The Treasury published the indicative calendar of the annual programme of issues of Government Securities yesterday. The calendar provides assistance to investors in order to gain a better insight into what investment opportunities will be available during the current year. It also helps other prospective issuers to plan the timing of their issues in order to avoid undue pressures on the local market.

The Malta Government Stock (MGS) issues totalling Lm70 million will mature during 2007. The first lot of Lm10 million at 5.9 per cent will mature on 23 April, while the second lot of Lm35.25million, at 5.6 per cent, will mature on 10 June and the remaining Lm 24.75, at 7.35 per cent, will mature on 18 October.

The Treasury said that MGS issues in 2007 will amount to Lm120 million of which Lm70 million represents conversion issues to refinance the three stocks that will mature during the year and a further Lm50 million constitute new local issues. It is planned that an amount of between Lm25 million and Lm50 million will be offered in each issue that will take place in April, June and October, depending on market conditions at the time. The maturity structure of the 2007 issues will be a mix of short/medium (between four to 10 years) and long (over 11 years) term issues. The Treasury reserves the right to alter amounts, terms or issue dates indicated above in the event of exceptional circumstances or significant changes in market conditions. Details of the terms and conditions of each issue will be published in the Government Gazette prior to the actual date of each issue.

The Treasury also announced that auctions will be held in order to assign Treasury Bills with a combination of tenures. It said it will focus on three-month tenure, although weekly issues will include a mix of the one month, six month, nine month and 12 month bills.

It is also planned that, during the first quarter of 2007, Treasury Bills will be dematerialised and these short-term securities will also be listed and traded on the Malta Stock Exchange.

A calendar showing the individual weekly issues will be published in advance on a monthly basis, the Treasury added.