The issue will consist of a total nominal amount of €300 million, available in any one or any combination of the following two stocks: 

1. 4.50% Malta Government Stock 2041; and  
2. 4.30% Malta Government Stock 2037

In the event of strong investor demand, the Accountant General reserves the right to increase the issue by a further €200 million through an over-allotment option. 

Pricing Announcement

The issue prices for both Malta Government Stocks available to retail investors will be announced by the Department of Information on Thursday, 1 October 2026, following the close of trading on the Malta Stock Exchange secondary market. Investors will be notified as soon as the pricing details become available. 

Applications

Applications for the Malta Government Stocks will open following the pricing announcement on Thursday, 1 October 2026. The retail subscription period will close at 14:30 on Wednesday, 7 October 2026. 

Given the potential for strong investor demand, interested investors are encouraged to submit their applications as early as possible during the offer period.

For full details of the issue, including the terms and conditions of the offer, investors should refer to the official Offering Circular before making an investment decision.

Investors may apply for the Malta Government Stocks in multiples of €100, up to a maximum investment of €499,900 (nominal) per applicant. 

How to apply

If you are considering participating in the MaIta Government Stock Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees for subscribing to this Malta Government Stock issue.

Customers may apply through the following channels:

Online

Once subscriptions open, you can apply directly through the Moneybase app (iOS or Android) or via the Moneybase web platform by searching for the Malta Government Stock issue.

Advisory

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura.

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have.

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688.

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance.

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors.

Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370.

Find out more details in the Prospectus below.

Business overview 

Smartcare Finance p.l.c. was incorporated in January 2019 as the financing and investment vehicle of the Smartcare Group, founded by Andrew Debattista Segond, whose entrepreneurial track record spans construction, healthcare for the elderly, hospitality and real estate development in Malta and Sicily. The Group’s operations are anchored by the business of healthcare for the elderly, complemented by hospitality and real estate development activities.

The Bond Issue forms part of the Group’s strategy to part-finance its property development pipeline in Sicily, support its hospitality operations, and fund the continued growth of a diversified portfolio of income-generating assets. 

Overview of holdings

Dar Pinto Care Home 

The Group, through Smartcare Pinto Ltd, owns and operates Dar Pinto, a long-term care home for the elderly in Qormi, run in partnership with the Government of Malta’s Active Ageing and Community Care Department, which is presently the Care Home’s only customer under a service agreement running till 2029. The Care Home has 179 beds and has maintained full occupancy since April 2020. A second extension is under way and is expected to bring total capacity to 213 beds by Q2 2027. 

Management forecasts revenue to grow to approximately €3.26 million in FY2026 (+26.2%) and €4.51 million in FY2027, supported by the first full-year contribution from the Qormi property and the completion of the Valletta redevelopment, with total liabilities of approximately €58.0 million as at 31 December 2025.

Segond Boutique Hotel 

Through Segond Boutique Hotels Limited, the group owns and operates a 51-room boutique hotel in Xagħra, Gozo, which opened in January 2022. The hotel has been leased to a third-party operator since February 2025 under a 15-year lease agreement, with the operator holding an option to purchase the property upon expiry.

Bella Sicilia Srl

The Group’s Sicilian real estate arm, Bella Sicilia Srl, develops high-end villas and premium apartments in south-east Sicily. Its active pipeline includes the Laguna Residences project, a gated residential community of 67 units centred around a private lagoon, together with a beach club and leisure facilities, alongside further developments including Borgo Zesira, Manneggio del Cavalliere and Del Borgo Albaccara. 

Use of proceeds 

The net proceeds from the Bond Issue, valued at approximately €10,600,000, are expected to be applied as follows: 

• Approximately €1.04 million to Bella Sicilia Srl to part-finance acquisition costs relating to the Laguna Project, an adjacent agricultural farm, and associated transaction and settlement costs; 

• Approximately €5.51 million to Bella Sicilia Srl to part-finance construction and development costs of the Laguna Project; 

• Approximately €0.75 million to Segond Boutique Hotels Limited for the partial repayment of an existing bank facility; and 

• The remaining balance of approximately €3.3 million for the general corporate funding purposes of the Group. 

Bond highlights 

The minimum subscription amount is €1,000, with additional subscriptions accepted in multiples of €100.

Security package 

The Bonds are secured by hypothecs over Group property and pledges over insurance proceeds, held by a Security Trustee for the benefit of Bondholders. Key highlights of the security package include:

• A first-ranking special hypothec over a property owned by Segond Boutique Hotels Limited, up to €6,500,000; 

• A first-ranking special hypothec over a property owned by Bella Sicilia Srl, up to €5,167,000; 

• Pledges over the proceeds of two insurance policies; and 

• A joint and several guarantee from Smartcare Holdings Limited, covering both interest and principal. 

The security package is intended to provide bondholders with additional protection through security granted over key Group assets, together with the Guarantor’s joint and several guarantee. 

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.

There are no application fees associated with subscribing to this Bond Issue.

Customers may apply through the following channels:

Online

Applications can be submitted through the Moneybase platform, available on iOS, Android and web. To apply, search for the bond within the platform and complete your application in a few steps. 

5.75% Smartcare Finance p.l.c. 2036 

Advisory

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Support team is available 7 days a week. Get in touch via in-app live chat or by calling +356 25 688 688.   

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable offering documentation in full before making any investment decision.  Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer.  

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance.  

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.  

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370. The company is a subsidiary of Calamatta Cuschieri Moneybase plc and is registered at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara BKR 9034, Malta. 

The bonds will carry a fixed interest rate of 5.85% per annum, payable annually on 13 October each year (the first interest payment Date being 13 October 2027), and will mature on 13 October 2036. The Bank may redeem the bonds early on any date from the fifth anniversary of issue (13 October 2031) subject to regulatory approval and at least 30 days’ notice. The bonds are expected to be admitted to the official list of the Malta Stock Exchange by 13 October 2026, with trading expected to begin on 14 October 2026.

This bond issue is first being made available to holders of the Bank’s maturing 2017 and 2019 EUR/GBP Subordinated Bonds via an Exchange Offer and Priority Offer respectively, and is not open to the general public yet.

Find out more details in the Prospectus below.

Business overview 

MeDirect Bank (Malta) plc is a public limited liability company registered in Malta (company registration number C 34125) and licensed by the MFSA as a credit institution under the Banking Act. The company provides banking, investment and lending services to personal and business clients in Malta, and owns MeDirect Bank SA, a fully digital challenger bank in Belgium. MeDirect is a subsidiary of MDB Group Limited, which is ultimately majority owned by Banka CREDITAS (Czech Republic). 

As of 30 June 2026, the Bank’s consolidated total assets stood at €5.8 billion, up from €5.3 billion at the end of 2025 and €5.1 billion at the end of 2024. 

Use of proceeds 

The funds raised will help strengthen the Bank’s Tier 2 Capital. Tier 2 capital is a layer of capital that helps a bank absorb losses and strengthen its financial position and Tier 2 Bonds form part of this because they are subordinated, meaning Bondholders take more risk than senior creditors if the Bank experiences financial difficulties.

Bond highlights 

Subordinated Tier 2 Bonds require retail clients, including Existing Bondholders to complete a suitability test before applying. 

Who is eligible to apply? 

This bond issue is first being made available to holders of the Bank’s maturing existing bonds as at close of business on 31 August 2026 (trading session of 27 August 2026, the “cut-off date”), being: 

EUR Bonds (eligible for the Exchange Offer and Top-Up): 

• the 2017 EUR Bonds (€18,651,000 5% Subordinated Unsecured Bonds due 2027, ISIN: MT0000551284); and 

• the 2019 EUR Bonds (€32,202,000 4% Subordinated Unsecured Bonds due 2029, ISIN: MT0000551300). 

Eligible EUR Bondholders can exchange all or part of their existing holding(s) for the new bonds. 

GBP Bonds (eligible for the Priority Offer): 

• the 2017 GBP Bonds (£1,188,000 5% Subordinated Unsecured Bonds due 2027, ISIN: MT0000551292); and 

• the 2019 GBP Bonds (£2,417,000 4% Subordinated Unsecured Bonds due 2029, ISIN: MT0000551318). 

Eligible GBP bondholders can apply for the new bonds by making a cash subscription. 

Any balance of new bonds not subscribed for by existing bondholders will be made available via an Intermediaries’ Offer, expected to run from 28 September to 30 September 2026. If applications from existing bondholders exceed €30,000,000, the Intermediaries’ Offer will not take place. 

How to apply 

There are no fees or charges for clients when applying for or subscribing to these Bonds.   

Bondholders who hold their maturing bonds through a Calamatta Cuschieri Moneybase nominee account may submit their application during the offer period using any of the channels listed below. 

Online

Email us or reach out to us via in-app live chat. 

By phone 

Call us on +356 25 688 688. Our ISO-certified Customer Support team is available 7 days a week. 

In person / Advisory 

Visit any of our branches in Mosta, Sliema, Birkirkara, or Fgura. Our advisors are available throughout the application period to assist you. 

If your existing bonds are held directly on the Malta Stock Exchange (MSE), you will receive a pre-printed Existing Bondholder Application Form by post from the Issuer. To participate in the offer, the original signed Application Form must be submitted in person at any of our branches in Mosta, Sliema, Birkirkara, or Fgura. 

Our ISO-certified Customer Support team is available 7 days a week. Get in touch via in-app live chat or by calling +356 25 688 688.   

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable offering documentation in full before making any investment decision.  Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer.  

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance.  

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.  

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370. The company is a subsidiary of Calamatta Cuschieri Moneybase plc and is registered at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara BKR 9034, Malta. 

Find out more details on the official bond documents below. 

Business overview 

Central Business Centres p.l.c. is a Malta-based finance, investment and property holding company, established on 20 June 2014. The Company’s principal activity is the acquisition, development and leasing of commercial property in Malta, focused on office, retail and mixed-use space, held for investment purposes and generating returns through rental agreements. 

As of 31 December 2025, the Company’s property portfolio consisted of business centres in Żebbuġ, Gudja, St. Julian’s (including Villa Fieres) and Mrieħel, a mixed-use centre in Valletta known as The Savoy, and a commercial property in Qormi (the FXB Building) acquired in December 2025, with total assets of approximately €86.3 million, the large majority of which is investment property. CBC Żebbuġ, CBC Gudja and CBC Qormi are fully let, CBC St. Julian’s is largely let, CBC Mrieħel remains in the early stages of commercialisation, and the upper floors of CBC Valletta are undergoing refurbishment ahead of a planned completion in Q1 2027. 

The Company’s properties are leased to third-party tenants on medium to long-term contracts with periodic contractual rental increments. The Company has no direct employees and subcontracts for administrative, maintenance and other operational services. 

Financial Highlights 

Central Business Centres p.l.c. reported total assets of approximately €86.3 million as of 31 December 2025, supported by total equity of approximately €28.3 million. The Company generated revenue of approximately €2.58 million during the year, an increase of 8.9% on FY2024, and reported operating profit (EBIT) of approximately €2.11 million and profit after tax of approximately €966,000. 

Management forecasts revenue to grow to approximately €3.26 million in FY2026 (+26.2%) and €4.51 million in FY2027, supported by the first full-year contribution from the Qormi property and the completion of the Valletta redevelopment, with total liabilities of approximately €58.0 million as at 31 December 2025. 

Use of proceeds 

The net proceeds from the bond issue will be utilised for: 

• Repayment of up to €6,000,000 of the 2017 existing bonds 

• The acquisition of an additional Żebbuġ property from the Cortis Group, satisfied in part by €3,000,000 nominal amount of bonds issued as non-cash consideration, plus approximately €600,000 in cash transaction costs

• Settlement of approximately €1,500,000 outstanding on the CBC Mrieħel acquisition 

• Capital expenditure of approximately €1,250,000 for upgrades at CBC Mrieħel and CBC Valletta The Savoy 

• General corporate funding purposes of the Company (approximately €2,350,000) 

Existing bond exchange for eligible existing bondholders

Holders of the Company’s 2017 existing bonds (€6,000,000 currently in issue) appearing on the register as at the Cut-Off date may apply to transfer some or all of their existing holding towards the new bonds, in priority to other applicants, subject to a minimum application of €1,000 and in multiples of €100 thereafter.

Where a holding is below €1,000, a cash Top-Up will be required. Eligible existing bondholders wishing to subscribe for an amount in excess of their existing holding may apply for the additional amount.

Bond highlights 

For new applicants, the minimum subscription is €2,000, with additional subscriptions in multiples of €100. Eligible existing bondholders participating in the exchange offer can subscribe from €1,000, with additional subscriptions in multiples of €100.

How to apply 

If you are considering participating in this bond issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.

There are no fees or charges for clients when applying for or subscribing to these Bonds.

Customers may apply by contacting their financial advisor or by visiting any of our branches located in Birkirkara, Mosta, Sliema and Fgura. The bond is available on an advisory basis only. To set up an appointment, call +356 25 688 688.

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have.

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688.

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable offering documentation in full before making any investment decision.  Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer.  

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance.  

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.  

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370. The company is a subsidiary of Calamatta Cuschieri Moneybase plc and is registered at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara BKR 9034, Malta. 

The Government of Malta is issuing €300 million in Malta Government Stocks, available across the two stocks listed below. Should demand exceed the amount on offer, the Accountant General may increase the issue by up to a further €200 million through an over-allotment option. 

4.25% Malta Government Stock 2046 

This stock is being issued at €100 with a yield to maturity (YTM) of 4.2497%, which corresponds to an annualised rate of 4.2949%.

Investors will receive interest every six months, with payments scheduled for 14 March and 14 September each year. Since the stock is issued on 3 August 2026, the first interest payment will be made on 14 September 2026 and will amount to 0.485054%, reflecting the interest earned from the issue date until 13 September 2026. 

3.80% Malta Government Stock 2036 

The stock is being issued at €100 with a yield to maturity (YTM) of 3.7997%, which corresponds to an annualised rate of 3.8358%.

Investors will receive interest every six months, with payments scheduled for 8 January and 8 July each year. Since the stock is issued on 3 August 2026, the first interest payment will be made on 8 January 2027 and will amount to 1.631522%, reflecting the interest earned from the issue date until 7 January 2027. 

Applications 

Applications are now open for retail investors and will close at 14:30 on Wednesday, 29 July 2026, or earlier at the discretion of the Accountant General. Given the potential for strong investor demand, interested investors are encouraged to submit their applications as early as possible during the offer period. 

Prospective investors are requested to read the Offering Circular issued by the Ministry of Finance. 

Retail investors may apply for the Malta Government Stocks in multiples of €100, up to a maximum nominal investment of €499,900 per applicant. 

How to apply 

If you are considering participating in this Malta Government Stock Issue, we recommend funding your account via bank transfer using your dedicated IBAN.  Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees associated with subscribing to this Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the stock you want to invest in within the platform and complete your application in just a few steps. 

4.25% Malta Government Stock 2046

3.80% Malta Government Stock 2036 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. 

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. 

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. 

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370.

The issue will consist of a total nominal amount of €300 million, available in any one or any combination of the following two stocks:

1. 3.80% Malta Government Stock 2036; and
2. 4.25% Malta Government Stock 2046

In the event of strong investor demand, the Accountant General reserves the right to increase the issue by a further €200 million through an over-allotment option.

Pricing Announcement

The issue prices for both Malta Government Stocks available to retail investors will be announced by the Department of Information on Thursday, 23 July 2026, following the close of trading on the Malta Stock Exchange secondary market. Investors will be notified as soon as the pricing details become available.

Applications

Applications for the Malta Government Stocks will open following the pricing announcement on Thursday, 23 July 2026. The retail subscription period will close at 14:30 on Wednesday, 29 July 2026.

Given the potential for strong investor demand, interested investors are encouraged to submit their applications as early as possible during the offer period.

For full details of the issue, including the terms and conditions of the offer, investors should refer to the official Offering Circular before making an investment decision.

Investors may apply for the Malta Government Stocks in multiples of €100, up to a maximum investment of €499,900 (nominal) per applicant.

How to apply

If you are considering participating in the MaIta Government Stock Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.

There are no application fees for subscribing to this Malta Government Stock issue.

Customers may apply through the following channels:

Online

Once subscriptions open, you can apply directly through the Moneybase app (iOS or Android) or via the Moneybase web platform by searching for the Malta Government Stock issue.

Advisory

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura.

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have.

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688.

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance.

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors.

Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370.

The Bond Issue is intended to refinance existing debt and support the continued growth of Endo Group, an international shipping group specialising in the acquisition, financing, management and chartering of commercial oil tankers. 

Find out more details on the Prospectus below. 

Business overview 

Endo Group is an international shipping group established in Malta, through the Guarantor, Endo Ventures Ltd, incorporated in June 2018. The Group is engaged in the acquisition, financing, management and chartering of commercial oil tankers, with vessels trading internationally. 

The Group’s fleet currently comprises 5 vessels – Mumtaz, Endo Sirocco, Endo Ponente, Endo Gregale and Endo Ostro – chartered to third parties for the transportation of petroleum products and ship-to-ship bunkering operations in Maltese territorial and international waters, supported by robust risk management, compliance and governance frameworks. 

The vessels are managed by internationally recognised ship managers, including Bernhard Schulte Shipmanagement Ltd and Intership Management Limited, which provide crew, management, repairs, maintenance, navigation and operation of the fleet.  

A key feature of this Bond Issue is its partial security package, comprising first-priority mortgages over the Endo Gregale and Endo Ostro vessels and pledges over their insurance proceeds, in favour of the Security Trustee for the benefit of Bondholders, in addition to the joint and several guarantee provided by Endo Ventures Ltd. 

The Group continues to seek opportunities to acquire vessels to strengthen and consolidate its fleet, capitalising on opportunities in the international time charter market, while ensuring the vessels are dry-docked and maintained in line with industry and regulatory requirements. 

Financial Highlights 

Endo Ventures Ltd (the Guarantor) reported consolidated total assets of approximately €60.3 million as of 31 December 2025, supported by total equity of approximately €19.2 million. The Group generated approximately €17.1 million in revenue during the year and reported a net profit of approximately €0.5 million.  

Operating profit for the Group increased to approximately €2.9 million in 2024 and remained broadly consistent at approximately €2.9 million in 2025, with total consolidated liabilities of approximately €41.0 million, including €25.0 million in bond borrowings, as of 31 December 2025. 

Use of proceeds 

The net proceeds from the Bond Issue will be utilised for: 

• Purchase/redemption of the 2022 Notes (€4,800,000) 

• Redemption of the outstanding 2023 Notes (€7,000,000) 

• On-lending of approximately €6,000,000 to Endo Gregale Maritime Ltd. to settle a lease liability relating to the Endo Gregale 

• General corporate funding purposes of the Group (approximately €4,740,000) 

Exchangeable Bonds for existing noteholders 

Holders of the following Endo Finance p.l.c. notes may apply to exchange their existing holding for the new Bonds, in priority to other applicants: 

• 6% Endo Finance p.l.c. 2027 Notes – €4,800,000 currently in issue. These notes are not callable: Noteholders who do not exchange will continue to hold their notes, which will run until the original 2027 maturity date. 

• 7.5% Endo Finance p.l.c. Unsecured 2024-2027 Notes – €7,000,000 currently in issue. These notes are callable: Noteholders who do not exchange will have their notes redeemed within a few weeks of this Bond Issue. 

Bond highlights 

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the bond within the platform and complete your application in just a few steps. 

5.75% Endo Finance p.l.c. 2036 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370.

Full details about the bond issue are available in the Summary and Securities Note documents. 

Business overview 

ELL Finance p.l.c. was incorporated in July 2025 as the financing and investment vehicle of the Ellul family, whose entrepreneurial track record spans several decades across multiple industries in Malta. The company’s objective is to acquire and manage strategic investments across the infrastructure, parking, hospitality, entertainment, and tourism sectors in Malta. 

The Bond Issue forms part of the Group’s strategy to establish a transparent and sustainable corporate structure capable of supporting the continued growth of a diversified portfolio of income-generating assets. 

Overview of holdings 

MCP Company Limited 

The Group owns and operates MCP Company Limited, one of Malta’s leading car park operators. MCP operates the multi-storey car park in Floriana, strategically located at the gateway to Valletta. The facility is one of the island’s largest car parks, accommodating more than 1,500 vehicles across six underground levels. The concession for the car park extends until the year 2106, providing the Group with a long-term infrastructure asset positioned within one of Malta’s busiest commercial and administrative zones.  

In addition to parking operations, MCP generates revenue from long-term parking memberships, commercial rental income, advertising space, parking management services, and the sale and distribution of parking equipment through its partnership with Amano. 

The company has also undertaken significant investment in recent years, including the completion of an expansion and refurbishment project comprising additional parking capacity, commercial outlets, and a rooftop garden.  

Marine Aquatic Limited 

The Group owns 50% of Marine Aquatic Limited (MAL) which operates the Malta National Aquarium complex located in Qawra, St. Paul’s Bay, one of Malta’s most popular tourism and leisure destinations. 

The complex includes the Malta National Aquarium, Café del Mar Malta, La Nave Restaurant and the Pjazza San Pawl Kiosk. 

MAL combines tourism, hospitality and entertainment within a single destination and has established itself as a key leisure and tourism asset attracting hundreds of thousands of visitors annually. The Group intends to continue expanding through new guest experiences, technological improvements, and strategic brand partnerships. 

Use of proceeds 

The net proceeds from the Bond Issue are expected to be applied as follows: 

• the amount of circa €5.0 million will be used to repay the 2025 Notes;

• the amount of circa €3.3 million will be used to settle the MCP Company Facilities;

• the amount of up to circa €20.45 million will be used to pay part of the Purchase Price; and

• an amount of circa €0.7 million will be used for general corporate funding purposes.

 The Bond Issue is primarily intended to finance the acquisition and refinancing of strategic long-term operating assets within the Group’s investment portfolio. 

Bond highlights 

The minimum subscription amount is €2,000 for new applicants and €1,000 for eligible holders of existing notes, with additional subscriptions accepted in multiples of €100. 

Security package 

The Bonds are secured by the MCP car park asset situated in Floriana. Key highlights of the security asset include: 

• One of Malta’s largest multi-storey car parks; 

• Strategically located adjacent to Valletta; 

• Concession extending until 2106; 

• Capacity exceeding 1,500 vehicles; and 

• Associated commercial outlets and ancillary facilities. 

The security package is intended to provide bondholders with additional protection through security granted over one of the Group’s principal infrastructure assets 

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN.  Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app. 

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the bond within the platform and complete your application in just a few steps. 

5.35% ELL Finance plc 2036 

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

This is a marketing communication. The information contained in this email is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product.  

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. 

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. 

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. 

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370 

The bonds will carry a fixed interest rate of 5.25% per annum, payable annually on 14 July each year, and will mature on 14 July 2036, a 10-year tenor from commencement. The bonds will be listed on the Malta Stock Exchange. 

This Bond Issue is being made exclusively available to holders of the maturing 4% IHI Bonds 2026 (ISIN: MT0000111303) as a rollover opportunity and is not open to the general public. 

Find out more details in the documents below. 

Business overview 

International Hotel Investments p.l.c. (IHI) is a public limited liability company registered in Malta, operating as the holding and parent company of the Corinthia Group. The Group is focused on the ownership, development and operation of luxury hotels and residential and commercial real estate across multiple international markets. 

The Corinthia Group is synonymous with five-star luxury hospitality, with properties located in key European and international destinations. The Group’s revenue is primarily derived from owned hotel operations, hotel management fees, real estate rental income, and catering and ancillary services businesses. 

In 2025, the Group reported an operating profit of approximately €50 million and cash flows of €81.5 million from operating activities, reflecting continued growth. IHI’s shares are listed on the Malta Stock Exchange. 

Use of proceeds 

The net proceeds from the Bond Issue will be used by the Issuer for the redemption and cancellation of up to €30,000,000 of the maturing 4% IHI Bonds 2026 (ISIN: MT0000111303), which are due for redemption on 29 July 2026. Any remaining amounts required for the redemption of the maturing bonds will be financed from the Group’s general cash flow and/or banking facilities. 

Bond highlights 

The minimum application amount is €2,000, with additional subscriptions accepted in multiples of €100 thereafter. 

Bondholders whose current holding is below €2,000 will be required to fund their account with the additional amount necessary to meet the minimum application requirement.  

Bondholders holding more than €2,000 may elect to reinvest only part of their existing holding, provided that the amount subscribed for is at least €2,000. 

How to apply 

This offer is available exclusively to holders of the maturing 4% IHI Bonds 2026 (ISIN: MT0000111303) as at the Cut-Off Date of 10 June 2026. Applications will be accepted from 17 June 2026 until 7 July 2026, or earlier as may be determined by the Issuer. 

Bondholders who hold their bonds through a Calamatta Cuschieri Moneybase nominee account may submit their application using any of the channels listed below. 

Online 

Send an email or reach out to us via our website. 

By phone 

Call us on +356 25 688 688. Our ISO-certified Customer Care team is available 7 days a week. 

In person / Advisory 

Visit any of our branches in Birkirkara, Mosta, Sliema or Fgura. Our advisors are available throughout the application period to assist you. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09).

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance.

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer.

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance.

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment.

Calamatta Cuschieri Investment Services Ltd (C13729) is licensed by the MFSA to carry out investment services business in terms of the Investment Services Act (Cap. 370). The company is a subsidiary of Calamatta Cuschieri Moneybase plc and is registered at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara BKR 9034, Malta.

The bonds will carry a fixed interest rate of 5.50% per annum, payable semi-annually, and will have a maturity of 8 years and 3 months. The bonds also carry an investment-grade BBB rating by EthiFinance  and will be listed on the Malta Stock Exchange. 

This Bond Issue is backed by a security package linked to the Group’s underlying infrastructure asset. The package comprises economic rights arising from a long-term public concession relating to the maintenance of Barcelona Metro Line 9 Sud stations in Catalonia, Spain. 

Find out more details on the Prospectus below. 

Business overview 

ACS Finance p.l.c. forms part of the Audentia Capital Group, an international alternative investment and infrastructure-focused group established in Malta in 2011. The Group operates across Malta, Luxembourg, Ireland, and Spain through regulated investment management, securitisation, and alternative investment structures.  

The Group manages over 100 investment vehicles with more than €3 billion in assets under management and has built a strong presence within alternative investments and infrastructure-backed financial structures.  

ACS Finance p.l.c. holds 36% of the economic rights arising from a government-funded public concession granted by the Catalonia region for the ordinary maintenance of 15 stations forming part of Line 9 Sud of the Barcelona Metro system. 

Overview of the underlying asset 

The underlying asset relates to Barcelona Metro Line 9 Sud, one of Europe’s largest and most modern metro infrastructure projects. The line connects Barcelona Airport with the city centre and surrounding neighbourhoods and is recognised as the longest automated metro line in Europe. 

The concession benefits from long-term availability-based payments, providing stable and predictable cashflows with no passenger demand risk. The concession runs until August 2041 and is ultimately supported by Infraestructures Ferroviàries de Catalunya (IFERCAT), the railway infrastructure agency fully owned by the Government of Catalonia. 

The Barcelona Metro Line 9 Sud project forms part of a sustainable public transport network aligned with EU Green Taxonomy objectives and supports low-emission urban mobility. It is operated under ESG-compliant standards and comprises 15 metro stations and 11 ventilation and emergency shafts across the operational section of Line 9 Sud.  

The stations include direct airport connectivity through the Aeroport T1 and Aeroport T2 stations, serving one of Spain’s busiest airports.  

The infrastructure is considered strategically important for the Catalonia region and benefits from continued governmental support through IFERCAT and the Generalitat de Catalunya. Passenger numbers across Barcelona’s metro network continue to grow steadily, with Line 9 Sud serving as a key transport link between Barcelona city centre and El Prat Airport. 

The concession has demonstrated a strong operational track record since operations began, with no historical deductions or penalties reported under the availability of payment mechanism. Maintenance obligations are managed under fixed contractual arrangements extending to 2041, further enhancing cashflow visibility. 

Use of proceeds 

The net proceeds from the Bond Issue will be utilised to finance the acquisition of the economic rights linked to the concession asset and support the Group’s broader infrastructure financing strategy. 

The Bond Issue is intended to strengthen the Group’s long-term funding structure while supporting continued investment in infrastructure-backed assets with stable cashflow characteristics. 

Bond highlights 

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Security package 

The Bonds are secured through a pledge over the economic rights associated with the underlying concession asset linked to Barcelona Metro Line 9 Sud. The asset has an estimated economic value of approximately €88 million according to the transaction structure presented. 

A Security Trustee will act on behalf of bondholders to hold and administer the security package collectively. The transaction structure is designed to provide investors with additional protection through secured exposure to long-term infrastructure-related cashflows. 

The Bonds benefit from an investment-grade BBB rating assigned by EthiFinance, an EU-registered credit rating agency, reflecting the concession’s availability-based revenue model and the credit quality of the Catalonia regional government supporting the concession payments. BBB is an investment grade credit rating indicating the issuer has adequate capacity to meet its financial commitments, offering investors a meaningful level of credit confidence.  

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the bond within the platform and complete your application in just a few steps. 

5.5% ACS Finance p.l.c. 2034 

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. 

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. 

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. 

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370