As announced by Minister for Finance Edward Scicluna, the Accountant General is launching the issue of €65,000,000 of the 62+ Malta Government Savings Bond, which may be increased by an additional maximum amount of €35,000,000 in the event that demand exceeds the amount on issue. This bond is being offered to individuals born in 1956 or prior.
The 62+ Malta Government Savings Bond earns interest at a fixed rate of 3% per annum for the whole five-year term of the bond, maturing in the year 2023. The bond, which shall be issued at par and in units of €100, cannot be negotiated, assigned or transferred onto any other individual and cannot be pledged.
Interest is paid semi-annually in arrears on 19th June and 19th December during the term of the bond. Bondholders may withdraw the whole amount invested before the maturity date subject to a penalty equivalent to three (3) months gross interest on the principal withdrawn at the interest rate the bond is earning.
Applications from eligible investors for a minimum amount of €500 up to a maximum of €8,000 per person open on Monday 11th June 2018 at 8.30 am and close on Tuesday 12th June 2018 at 5.00 pm, or earlier at the discretion of the Accountant General. Subscriptions in the bond are to be made in the sole name of the applicant.
New eligible applicants in the 62+ Malta Government Savings Bond made up of (i) individuals born in 1956, and (ii) individuals who were eligible but did not participate in last year’s issuance, may obtain and lodge the application form at the authorised financial institutions and authorised investment service providers or download the application from the Treasury Department’s website at www.treasury.gov.mt. The allocation policy shall give preference to this category of applicants.
Individuals who participated in the 62+ Malta Government Savings Bond issuances held in September or October 2017 are also eligible to apply. To this effect, they shall be receiving an information letter and an application form with their own details from the Accountant General. Those individuals who are interested in applying for this new 62+ Savings Bond may lodge their application form at the Authorised Financial Institutions or Authorised Investment Service Providers.
More information can be found in the prospectus, which can be downloaded from the Treasury’s website at www.treasury.gov.mt.