The Offer Period runs from 10 November 2026 to 27 November 2026, both days included. Find out more details in the Prospectus below. 

Business overview 

CF Estates Finance p.l.c. was incorporated in July 2022 as the finance arm of the CF Group, whose parent company and Guarantor, CF Estates Ltd., is owned in equal shares by Francis Agius, Clifton Cassar, Duncan Micallef and Stephen Falzon. The Group operates across hospitality, property rentals and real estate development in Malta, and reported a revenue of €40.4 million and total assets of €94.9 million for the year ended 31 December 2025. The Issuer already has €30 million 5% Secured Bonds 2028-2033 listed on the Malta Stock Exchange. 

This Bond Issue forms part of the Group’s strategy to refinance the bank loans on the Meltemi Residence, complete and furnish the project as a rental investment, refinance the site acquisition costs of three ongoing residential developments, and fund the continued growth of a diversified portfolio of income-generating assets. 

Overview of holdings

Levante, Scirocco and Mistral Hotels 

The Group owns three operational 3-star hotels in Paceville, St. Julian’s: the 19-room Levante Hotel, the 37-room Scirocco Hotel and the 51-room Mistral Hotel. All three are managed under the Meliá brand through a 15-year hotel management agreement with Meliá Hotels International S.A. and had registered average occupancy of between 76% and 79.7% in 2025. 

CF Business Centre 

Acquired in shell form in January 2021, the CF Business Centre in Paceville comprises eight floors of offices together with commercial and catering outlets at ground floor level. All of the approximately 3,241 sq.m. of office and catering space available for rent is currently subject to lease contracts. 

Meltemi Residence 

Being developed by CF Hotels Ltd. on a site in Paceville acquired in July 2023, the Meltemi Residence will comprise 25 units, including four maisonettes, 20 apartments and a penthouse, together with two offices, stores and garages. The project is complete in shell form and is being finished as a rental investment, with operations expected to start in the second quarter of 2027. It is the security property for the Bonds. 

Use of proceeds 

The proceeds from this Bond Issue will be advanced by the Issuer to the Guarantor and are expected to be applied as follows: 

• Approximately €4.28 million to refinance bank loans due by CF Hotels Ltd. to FCM Bank Limited, originally used to finance the site acquisition and part of the development costs of the Meltemi Residence; 

• Approximately €2.10 million to finance the completion, finishing and furnishing of the Meltemi Residence; 

• Approximately €2.02 million to refinance the site acquisition costs of three ongoing developments: Nova in Fgura, Arches in Santa Venera and Complex in Żejtun; and 

• The remaining balance of approximately €4.10 million, together with any residual amounts, for the general corporate funding purposes of the Group, including the expenses of the Bond Issue. 

Bond highlights 

The minimum subscription amount is €5,000, with additional subscriptions accepted in multiples of €100. 

If the Issuer redeems the Bonds early, the redemption value per €100 Bond is €102.825 between 15 December 2031 and 14 December 2032, €101.4125 up to 14 December 2033, €100.70625 up to 14 December 2034, and €100 thereafter. 

Security package 

The Bonds are secured by a first-ranking special hypothec over the Meltemi Residence and a pledge of insurance, held by a Security Trustee for the benefit of Bondholders, together with a joint and several guarantee from the Guarantor. Key highlights of the security package include: 

• A first-ranking special hypothec granted by CF Hotels Ltd. over the Meltemi Residence in Paceville, St. Julian’s; 

• A property valuation of €12,730,000 in its existing state as of 31 August 2026, and an estimated €13,230,000 once development is completed; 

• A pledge over the contractors’ all risks insurance policy on the Meltemi Residence; and 

• A joint and several guarantee from CF Estates Ltd., covering both interest and the Redemption Value. 

The security package is intended to provide bondholders with additional protection through security granted over a key Group asset, together with the Guarantor’s joint and several guarantee. Completion funds of approximately €2.1 million are retained by the Security Trustee and released only against invoices for works on the Meltemi Residence. 

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. 

5.65% CF Estates Secured Bonds 2031-2036

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 this is a complex product which 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. 

Moneybase has taken out a safeguarding insurance policy on the money its clients hold in their Moneybase accounts, underwritten by Lloyd’s of London and Starr Europe Insurance Limited, with cover of up to €5,000,000. 

Client money at Moneybase is held in dedicated safeguarding accounts, kept separate from the company’s own funds, reconciled daily and ring-fenced from its creditors at all times, and Moneybase never lends client money. The insurance has been taken out voluntarily, over and above these safeguarding arrangements, as an additional layer of protection for clients. 

In the highly unlikely event that Moneybase were ever to become insolvent and the safeguarding accounts held less than clients are owed, the policy pays the difference, whatever the cause of the shortfall. Any payment by the insurance is made into those accounts for the benefit of clients and can never be paid to the company. 

“As Malta’s trusted financial partner, protecting and growing our clients’ wealth is our top priority, and this insurance gives every Moneybase client additional peace of mind on top of the safeguarding already in place. As we mark 55 years since the group pioneered financial services in Malta, our mission is to keep strengthening the service our clients receive for many years to come,” said Alan Cuschieri, founder and CEO of Moneybase. 

The cover is complimentary and applies automatically to every Moneybase client. Starr Europe Insurance Limited, which leads the policy, is based in Malta and regulated by the Malta Financial Services Authority. Full details of the policy are available at moneybase.com/insurance-protection. 

Find out more about how your money is protected with us by clicking here

About Calamatta Cuschieri Moneybase 

Calamatta Cuschieri Moneybase plc is Malta’s leading financial services group, offering wealth management, payments and fund services. Established in 1971, the group pioneered financial services in Malta and was a founder of the Malta Stock Exchange. It is licensed and regulated by the Malta Financial Services Authority and serves clients online and through its four branches across Malta. 

Moneybase Limited (C87193) is licensed by the MFSA to operate as a Financial Institution in accordance with the Financial Institutions Act (Cap. 376). The company is a subsidiary of Calamatta Cuschieri Moneybase plc with its registered office at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara BKR 9034, Malta. 

The Intermediaries’ Offer runs from 29 October 2026 to 20 November 2026 and may be shortened or extended by the Issuer. Find out more details on the Base Prospectus and Final Terms below. 

Business overview 

Ciantar Finance p.l.c. was incorporated in May 2025 as the finance company of the Ciantar Group, which is ultimately owned by Darren Ciantar through the Group’s holding company, Ciantar Holdings Ltd. The Group operates exclusively in Malta across property development, construction, finishing works and long-term property investment, acquiring and developing residential and commercial property either for resale or to retain as long-term investments. 

This Bond Issue forms part of the Group’s strategy to refinance its 6.75% Secured Callable Notes 2027 and existing bank facilities, fund the development of the Gżira Hotel, and support the continued growth of its development pipeline and long-term investment portfolio. 

Overview of holdings

Gżira Hotel 

Acquired by Ciantar Developments Ltd in November 2023, the Gżira Site is being developed into the Gżira Hotel, a four-star apart-hotel of 83 rooms across ten floors. The project is expected to be substantially completed by the end of 2027, with final completion expected by Q2 2028, and is estimated to be valued at €20.0 million upon completion. The Gżira Site forms part of the Secured Property. 

Marsa Property

Located at the former Edible Oil Factory in Marsa, Marsa Site 1 and Marsa Site 2 were acquired by Ciantar C&F Ltd in 2022 and 2025 respectively, and are permitted for commercial parking, retail stores, offices and workshops. The Group intends to retain both sites as long-term investments and does not plan to develop them during the term of the Bonds. Both sites form part of the Secured Property. 

Resedential Developments 

The Group has delivered Levante Mansions in Santa Venera, Emerald Mansions in Żabbar, a residential project in Tarxien and Casa Verde in Qawra, with combined expected gross revenue of circa €35.9 million. Ongoing developments include residential projects in Għargħur and Dingli, expected to be completed by 2026 and 2027 respectively, and the Birkirkara project, expected to be completed by 2028. 

Use of proceeds 

The net proceeds from this Bond Issue, estimated at approximately €16,000,000, will be on-lent to the Guarantor and are expected to be applied as follows: 

• €4.0 million to repay the Issuer’s 6.75% Secured Callable Notes 2027; 

• Approximately €3.8 million to refinance the MeDirect Bank (Malta) p.l.c. facility used to finance the acquisition and development of the Gżira Site;

• Approximately €1.55 million to reimburse the Group for expenses incurred in the acquisition of the Gżira Site;

• Approximately €2.15 million to refinance the Bank of Valletta p.l.c. facility used for the acquisition of Marsa Site 1 and Marsa Site 2;

• Approximately €2.8 million for the development of the Gżira Site into the Gżira Hotel; and

• Approximately €1.7 million for the general corporate funding purposes of the Group.

Bond highlights 

The minimum subscription amount is €5,000, with additional subscriptions accepted in multiples of €100. Existing Noteholders applying by way of an Existing Note Transfer are subject to a minimum application of €1,000.

Security package 

The Bonds are secured by a first-ranking special hypothec over Group property and a Reserve Account, held by a Security Trustee for the benefit of Bondholders, and are guaranteed by Ciantar Holdings Ltd. Key highlights of the security package include: 

• A first-ranking special hypothec granted by the relevant Group companies over three properties: Marsa Site 1, Marsa Site 2 and the Gżira Site; 

• Secured properties with an aggregate current market value of circa €17,200,000, based on the valuation reports dated 15 June 2026; 

• A joint and several guarantee from Ciantar Holdings Ltd, the Group’s holding company; and 

• A Reserve Account held by the Security Trustee, into which the development funds are placed to cover the interim shortfall against the 125% collateral coverage level, and which are released only against certification of works carried out on the Secured Property. 

The security package is intended to provide Bondholders with additional protection through security granted over key Group assets, together with a guarantee from the Group’s holding company and a Reserve Account held by the Security Trustee. 

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. 

5.6% Ciantar Finance Secured Bonds 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 5.45% per annum, payable annually on 2 December each year (first payment on 2 December 2027), and will mature on 2 December 2034, an 8-year tenor from commencement. The bonds will be listed on the Malta Stock Exchange, with admission to the Official List expected on 10 December 2026 and trading expected to commence on 11 December 2026. 

This Bond Issue is being made available to holders of the maturing 4% IHI Bonds 2026 (ISIN: MT0000111311) as a rollover opportunity and is not, at this stage, 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: MT0000111311), which are due for redemption on 20 December 2026 (€60,000,000 currently outstanding). 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. 

Bondholders may also subscribe, in the same application, for additional bonds in excess of their maturing holding (payable in cash). Additional bonds will only be allocated if bonds remain after applications to exchange maturing bonds (including any cash top-up) have been satisfied. If those applications reach €30,000,000, no additional bonds will be allocated, and if they exceed it, they will be scaled down without priority or preference. 

How to apply 

This offer is available to holders of the maturing 4% IHI Bonds 2026 (ISIN: MT0000111311) as at the Cut-Off Date of 22 October 2026. The offer period opens on 2 November 2026 and is scheduled to close on 20 November 2026, unless the Issuer decides to close it earlier or extend it. Application Forms are expected to be mailed to holders of the maturing bonds on 26 October 2026. 

If any bonds remain available once applications from holders of the maturing bonds have been allocated, they will be offered to Authorised Financial Intermediaries through an Intermediaries’ Offer on 25 November 2026. The basis of acceptance is expected to be announced on 2 December 2026, with allotment letters dispatched on 10 December 2026, admission to the Official List expected on 10 December 2026 and trading expected to commence on 11 December 2026. 

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, message us via in-app live chat 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 Mosta, Sliema, Birkirkara, or Fgura. Our advisors are available throughout the application period to assist you. 

If your bonds are held directly on the Malta Stock Exchange (MSE), you will receive a pre-printed 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. 

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 Intermediaries’ Offer runs from 8 October 2026 to 30 October 2026 at 12:00 CET and may close earlier if fully subscribed.

Find out more details in the Prospectus below. 

Business overview 

Agora Estates p.l.c. was incorporated in April 2019 as the holding and finance company of the Group, which is ultimately owned by James Zammit, whose entrepreneurial track record spans the automotive, lending and property sectors in Malta. The Group identifies, acquires, develops and manages commercial and residential property in Malta, with a portfolio of eleven commercial properties and one residential property valued at approximately €64.4 million as of 31 December 2025.  

This Bond Issue forms part of the Group’s strategy to refinance its 2025 and 2026 Notes, part-finance the acquisition and development of the Fair Deal Commercial Property and the Żebbuġ Garden Centre, complete an additional office level at Agora Business Centre, and fund the continued growth of a diversified portfolio of income-generating assets. 

Overview of holdings

Agora Business Centre 

The Group’s largest leased property, the Agora Business Centre in Msida, is an office block with a gross floor area of approximately 5,125sqm, comprising offices, a cafeteria and parking. Except for the space occupied by the Issuer and a related company, it is leased to third parties on ten-year agreements, the first five years being fixed. Planning approval has been granted for an additional floor, with works projected to take place between 2026 and 2027. 

Agora Retail Centre 

Acquired in February 2022, the Agora Retail Centre on Mdina Road, Żebbuġ, comprises three levels of retail space together with warehousing and parking levels. The property is fully occupied by third-party tenants, mainly on ten-year lease agreements with the first five years being fixed. 

De Rohan Business Centre 

Located on Mdina Road, Żebbuġ, the De Rohan Business Centre has been developed into a ground floor showroom, offices and four levels of underground parking, with construction completed in January 2026 and finishing works expected to complete by end of 2026. The two office levels, the ground floor and one parking level, have been leased to a single tenant for 15 years from July 2026. 

Use of proceeds 

The net proceeds from this Bond Issue, estimated at approximately €19,300,000, are expected to be applied as follows: 

• Up to €5.3 million to purchase the Company’s 2025 Notes from 2025 Noteholders for cancellation by way of an Existing Notes Transfer, and to redeem any 2025 Notes remaining in issue; 

• Up to €1.0 million to purchase the Company’s 2026 Notes from 2026 Noteholders for cancellation by way of an Existing Notes Transfer, and to redeem any 2026 Notes remaining in issue; 

• Up to €2.15 million to be granted as a loan to Zammit Estates to part-finance the acquisition, construction and finishing of the Fair Deal Commercial Property in Żebbuġ; 

• Up to €3.0 million to part-finance the acquisition of the Żebbuġ Garden Centre, of which €2.0 million will be held by the Security Trustee until a €2.0 million equity injection by the Group’s ultimate beneficial owner has been made; 

• Up to €0.6 million to be granted as a loan to Zammit Estates to cover the development and finishing costs of the additional level at Agora Business Centre;

• Up to €0.75 million to settle balances owed by Time and Life Limited to MeDirect Bank (Malta) p.l.c.; and 

• The remaining balance of approximately €6.5 million to be advanced as a loan to Zammit Estates for general corporate funding. 

Bond highlights 

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

Security package 

The Bonds are secured by a first-ranking special hypothec over the Secured Asset and a pledge of insurance, held by a Security Trustee for the benefit of Bondholders. Key highlights of the security package include: 

• A first-ranking special hypothec granted by J. Zammit Estates Limited over five properties: the Daikin Showroom, the Fair Deal Commercial Property, the Ħandaq Warehouse, Vale View and the Żebbuġ Garden Centre; 

• Secured properties with an aggregate value of circa €23,280,000, based on the valuation reports dated 18 September 2026; 

• A pledge of insurance in relation to J. Zammit Estates Limited; and 

• A reserve account funded through annual contributions, which must reach at least 30% of the outstanding Bonds by the fifth anniversary of the Issue Date and at least 75% by the Redemption Date. 

The security package is intended to provide bondholders with additional protection through security granted over key Group assets, together with a reserve account built over the term of the Bonds. 

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% Agora Estates 2038

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 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. 

4.50% Malta Government Stock 2041 

This stock is being issued at €100 with a yield to maturity (YTM) of 4.4995%, equivalent to an annualised rate of 4.5501%. 

Investors will receive interest every six months, in arrears, with payments scheduled for 22 February and 22 August each year. The first interest payment will be made at the rate of 1.626359% and will include accrued interest for the period from 12 October 2026 (the issue date) up to 21 February 2027 (both dates inclusive). 

4.30% Malta Government Stock 2037 

The stock is being issued at €100 with a yield to maturity (YTM) of 4.2997%, equivalent to an annualised rate of 4.3459%. 

Investors will receive interest every six months, in arrears, with payments scheduled for 17 March and 17 September each year. The first interest payment will be made at the rate of 1.853039% and will include accrued interest for the period from 12 October 2026 (the issue date) up to 16 March 2027 (both dates inclusive). 

Applications

Applications are now open for retail investors and will close at 14:30 on Wednesday, 7 October 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. 

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. To apply, search for the stock you want to invest in within the platform and complete your application in just a few steps.

4.50% Malta Government Stock 2041

4.30% Malta Government Stock 2037

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. 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.