A €50 million government stock issue was oversubscribed six times over by the time it closed on Friday at noon, with the Treasury wrapping up the exercise with a total €80 million allocation.
Offers totalling €298.9 million were submitted for the government stock offer, resulting in a 5.98 bid-to-cover ratio.
Of those offers, €172.9 million were for a 0.5% government stock offer stretching to 2025, with €126 million for a 1.85% offer to 2029.
The Treasury activated a €30 million over-allotment option and accepted a total of €80 million in bids.
Prime Minister Joseph Muscat welcomed the overwhelming demand, noting that most of the bids came at negative yield and saying the oversubscription was a “clear sign of institutional investor confidence”.