Malta Government Stocks

L.N. 316 of 2009

BUDGET MEASURES IMPLEMENTATION ACT, 2009

(ACT NO. II OF 2009)

LOCAL LOANS

(REGISTERED STOCK AND SECURITIES)

ORDINANCE

(CAP. 161)

Directive by the Minister of Finance,

the Economy and Investment

for the Issue of Euro 80,000,000

Malta Government Stocks

IN exercise of the powers conferred by the Budget Measures

Implementation Act, 2009 and by article 4(1)(a) of the Local Loans

(Registered Stock and Securities) Ordinance, the Minister of Fi-

nance, the Economy and Investment has issued the following Direc-

tive

The title of this directive is Directive by the Minister of Fi-

nance, the Economy and Investment for the issue of Euro 80,000,000

Malta Government Stocks.

An amount of Euro 80,000,000 Malta Government Stocks

shall be issued as follows

(a) 3.6% Malta Government Stock 2013(IV) Fungibility

issue, and

(b) 4.6% Malta Government Stock 2020 (II), and

(c) Floating Rate Euribor Malta Government Stock 2015

(V) linked to the six (6) month Euribor, or

(d) any combination of the above three Stocks which

shall in the aggregate be Euro 80,000,000.

These Stocks shall be issued as set out in the relative pro-

spectus regulating the issuance of

(a) 3.6% Malta Government Stock 2013(IV) Fungibility

issue and 4.6% Malta Government Stock 2020 (II); and

(b) Floating Rate Euribor Malta Government Stock 2015

(V) linked to six (6) month Euribor.

All persons and, or entities are eligible to apply for these

Stocks. Allotment will be applied as set out in the relative prospec-

tus.

(1) In terms of the Financial Markets Act, when these

Stocks have been allotted, an application shall be made for the re-

spective Stock to be placed on the official list and for trading on the

Malta Stock Exchange.

(2) On the 18th April, 2010, after the payment of the first

dividend, any amount allotted under 3.6% Malta Government Stock

2013 (IV) FI shall be integrated with the existing issue of this Stock

and shall thereafter both be deemed to be one Stock.

The sum of money to be raised by either Stock, or

of any combination of the three Stocks shall in the aggregate be

Euro80,000,000. The Accountant General reserves the right to

increase the sum of money to be raised by a maximum of Euro

20,000,000.

(1) Interest at the rate of Euro 1.80 for every Euro 100

in respect of the 3.6% Malta Government Stock 2013 (IV) shall be

payable half-yearly in arrears on the 18th day of April and the 18th

day of October in every year for the duration of the Stock. The first

pro-rata payment covering the period from the 18th day of Novem-

ber, 2009 to the 17th day of April, 2010 (both dates inclusive), shall

be made on the 18th day of April, 2010.

(2) Interest at the rate of Euro 2.3 for every Euro 100

in respect of the 4.6% Malta Government Stock 2020 (II) shall be

payable half-yearly in arrears on the 25th day of April and the 25th

day of October in every year for the duration of the Stock. The first

pro-rata payment covering the period from the 18th day of Novem-

ber, 2009 to the 24th day of April, 2010 (both dates inclusive) shall

be made on the 25th day of April, 2010.

(3) Interest shall be paid at the floating rate linked to

the six (6) month Euribor plus a spread of 80 basis points (bps)

calculated on Day Count Fraction (Actual/360) for every Euro 100.

The spread of 80bps is fixed and applicable until the maturity of the

Stock. The interest rate (six month Euribor plus spread of 80bps)

is subject to a maximum interest rate capped at 2.61% every six

months and in no event shall the minimum interest rate be less than

0.85% every six months. Interest shall be payable half yearly in

arrears on the 25th of April and 25th of October in every year for

the duration of the Stock. The first pro-rata payment covering the

period from the 18th November, 2009 to the 24th April, 2010 (both

days inclusive) shall be made on the 25th day of April, 2010.

(1) The 3.6% Malta Government Stock 2013 (IV) shall

be redeemed at par on the 18th October, 2013.

(2) The 4.6% Malta Government Stock 2020 (II) shall

be redeemed at par on the 25th April, 2020.

(3) The Floating Rate Euribor Malta Government Stock

2015 (V) linked to the six (6) month Euribor shall be redeemed at

par on the 25th October, 2015.

B

B

€0.37