Malta Treasury Bill Auction Sees Strong Demand Across Both Maturities

Investor Interest Remains Robust

The Treasury Department within the Ministry for Finance has published the results of its latest Treasury Bill auction, held on 3 September 2026, revealing strong investor demand for both the 91-day and 182-day instruments.

The auction attracted more than €140 million in bids across the two maturities, with demand significantly exceeding the amounts offered, particularly for the longer-dated bill.

91-Day Treasury Bill oversubscribed 2.24 times

The latest Treasury Bill auction attracted strong investor interest, with bids totalling €78.4 million against €35 million ultimately allotted. Demand therefore exceeded supply by more than two times, highlighting continued appetite for short-term Maltese Government securities.

The 91-day Treasury Bill, maturing on 3 December 2026, achieved a bid-to-cover ratio of 2.24, while successful investors secured an average yield of 2.16%. The results suggest that investors remain willing to accept relatively modest returns in exchange for the security and liquidity offered by government-backed debt

Strong competition for 182-Day Bill

Investor demand was even stronger for the 182-day Treasury Bill maturing on 4 March 2027. The Treasury received bids totalling €62.0 million, but allotted just €10.2 million, resulting in a bid-to-cover ratio of 6.06. In other words, investors sought more than six times the amount ultimately issued, highlighting exceptionally strong demand for the six-month government security.

Successful bids secured an average yield of 2.09%, with accepted yields ranging from 1.99% to 2.10%. Investors paid an average price of €98.96 for every €100 of nominal value, reflecting the discount at which Treasury Bills are issued before being redeemed at face value on maturity.

Next Auction Scheduled for 7 September

Looking ahead, the Treasury has announced that its next auction will take place on 7 September 2026. Investors will be able to bid for new 91-day and 182-day Treasury Bills maturing on 10 December 2026 and 11 March 2027 respectively.

Treasury Bills continue to serve as a key short-term funding instrument for the Government while offering investors a relatively low-risk investment option with regular auction opportunities throughout the year.