said that the Central Government borrowing requirements for the financial year 2023 have been set to not exceed €1.6 billion.

This amount will be raised through the issuance of Malta Government Stocks with a maturity of more than one year.

The funds will be used mainly to finance the central government borrowing requirements for 2023 including:

Purpose of Issuance

Types of Securities to be issued

The Treasury said that it is planned that the conventional fixed rate Malta Government Stock shall be the primary financial instrument by which to fund the central government borrowing requirements during the year 2023.

Frequency of issuance

The Treasury said it intends to fund the financing requirements for 2023 over five to seven MGS issues. 

Maturity and terms of issuance of Malta Government Stocks

The maturity structure of the 2023 MGS issues will be a mix of short and medium to long term MGS. The exact maturity and other details of the offer will be announced from one (1) to two (2) weeks prior to the opening of each issuance. The relevant terms and conditions of an MGS issue will be published by means of an Offering Circular published in the Government Gazette prior to the actual date of each issue. 

Treasury Bills

• T-Bill auctions will continue to be held on a weekly basis, typically on Tuesday of the auction week and settled on the following Thursday on T+2 basis;

• The maturity structure of issues will include a mix of 28-day, 91-day, 182-day, 273-day and 364-day Treasury bills;

• The issuance is expected to focus on the 91-day and 182-day tenor;

• An issuance calendar of Treasury Bills will be published in advance every month in the government gazette announcing the tenor, the auction and the issue (settlement) date for the following month;

• The Treasury Bills Prospectus may be viewed under the Treasury Bills section on the Treasury’s website at www.treasury.gov.mt