2002 - INDICATIVE CALENDAR GOVERNMENT SECURITIES

As announced last year Government has embarked on a policy of publishing, annually, an indicative calendar of Malta Government Stock and Treasury Bill issues. It is noted that the objective has been reached in that from the feedback received the investing public has been making use of such calendar and is in a position to better evaluate and plan its investment opportunities. Similarly the calendar has proven useful to other prospective issuers by avoiding undue pressures on the local money market.

1. Malta Government Stocks

• For this year although it is not envisaged that any additional borrowing will be resorted to it is planned to rollover part or all of the maturing issues.

• Four Stock issues for a total of Lm 66.45m mature during the year - Vide table below

• Issues are planned be made close to the maturity dates in question - April, June and September.

• The projected calendar reflects a mix of
  amounts as shown hereunder:

• Definite details of the terms and condition of each issue will be announced not later than three weeks from the actual date of issue.

• Auctions will be held with a combination of tenures and, as has been the case since the last quarter of 2001, with fixed/open rates

• Although the focus is on the 3 month tenure weekly issues will include a mix of the 1 month, 6 month and 12 month Treasury Bills

• As part of its Cash Management operations the Treasury will be endeavouring to introduce maturity levels in the weekly issues

• A calendar showing the individual weekly issues is published monthly in advance. Depending on the prevailing circumstances details as to tenure and rate (open or fixed) are normally announced two weeks in advance

The Accountant General reserves the right to alter the indicated particulars of MGS and Treasury Bills issues depending on the prevailing market conditions and other influencing circumstances.