The government will seek to raise a maximum of €450 million through multi-year stocks and bonds in 2020, the Finance Ministry said on Wednesday.
Funds will be raised through four or five issues across the year, with plans to issue a conventional fixed-rate government stock, a floating rate government stock linked to the six-month Euribor and a Malta Government Retail Savings Bond which will be similar to savings bonds issued in the past three years.
The money raised will be mainly applied to finance central government borrowing requirements for the year, which include the redemption of six government stock issues amounting to €461.5m.
The following government stock issues mature this year:
Date Stock issue Amount
April 25, 2020 4.6% MGS 2020 (II) € 158,327,200
June 10, 2020 5.2% MGS 2020 (I) € 52,407,462
July 31, 2020 3.35% MGS 2020 (IV) € 64,040,000
September 26, 2020 2% MGS 2020 (V) € 138,484,400
October 29, 2020 FRN MGS 2020 (VI) € 47,850,000
In a statement explaining its 2020 borrowing plan, the Finance Ministry said that its 2020 stock issues would be a mix of short and medium-to-long term issues. All issues will be announced between one and two weeks in advance.
Treasury Bill auctions will continue to be held weekly, with maturity structures including a mix of 28, 91, 182, 273 and 364-day bills. The Treasury Bill prospectus will be available online.