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Malta Government Stock (MGS) Switch Auction – December 2013 – Allotment Results

There has been a positive demand by institutional investors for the Malta Government Stock Switch Auction announced on 26th November 2013, under the three (3) year Malta Government  Switch Auction Programme.
By the closing date at noon on Friday 6th December, 2013 the Treasury received  33 bids amounting to €153,000,000 nominal of the 5.1% MGS 2014 (III) (source stock) for exchange on a bid-price basis in one or any one of the following Malta Government Stocks: 
(i)                 3.2% MGS 2019 (V) (the destination stock); and
(ii)               3.35% MGS 2020 (IV) (the destination stock).
The Treasury is allotting the accepted amounts as follows:
Financial Institutions
Source Stock
Destination Stocks
5.1% MGS 2014 (III)
3.2% MGS 2019 (V)
3.35% MGS 2020 (IV)
Amount tendered of the Source Stock for exchange in the Destination Stock/s
Amount accepted of the Source Stock for cancellation and switching into Destination Stocks
Amount accepted and allotted in the Destination Stocks in accordance with the switch ratio
No bids were submitted in the name of Nominee a/c and/or Clients a/c.
In accordance with paragraph 1 (c) of the Prospectus published on 26th November 2013, the Treasury shall cancel €150,000,000 (nominal) of 5.1% Malta Government Stock 2014 (III) it buys through this switch auction operation on the 9th December 2013 (settlement date). 
As a result the outstanding nominal balance of the 5.1% 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% MGS 2019 (V) - €83,742,000; and
  3.35% MGS 2020 (IV) - €64,040,000.
Contact Name
Treasury Department
Development House
Level 2 and 3
St. Anne Street
Floriana FRN9010
(+356) 2596 7100
(+356) 2596 7157
(+356) 2596 7179
(+356) 2596 7203