MedservRegis p.l.c., a provider of integrated logistics and engineering services to the energy and offshore industries, has announced a new unsecured bond issue available to existing bondholders through a rollover offer.
MeDirect Bank (Malta) plc is now accepting applications for the the Euro equivalent of €25,000,000 in MedservRegis p.l.c. unsecured Bonds due 2031 – 2036 issued in Euro (“EUR Bonds”) and US Dollar (“USD Bonds”).
Company Overview
MedservRegis p.l.c. operates across Europe, the Middle East, Africa, and the Americas, delivering integrated logistics, engineering, and supply chain solutions to the global energy sector. The Group supports both traditional oil and gas operations and the growing renewable energy market through services such as logistics base management, OCTG (Oil Country Tubular Goods) handling, engineering support, and end-to-end supply chain management. MedservRegis continues to focus on operational excellence, sustainability, and long-term growth.
Holders of the €4.5% 2026 Unsecured Bonds may roll over their existing holdings into the new €5.5% Unsecured Bonds 2031–2036.
Holders of the US$5.75% 2026 Unsecured Bonds may roll over into the new US$6.5% Unsecured Bonds 2031–2036.
Minimum Retention Requirement: Existing bondholders must retain a minimum balance of €50,000 (for EUR bonds) or US$55,000 (for USD bonds) in their current holding. Partial rollovers are permitted only if the remaining balance meets these thresholds.
Bond Denomination and Applications: The new bonds are issued in denominations of €5,000 or US$5,000, and applications must be made in multiples of these amounts. Where an existing holding is not a multiple of 5,000, bondholders rolling over their entire holding will need to make a Cash Top-Up to reach the next multiple of 5,000. Cash Top-Ups apply only to full rollovers.’
Excess Bonds: Bondholders who roll over their entire holding may also apply for additional amounts, referred to as Excess Bonds, subject to availability and allocation.
Non-Rollover Option: Existing bondholders who choose not to exchange their current bonds will receive full repayment of capital and accrued interest (up to but excluding 5 February 2026) on the redemption date of 5 February 2026.
Application Process
Eligible investors can apply during the priority phase through MeDirect, subject to minimum subscription limits. Should the initial allocation remain undersubscribed, MeDirect will facilitate access to the Intermediaries’ Offer for other qualified investors wishing to participate in the new issue.
Eligible MeDirect clients will receive a secure message outlining the application process. Retail investors must complete an appropriateness assessment by a licensed financial advisor prior to subscription. If you are interested in applying, please send a Secure Mail via the MeDirect platform or contact your Relationship Manager.
The information set forth in this article is only for informative purposes and should not be construed as an offer to sell or solicitation of an offer to subscribe for or purchase any investment. The information provided is subject to change without notice and does not constitute investment advice or any guarantee of returns. Please consider the terms and conditions governing the relevant investment prior to making any investment decision. Investors should note that at worst they may lose all of their invested principal in the event of default, insolvency and/or bankruptcy of the relevant issue.
The financial instruments discussed are intended for retail clients, however, may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.
MeDirect Bank (Malta) plc has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. MeDirect Bank (Malta) plc does not therefore provide any guarantees, representations or warranties. The value of any investment or income may go up as well as down and past performance is no guarantee of any future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on your investment.
MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority under the Banking Act (Cap. 371) and the Investment Services Act (Cap. 370). This material shall not be reproduced in any way, whether in whole or in part. Any unauthorised disclosure, use or dissemination, either in whole or in part, of the material contained within is strictly prohibited.
Jean Boivin – Head of BlackRock Investment Institute together with Wei Li – Global Chief Investment strategist, Glenn Purves – Global Head of Macro and Natalie Gill – Portfolio Strategist all forming part of the BlackRock Investment Institute share their insights on global economy, markets and geopolitics. Their views are theirs alone and are not intended to be construed as investment advice.
Key Points
Strong start to Q3 earnings : Solid growth and the AI buildout should buoy U.S. earnings. That and immutable economic laws keep us overweight U.S. stocks. We prefer select sectors.
Market backdrop : U.S. stocks rose last week even after regional bank concerns sparked a brief drop. Gold surged to new highs. U.S. bond yields hit six-month lows.
Week ahead : The release of the postponed U.S. CPI will give data-starved investors an update on whether core inflation is staying sticky before the next Fed meeting.
U.S. stocks recovered after tough talk on U.S. and China trade began to look more like each side testing leverage before the planned meeting of their presidents. This aligns with what we’ve long said: immutable economic laws limit policy extremes and keep us overweight U.S. stocks. We think the strong start to the U.S. third quarter earnings season validates this, as resilient growth, Fed rate cuts and the AI theme buoy stocks. Yet we get granular, tracking AI spend and tariff impacts.
We think U.S.-China trade tensions are again bumping into immutable economic laws: supply chains can’t be rewired overnight. We saw this in April: U.S. stocks slid after the April 2 tariff announcement, but we believed such laws would keep tariffs from reaching the proposed levels – and we re-upped risk taking as a result. That paid off: the S&P 500 has since surged 40% from the April lows. We saw a similar scenario on a smaller scale. U.S. stocks suffered their sharpest one-day drop since April after the U.S. president floated a 100% tariff on China but recovered as a path emerged to strike a deal. Auto tariffs are also set to be eased. We think immutable laws will enable trade de-escalation and support sentiment as Q3 corporate earnings season kicks off. Analysts have revised up expected earnings to almost 11% for 2025 overall from just under 9% in Q2. See the chart.
As we look at the third quarter earnings season, we believe three factors will fuel broad U.S. earnings growth. First: resilient U.S. economic growth. GDP is expected to grow 1.5% this year – below trend but far from recession. Second: policy easing. Weaker labor market data gave the Fed room to cut rates and indicate more ahead, and put questions about its independence on the backburner for now. Third: AI-related spending. LSEG data show expected year-over-year Q3 earnings growth for the “magnificent seven” tech titans is 14%. But performance is broadening out, with estimated growth of 7.8% for the other S&P 500 companies, a much narrower gap than in recent quarters.
Getting granular as earnings growth broadens
Yet we still think it’s important to get granular, as we see several themes driving dispersion even as earnings improvements broaden. Markets have cheered mega cap tech’s rapid AI-related investment, but we eye the revenues from that spending and potential AI productivity gains across sectors. We also watch how deregulation will support financials, with leading banks already reporting strong earnings and 16% expected earnings growth for the sector, LSEG data show. U.S. regional banks dipped last week on credit issues that appear limited to two banks. Even as U.S. companies look to have withstood tariffs – likely from passing costs onto consumers and running down inventory – certain sectors will feel the pinch more. For example, producers of often-imported goods like appliances and smaller companies with less flexibility and pricing power.
Beyond the U.S., lagging earnings in Europe keep us neutral the region’s stocks. A stronger euro and tariff-related dents in demand have cut earnings growth expectations for 2025 overall to 0.5% from near 3% on July 1. European stocks had a spell of outperformance over U.S. peers earlier this year, but we did not think the two conditions needed to sustain a rally in Europe would be met: namely, growth surprising more positively than in the U.S. and stronger relative earnings growth. That is why we kept our relative preference for U.S. stocks – a call that paid off.
Our bottom line
We think immutable economic laws will limit trade policy extremes and, together with resilient growth, lower rates and the AI theme, support U.S. stocks, which we prefer to Europe’s. Yet we stay selective on tariff impacts and AI spend.
Market backdrop
U.S. stocks were higher on the week but trimmed gains on the pullback in financial shares, sparked by credit concerns about some U.S. regional banks. The market quickly settled down after it was clear these concerns were specific to two banks and did not look like a replay of the 2023 turmoil. Gold soared to new record highs and was up more than 60% this year. U.S. 10- and 30-year Treasury yields hit six-month lows as the market awaits the resumption of U.S. economic data.
We are eying the delayed U.S. CPI for September, the first major economic indicator to be released during the government shutdown now heading into its third week. We’re watching for any sign of tariffs passing through to core goods prices and evidence of core services excluding shelter costs staying stubbornly high. Otherwise, private surveys such as global flash PMIs are key for understanding activity trends until the U.S. data resumes.
Week Ahead
Oct. 23 : Euro area consumer confidence
Oct. 24 : U.S. CPI, Global flash PMIs
BlackRock’s Key risks & Disclaimers:
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of 20th October, 2025 and may change. The information and opinions are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.
Issued by BlackRock Investment Management (UK) Limited, authorized and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL.
MeDirect Disclaimers:
This information has been accurately reproduced, as received from BlackRock Investment Management (UK) Limited. No information has been omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers. The information contained in this document is for general information purposes only and is not intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.
The financial instruments discussed in the document is intended for retail clients however, it may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.
If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest in a mutual fund should always be based upon the details contained in the Prospectus and Key Information Document (KID), which may be obtained from MeDirect Bank (Malta) plc.
Liontrust GF High Yield Bond Fund is manufactured by Liontrust Fund Partners LLP and represented in Malta by MeDirect Bank (Malta) plc.
The Fund (C5 sterling accumulation class) returned 3.1%* in sterling terms in Q3 2025 while the ICE Bank of America Merrill Lynch Global High Yield Index (GBP hedged) comparator benchmark returned 2.6% and the average return for the IA Sterling High Yield reference sector was 2.5%. The primary B5 US dollar share class returned 3.2%, while the ICE Bank of America Merrill Lynch Global High Yield Index (USD hedged) comparator benchmark returned 2.6% and the average return for the EAA Fund USD High Yield Bond (Morningstar) reference sector was 2.2%.
We also compare the Fund’s performance to a leading Global High Yield ETF (seeking to outperform by 1.5% a year) †. The Fund’s C5 sterling shares class return was ahead of the ETF in Q3 and has now outperformed by nine percentage points since inception (June 2018).
The global high yield market returned 2.6% (US dollar terms) in the third quarter of 2025.
The US high yield market produced a 2.4% return. In Europe, the high yield market also returned 2.4% (US dollars). Single-Bs were the best performing part of the market by rating at 2.68%, only marginally ahead of CCCs at 2.66% and 2.58% for double-BBs.
During the quarter, we benefited from a positive credit event among our holdings: Tegna, a US media company operating television and radio stations, entered advanced acquisition talks with Nexstar. We held Tegna’s longer-dated 2029 bonds, which offered the most capital upside within the company’s capital structure. Following the news, these bonds rallied by three points. As the bonds carried a change of control covenant –entitling bondholders to a 101 repurchase price if triggered – the upside became limited after the rally. Consequently, we decided to take profits and reduce potential risk in the event the deal did not close.
The primary market was relatively quiet over the summer but picked up in September, driven mainly by BB-rated and B-rated issuers. We participated in three new issues: SoftBank (in euros), Boots (in sterling), and ZFF (in US dollars). We have a history of investing in both SoftBank and ZFF and were attracted by the relative value opportunities. Although we typically avoid the retail sector due to its cyclical nature, we found Boots appealing given its defensive product range, strong market position and brand in the UK, solid credit metrics, and the attractive value on offer for a single-B rated credit.
The remainder of our activity this quarter focused on maintaining portfolio freshness by recycling exposure from more expensive BB-rated credits into B-rated credits offering greater value. We also reduced exposure to the automotive sector, where tariff headwinds and softening demand led us to adopt a more cautious stance.
One position from the prior quarter was in Urbaser, a Spanish waste collection company. The initial transaction included proceeds to fund a dividend to shareholders – an aggressive structure, though one we felt adequately compensated for. However, only six weeks later, the company issued PIK notes (an instrument in the capital structure where issuers can have flexibility over whether coupons are paid upfront, or at the maturity of the bond) to fund a second dividend, which we viewed as overly aggressive. This highlighted the importance of ensuring management and creditor interests remain aligned – an essential aspect of our credit analysis. We therefore exited the position and realised profits once our conviction changed.
With the portfolio positioned defensively and given our emphasis on idiosyncratic risk management and stock selection, these factors collectively contributed to the Fund’s strong performance during the quarter.
Outlook
Last quarter, the market was initially unsettled by the announcement of new tariffs. However, subsequent tariff-related news has been largely shrugged off, and the potential for further significant impact now appears to be mostly behind us.
So far, the anticipated inflationary effects of tariffs have not materialised to the extent initially feared. While US inflation is rising, the pass-through from tariffs tends to occur with a lag, and some of the cost pressures are being absorbed within corporate profit margins. The Federal Reserve’s main concern is that higher goods prices could lead to increased wage demands and, consequently, stronger services inflation.
In September, the Fed implemented a 25-basis point rate cut, with the path of future cuts likely to depend on the resilience of the US labour market. However, the recent partial shutdown of the US government means labour market data releases will be delayed, making it more difficult to gauge the timing and pace of any further rate adjustments.
The primary market remains open, particularly for higher-rated issuers. Many new issues have been heavily oversubscribed, leading to a noticeable compression in the new issue premium. This reflects robust demand for bonds, indicating a supportive risk environment and a continued search for yield.
Credit spreads remain tight, meaning that carry – rather than spread tightening – is expected to be the dominant driver of returns going forward. With valuations somewhat stretched, the market has become more sensitive to adverse news or idiosyncratic credit stress. Dispersion is increasing, especially among weaker-rated issuers, where idiosyncratic risks are being more distinctly rewarded or punished.
A recent topical example in the leveraged loan market was the default of the auto parts company First Brands. The company had only leveraged loans outstanding and no high-yield bonds. It attempted to refinance its debt over the summer, which included approximately $5 billion in first-lien debt maturing in March 2027. While the first-lien loans were rated single-B, the second-lien loans were high-CCC, already signifying a high level of risk. The refinancing effort failed as investors became concerned about the company’s accounting practices, prompting downgrades by rating agencies. First Brands subsequently filed for bankruptcy protection. This case illustrates how aggressive accounting and poor transparency can drive idiosyncratic distress – especially in instruments not marked to market, such as leveraged loans, where price signals are slower to reflect risk, unlike the high yield bond market.
Looking ahead, defaults and credit stress remain important watch points. A modest increase in default rates –particularly among lower-rated issuers – is not unexpected. However, large-scale systemic defaults are not anticipated under our base case scenario. In this environment, active management remains crucial in order to navigating rising dispersion.
Credits with stronger fundamentals, sound capital structures, and defensive characteristics are likely to outperform. With our disciplined focus on idiosyncratic risk and avoidance of concentrated thematic or cyclical exposures, we believe the Fund is well positioned to benefit. The Fund’s current yield of 6.7% in US dollars (6.9% in sterling, 5.5% in euros) remains attractive from a risk/reward perspective.
Liontrust Key risks & Disclaimers:
Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital.
The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.
Investment in the GF High Yield Bond Fund involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest. Bond markets may be subject to reduced liquidity. The Fund may invest in emerging markets/soft currencies and in financial derivative instruments, both of which may have the effect of increasing volatility. The Fund may invest in derivatives. The use of derivatives may create leverage or gearing. A relatively small movement in the value of a derivative’s underlying investment may have a larger impact, positive or negative, on the value of a fund than if the underlying investment was held instead.
Issued by Liontrust Fund Partners LLP (2 Savoy Court, London WC2R 0EZ), authorised and regulated in the UK by the Financial Conduct Authority (FRN 518165) to undertake regulated investment business.
This document should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. It contains information and analysis that is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, faxed, reproduced, divulged or distributed, in whole or in part, without the express written consent of Liontrust. Always research your own investments and (if you are not a professional or a financial adviser) consult suitability with a regulated financial adviser before investing.
MeDirect Disclaimers:
This information has been accurately reproduced, as received from Liontrust Fund Partners LLP. No information has been omitted which would render the reproduced information inaccurate or misleading. This information is being distributed by MeDirect Bank (Malta) plc to its customers. The information contained in this document is for general information purposes only and is not intended to provide legal or other professional advice nor does it commit MeDirect Bank (Malta) plc to any obligation whatsoever. The information available in this document is not intended to be a suggestion, recommendation or solicitation to buy, hold or sell, any securities and is not guaranteed as to accuracy or completeness.
The financial instrument discussed in the document is intended for retail clients however, it may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein.
If you invest in this product you may lose some or all of the money you invest. The value of your investment may go down as well as up. A commission or sales fee may be charged at the time of the initial purchase for an investment. Any income you get from this investment may go down as well as up. This product may be affected by changes in currency exchange rate movements thereby affecting your investment return therefrom. The performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. Any decision to invest should always be based upon the details contained in the Prospectus and Key Information Document (KID), which may be obtained from MeDirect Bank (Malta) plc.
The journey to homeownership takes a major leap forward when your bank issues a sanction letter, a formal confirmation that the loan needed to complete your property purchase is secured. With the Promise of Sale (Konvenju) already in place, you’re now approaching the final milestone which is signing the deed of sale. But before that day arrives, a few key steps remain. Here’s what you need to know.
Coordinate with your Notary and Architect
Notary: Share your sanction letter so they can begin preparing the final deed of sale and conduct necessary legal checks.
Architect: Provide approved building permits (if applicable), layout, elevation, and site plans. You’ll also need to complete an Architect Valuation Form, ideally once the property is finished, as agreed with the vendor.
At this point, these documents will need to be vetted and any other conditions stipulated by the bank satisfied.
Secure your insurance policies
Life Insurance: This is required to cover at least the full loan amount. This ensures that, in the unfortunate event of death, the outstanding loan will be fully repaid, giving peace of mind and financial security to your loved ones. MeDirect offers life insurance solutions through MAPFRE MSV Life p.l.c.
Building Insurance: You will also need to find insurance which covers the full replacement value as stated in the Architect Valuation Form. Ensure the correct property address is listed and include coverage for garages or car spaces if applicable.
Final preparations before signing
There are two more things you need to do before signing.
Energy Performance Certificate (EPC): Ensure the vendor provides this document.
Salary Direct Credit: Confirm your salary is being deposited into the account specified by your lender.
Buying a home is a complex process but with the right guidance, it doesn’t have to be overwhelming. By understanding each step and staying organised, you’ll be well on your way to turning the key in your new front door.
MeDirect Bank (Malta) plc, company registration number C34125, is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank’s lending criteria. Your residential immovable property may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured on it.
MeDirect Bank (Malta) plc is enrolled under the Insurance Distribution Act, Cap. 487 of the Laws of Malta, as a Tied Insurance Intermediary for MAPFRE MSV Life p.l.c. (MMSV). MMSV (C-15722) is authorised by the Malta Financial Services Authority (MFSA) to carry on long-term business under the Insurance Business Act, Cap. 403 of the Laws of Malta. The Life Insurance Products distributed by MeDirect Bank (Malta) plc are manufactured by MAPFRE MSV Life p.l.c., which provides cover under these policies,
MeDirect Bank (Malta) plc, The Centre, Tigné Point, Sliema, TPO 0001, Malta.
You are leaving medirect.com.mt
Please be aware that the external site policies, or those of another MeDirect website, may differ from this website’s terms and conditions and privacy policy. The next website will open in a new browser window or tab.
Note: MeDirect is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content.
We strive to ensure a streamlined account opening process, via a structured and clear set of requirements and personalised assistance during the initial communication stages. If you are interested in opening a corporate account with MeDirect, please complete an Account Opening Information Questionnaire and send it to corporate@medirect.com.mt.
For a comprehensive list of documentation required to open a corporate account please contact us by email at corporate@medirect.com.mt or by phone on (+356) 2557 4444.
