S.L. 575.4 Art. 7Methods of issuancesandother particulars.

(1) The Accountant General may issue the Malta

Government Stocks either directly or through the appointment of one or more licensed financial institutions and licensed investment services providers, as considered appropriate, to sell the Malta Government Stocks on behalf of the Government. The Accountant General may enter into any contract or agreement relating to such terms and conditions that he may consider appropriate.

(2) The Stocks may be issued competitively by a pre-announced competitive auction only, or by a combined issuance consisting of:

(a) in part by a competitive auction; and

(b) in part non-competitively at a pre-announced fixed price targeted for retail investors.

(3) In order to help delivering the overall financing programme effectively, the Accountant General may implement supplementary issuance methods as provided for under article 24(1) of the Act, as deemed necessary either by special announcement or by means of a supplement or revision of these regulations.

(4) The prices of Malta Government Stocks are issued and quoted in terms of €100 nominal.

(5) The Accountant General may offer one or more Stocks in any maturity not exceeding sixty years in any offer of Malta Government Stocks.

(6) Where more than one Stock is offered in an issue, the Accountant General may not assign a specific amount for each Stock. This is subject to the provision that the total amount of bids (or offers) and applications accepted in all Stocks do not exceed the amount offered in the issue including the over-allotment option.

Issuance Mechanism of Malta Government Stocks