The bonds will carry a fixed interest rate of 5.50% per annum, payable semi-annually, and will have a maturity of 8 years and 3 months. The bonds also carry an investment-grade BBB rating by EthiFinance  and will be listed on the Malta Stock Exchange. 

This Bond Issue is backed by a security package linked to the Group’s underlying infrastructure asset. The package comprises economic rights arising from a long-term public concession relating to the maintenance of Barcelona Metro Line 9 Sud stations in Catalonia, Spain. 

Find out more details on the Prospectus below. 

Business overview 

ACS Finance p.l.c. forms part of the Audentia Capital Group, an international alternative investment and infrastructure-focused group established in Malta in 2011. The Group operates across Malta, Luxembourg, Ireland, and Spain through regulated investment management, securitisation, and alternative investment structures.  

The Group manages over 100 investment vehicles with more than €3 billion in assets under management and has built a strong presence within alternative investments and infrastructure-backed financial structures.  

ACS Finance p.l.c. holds 36% of the economic rights arising from a government-funded public concession granted by the Catalonia region for the ordinary maintenance of 15 stations forming part of Line 9 Sud of the Barcelona Metro system. 

Overview of the underlying asset 

The underlying asset relates to Barcelona Metro Line 9 Sud, one of Europe’s largest and most modern metro infrastructure projects. The line connects Barcelona Airport with the city centre and surrounding neighbourhoods and is recognised as the longest automated metro line in Europe. 

The concession benefits from long-term availability-based payments, providing stable and predictable cashflows with no passenger demand risk. The concession runs until August 2041 and is ultimately supported by Infraestructures Ferroviàries de Catalunya (IFERCAT), the railway infrastructure agency fully owned by the Government of Catalonia. 

The Barcelona Metro Line 9 Sud project forms part of a sustainable public transport network aligned with EU Green Taxonomy objectives and supports low-emission urban mobility. It is operated under ESG-compliant standards and comprises 15 metro stations and 11 ventilation and emergency shafts across the operational section of Line 9 Sud.  

The stations include direct airport connectivity through the Aeroport T1 and Aeroport T2 stations, serving one of Spain’s busiest airports.  

The infrastructure is considered strategically important for the Catalonia region and benefits from continued governmental support through IFERCAT and the Generalitat de Catalunya. Passenger numbers across Barcelona’s metro network continue to grow steadily, with Line 9 Sud serving as a key transport link between Barcelona city centre and El Prat Airport. 

The concession has demonstrated a strong operational track record since operations began, with no historical deductions or penalties reported under the availability of payment mechanism. Maintenance obligations are managed under fixed contractual arrangements extending to 2041, further enhancing cashflow visibility. 

Use of proceeds 

The net proceeds from the Bond Issue will be utilised to finance the acquisition of the economic rights linked to the concession asset and support the Group’s broader infrastructure financing strategy. 

The Bond Issue is intended to strengthen the Group’s long-term funding structure while supporting continued investment in infrastructure-backed assets with stable cashflow characteristics. 

Bond highlights 

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Security package 

The Bonds are secured through a pledge over the economic rights associated with the underlying concession asset linked to Barcelona Metro Line 9 Sud. The asset has an estimated economic value of approximately €88 million according to the transaction structure presented. 

A Security Trustee will act on behalf of bondholders to hold and administer the security package collectively. The transaction structure is designed to provide investors with additional protection through secured exposure to long-term infrastructure-related cashflows. 

The Bonds benefit from an investment-grade BBB rating assigned by EthiFinance, an EU-registered credit rating agency, reflecting the concession’s availability-based revenue model and the credit quality of the Catalonia regional government supporting the concession payments. BBB is an investment grade credit rating indicating the issuer has adequate capacity to meet its financial commitments, offering investors a meaningful level of credit confidence.  

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the bond within the platform and complete your application in just a few steps. 

5.5% ACS Finance p.l.c. 2034 

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. 

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. 

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. 

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370 

This follows the successful issuance of the first series of bonds in 2025, which was fully subscribed following its launch. 

Find out more details on the prospectus and final terms below. 

Business overview 

AGB Finance p.l.c. forms part of the AGB Group, which, through the Guarantor, is principally involved in the acquisition, development, and rental of immovable property across Malta. The Group operates across the accommodation and tourism, commercial, and residential markets. 

The Group has established a growing presence within Malta’s real estate and tourism sectors through a portfolio of operational hospitality assets, development projects, commercial premises, and residential properties located in prime areas across the island. 

The Bond Issue forms part of the Group’s broader financing strategy to support ongoing development projects, strengthen its capital structure, and drive long-term growth through income-generating assets. 

Overview of holdings 

The Group’s portfolio consists of a mix of operational hospitality assets, income-generating commercial units, and residential and mixed-use developments across Malta, primarily structured to generate long-term rental income.

Hospitality assets 

The Group owns the G Hotel in St Julian’s, a 25-room, fully operational 3-star hotel leased to third-party operators under a long-term agreement generating fixed rental income. 

Adjacent to the G Hotel, the Group is also developing Corks Hotel, a 34-room project expected to be operated as a hotel upon completion. 

In Gżira, the Group is developing the Gżira Hotel, a 34-room, 3-star hotel currently in advanced construction, with finishing works underway. The project has the potential to expand to 49 rooms, subject to planning approval. Both the Gżira and Corks Hotel projects are intended for long-term leasing to hospitality operators. 

Commercial assets 

The Group owns two fully leased commercial outlets in Gżira, comprising a restaurant and a retail outlet, both generating recurring rental income under long-term lease agreements. 

Residential and mixed-use developments 

The Group is also involved in residential-led developments, including the Sliema Development Site, comprising residential apartments and a commercial unit, currently subject to planning approval and acquisition conditions. 

In Msida, the Group holds a partial interest in a completed residential block comprising apartments and a garage. Most units have been pre-sold under preliminary agreements, supporting near-term deleveraging through unit sales. 

Use of proceeds 

According to the Prospectus and the Final Terms, the net proceeds from the Bond Issue are to be primarily used to finance two property developments in Gżira and Sliema, with the remainder allocated to general corporate funding. 

The Bond Issue is therefore intended to support the continued expansion of the Group’s property and hospitality portfolio while strengthening its long-term funding structure. 

Bond highlights 

The minimum subscription amount is €5,000 and in multiples of €100 thereafter. 

Security package 

The Bonds are secured by first-ranking special hypothecs granted over selected hospitality assets forming part of the Group’s portfolio, principally comprising the Corks Hotel and the Sliema Development Site. 

A security trustee holds this security on behalf of all bondholders, ensuring investors are protected collectively rather than individually. The Bonds also benefit from a guarantee provided by the AGB Group, meaning repayment is supported not only by the issuing company, but by the broader group structure. 

The security package is intended to provide bondholders with additional protection through collateral granted over key assets within the Group’s portfolio. 

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN for the quickest and most efficient processing experience. Your IBAN details can be accessed through the Moneybase platform or found on your portfolio and statement reports. Alternatively, you may top up your account instantly by card through the Moneybase app. 

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Clients can now submit their bond application directly through the Moneybase platform, available on iOS, Android, and web. 

To apply, search for the bond within the platform and complete your application in a few steps. 

5.70% AGB Finance plc 2036 

The minimum subscription amount is €5,000 and in multiples of €100 thereafter. 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. 

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. 

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. 

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370 

In today’s heightened volatility, retail investors might be carried away by emotions, and this is when smart investing is imperative. The opening months of 2026 have been marked by significant market swings, driven by alternating waves of fear and optimism surrounding artificial intelligence, unexpected geopolitical developments, and growing uncertainty over monetary policy direction. This created a more challenging climate for long-term rational investors who seek long-term value creation, while emotionally driven investors have been more vulnerable to impulsive and costly investment decisions. 

Market overview 

Over the past six months, global financial markets navigated a highly complex environment marked by elevated volatility, persistent inflationary pressures, renewed geopolitical conflicts, and capital flows increasingly dominated by artificial intelligence. Despite several episodes of sharp corrections during the period, most notably following the escalation of the Iran conflict and the resulting spike in energy prices, global equities ultimately proved remarkably resilient, supported primarily by the strong corporate earnings and investment momentum surrounding the AI infrastructure buildout. 

The macroeconomic backdrop remained uneven across regions. While the U.S. economy demonstrated relative resilience, supported by AI-driven investment activity and energy independence, Europe and several emerging economies became progressively more exposed to the negative consequences of higher energy prices and weakening industrial momentum. Inflation remained more persistent than policymakers had anticipated, effectively postponing expectations for a meaningful monetary easing cycle and, in some regions, even reviving discussions around potential further tightening. 

Following the market turbulence recorded during the first quarter of 2026, equities staged a powerful rebound as investors gradually gained greater visibility regarding global trade tensions and tariff-related risks. The artificial intelligence investment theme continued to  dominate market performance throughout the period, with earnings reports from hyperscalers and semiconductor companies consistently reinforcing expectations for a prolonged investment cycle focused on AI infrastructure, data centres, and advanced semiconductors.  

Technology and communication services sectors, increasingly concentrated around the “Magnificent 7” ecosystem, materially outperformed most traditional sectors. Such dynamics contributed to historically narrow market breadth, with a small number of mega-cap names accounting for a disproportionate share of overall index performance. 

How our Autumn 2025 Top Picks performed

Between October 2025 and April 2026 global equity markets delivered a decent performance, which was quite impressive given the high volatility experienced during the period, in particular after the conflict in Iran broke out. 

Our strongest conviction, BNP Paribas, materially outperformed both the benchmark and the broader basket of recommendations from the outset of the period. Initially, the stock benefited from a highly discounted valuation caused by the French political crisis in 2025. As political uncertainty gradually eased, the shares re-rated strongly alongside the broader European banking sector. Although the spike in energy prices triggered by the Iran conflict later raised concerns regarding the Eurozone economic outlook, the powerful rebound in equity markets during April ultimately supported a remarkable total return of 33.1% for the position, significantly outperforming global equities. 

Our second recommendation, Spotify Technologies, experienced a substantial de-rating in valuation multiples amid rising concerns over slowing consumer spending trends across developed markets. While the company continued to demonstrate the key attributes supporting our investment thesis, namely a strong competitive moat and dominant market positioning, investor attention shifted back toward artificial intelligence beneficiaries which weighed heavily on sentiment. As a result, the stock delivered a disappointing total return of -33.1% during the period. 

Among our Magnificent 7 selections, Amazon experienced particularly elevated volatility. Investor concerns initially focused on the prospect of extremely large capital expenditure commitments required to maintain competitiveness within the ongoing artificial intelligence infrastructure race. However, sentiment later reversed sharply as enthusiasm surrounding the AI theme intensified again, allowing the stock to recover despite deteriorating free cash flow generation and increasingly aggressive capital expenditure (capex) guidance from management. Ultimately, it modestly outperformed the broader market, delivering a total return of 6.5%. 

Microsoft Corp, our second Magnificent 7 recommendation, became caught in the February “SaaS-acre” selloff, during which software companies were indiscriminately repriced lower amid fears that artificial intelligence could eventually disrupt large parts of their ecosystem. Despite the fact that more than 70% of Microsoft’s revenues are now linked to cloud-related activities, with both growth and margin resilience remaining evident, investors remained cautious toward the sector. Consequently, the stock posted a total return of -22.3% over the period. At current levels, the stock may present an attractive entry point. 

Finally, MercadoLibre underperformed expectations. Our investment thesis was based primarily on what we viewed as an attractive valuation relative to the company’s long-term growth potential. However, the deterioration in the macroeconomic outlook for emerging markets, particularly following the rise in energy prices, combined with signs of moderating profitability despite still robust top-line expansion, negatively impacted market sentiment. As a result, the stock recorded a total return of -24.3% during the period. 

Highlight on 5 thriving companies

Despite ongoing market turbulence, certain companies continue to capitalise on emerging opportunities and strengthen their competitive positioning, making them attractive additions to put on your watchlist. This article puts the spotlight on 5 such companies, identified through the following structured 3-step analysis: 

1. Sectoral screening: A sector-specific screening model is employed, incorporating a range of financial and operational metrics to assess the long-term viability of companies. Firms exhibiting consistently positive trends across these metrics are shortlisted for deeper evaluation. 

2. Financial modelling & common-size analysis: Detailed financial models are developed for selected companies to incorporate historical performance data and include a comprehensive common-size analysis to facilitate cross-sectional and time-series comparisons. 

3. One-year price target estimation: A one-year price target is determined using a Discounted Cash Flow (DCF) approach. The initial Weighted Average Cost of Capital used to discount projected free cash flows is tailored for each company. It reflects factors such as the firm’s business model, geographical distribution of sales, functional currency risk-free rate and outstanding leverage profile. DCF models’ assumptions are regularly benchmarked against the most recent earnings releases from companies. 

Meta Platforms 

As the world’s largest social media company by daily active users, Meta Platforms benefits from unmatched scale across social media, digital advertising, messaging, and increasingly artificial intelligence infrastructure. Despite regulatory scrutiny, elevated AI-related capital expenditures, and intensifying competition for user engagement, the company continues to deliver highly resilient revenue growth supported by its advertising network, superior user monetisation capabilities, and growing engagement across Instagram, WhatsApp, and Reels.  

Meta’s ongoing investment in AI infrastructure and recommendation algorithms is materially improving advertising efficiency and user retention, reinforcing its competitive position within the global digital advertising ecosystem. 

After periods of heightened volatility linked to concerns surrounding AI monetisation timelines, regulatory pressures, and the scale of ongoing capital expenditure commitments, the stock now offers an attractive long-term risk-reward profile relative to its structural growth prospects and free cash flow generation capabilities. We believe near-term pressure surrounding capex commitments should prove transitory, with financial performance expected to strengthen as the next phase of the artificial intelligence investment cycle develops. 

Booking Holdings 

Booking Holdings continues to navigate a more complex environment marked by moderating consumer spending trends, elevated geopolitical uncertainty, and increasing competition across digital travel platforms. Nevertheless, the company’s core growth drivers remain firmly intact, with its dominant global accommodation marketplace, highly diversified geographic exposure, and expanding alternative accommodation offering continuing to support resilient booking volumes and robust monetisation dynamics.  

The company’s asset-light business model, disciplined marketing optimisation, and scalable technology infrastructure continue to generate exceptional free cash flow conversion and attractive operating leverage. 

 After experiencing a significant valuation re-rating driven by investor concerns over the potential long-term impact of artificial intelligence on online search and travel discovery, the stock now appears to offer an increasingly attractive long-term risk-reward opportunity relative to its high-quality business profile and earnings resilience. We believe Booking Holdings represents a compelling combination of platform dominance, operational resilience, and durable shareholder return potential within the global consumer internet sector. 

Arista Networks 

Arista Networks has emerged as one of the highest-quality infrastructure beneficiaries of the artificial intelligence investment cycle, leveraging its technology leadership to capture accelerating demand from hyperscale data centres and AI clusters. The ongoing expansion of AI infrastructure is driving a structural increase in demand for high-bandwidth, low-latency networking solutions, where the company maintains strong competitive positioning. At the same time, Arista continues to diversify beyond its hyperscaler customer base through growing exposure to enterprise campus networking, security, and routing solutions, broadening its addressable market and reducing customer concentration risk over time. 

While concerns periodically emerge regarding the sustainability of AI-related capex cycles and increasing competition within networking infrastructure, the company combines strong revenue growth with exceptional profitability metrics, supported by a highly asset-light model, disciplined cost structure, and substantial free cash flow generation. We believe the market continues to underestimate both the duration and scale of the AI networking opportunity, and supported by strong execution, expanding product breadth, and deep customer relationships, Arista remains exceptionally well positioned to compound earnings and shareholder returns over the long term. 

Taiwan Semiconductors Manufacturing Company 

TSMC serves as the critical manufacturing backbone for the world’s leading chip designers. The company’s technological leadership in advanced process nodes, combined with unmatched scale and capital intensity, has created a durable competitive advantage that few competitors are realistically capable of replicating. Deep strategic relationships with key customers including Nvidia, Apple, AMD, and Broadcom continue to reinforce long-term capacity utilisation and revenue visibility. 

While geopolitical tensions surrounding Taiwan remain an important long-term consideration, TSMC’s global manufacturing diversification strategy and critical role within the semiconductor supply chain continue to support its strategic positioning, offering unique exposure to the structural expansion of artificial intelligence and advanced computing demand. 

GE Vernova LLC 

Positioned at the intersection of two of the most powerful secular trends of our time, GE Vernova operates as a focused energy technology platform spanning power generation, grid infrastructure, renewable energy, and electrification solutions. Following its separation from General Electric, the company has rapidly established itself as a critical enabler of the global electrification cycle, with particular exposure to accelerating electricity demand driven by AI-powered data centres and grid modernisation initiatives. Its strong technological capabilities and installed-base advantages across gas turbines, grid equipment, and power management systems place it at the centre of a structurally growing addressable market. 

The rapid expansion of hyperscale AI infrastructure is increasingly creating bottlenecks across electricity generation and transmission networks, driving significant incremental demand across all of GE Vernova’s core business lines. Supported by improving profitability, strong order momentum, and strategic exposure to AI-related power demand, the stock offers a compelling entry point for investors seeking long-term exposure to the global electrification and energy infrastructure investment cycle. 

This analysis was conducted by Cosmin Alexandru Mizof, Investment Manager at Calamatta Cuschieri.  

Navigating investments in 2026 

Markets in 2026 are likely to remain volatile, shaped by geopolitical risks, persistent inflationary pressures, and momentum-driven market dynamics. Rather than trying to predict every macro turn, focusing on high-quality companies with solid earnings power, scalable models, and undervalued entry points may be the best path forward. 

These five picks represent a strategic mix of resilience, global diversification, and future-facing growth potential. Investors are still encouraged to do their own research or seek guidance from an expert advisor to set up their ideal investment portfolio. 

The financial instruments discussed are intended for retail clients however, they 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. The value of the investment may go down as well as up and may be affected by changes in currency. Any performance figures quoted refer to the past and past performance is not a guarantee nor a reliable guide to future performance.  

This information is being provided solely for information purposes and should not be deemed or construed as investment advice, tax, legal, or any other ancillary regulatory advice. CCIS does not accept liability for actions, proceedings, costs, demands, expenses, damages, and losses suffered by persons as a result of information, views, or opinions appearing in this document.  

All investment services are brought to you by Calamatta Cuschieri Investment Services Ltd (CCIS) C13729 which is licensed by the MFSA to undertake investment services business under the Investment Services Act, Cap 370. Calamatta Cuschieri Investment Services Ltd is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Investor Compensation Scheme Regulations.  

MB and CCIS are both subsidiaries of Calamatta Cuschieri Moneybase plc with their registered address at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta. 

Why investors are focusing on AI enablers

As the AI theme evolves, markets are becoming increasingly focused on businesses powering the next phase of growth. This includes companies linked to semiconductors, networking equipment, cloud infrastructure, data centres,  and the broader hardware ecosystem required to support rising compute demand. 

Training and deploying large AI models requires significantly higher computing power, greater data storage capacity, and increased energy consumption compared to traditional digital workloads. As a result, infrastructure providers are becoming increasingly central to the AI investment cycle, viewed as key beneficiaries of the significant capital expenditure programmes currently being driven by hyperscale technology firms. 

Hyperscale capital expenditure remains a key driver

Recent earnings releases reinforced this trend, with major technology companies continuing to guide toward elevated AI-related spending. 

According to data tracking Amazon, Alphabet, Microsoft, Meta, and Oracle, hyperscaler capital expenditure as a percentage of operating cash flow has climbed from roughly 15% in 2012 to around 60% in 2025. What is more interesting to observe is the jump in investment since late 2023. This clearly highlights the scale of investment currently being directed toward AI infrastructure and computing capacity. Apart from funding through internally generated cash, hyperscalers have also tapped the bond market to expand their AI investments. 

The consistency of these spending trends continues to support the broader investment case for AI infrastructure, even as parts of the technology sector undergo valuation resets and increased volatility. 

For markets, this matters because ongoing hyperscale investment provides visibility into long-term demand across semiconductors, networking systems, cloud infrastructure, and data centre expansion. 

Large technology firms are competing aggressively to expand AI capabilities, secure computing capacity, and strengthen infrastructure ahead of the next phase of deployment.  

Rather than signalling a slowdown in the theme, the recent market weakness appears to have encouraged more selective positioning within it. 

Valuations are becoming more important again 

The recent pullback has re-introduced a stronger focus on valuations. Following the sharp AI-driven rally, parts of the market had begun trading on increasingly elevated expectations, and the retracement has helped moderate some of that positioning.  

This shift suggests markets are gradually moving toward a more disciplined assessment of which businesses are most directly positioned to eliminate the risk of monetisation, a fear which has hit selective names including some from the big tech. 

Why it matters 

“The current phase of the AI cycle is becoming increasingly focused on infrastructure deployment, capital expenditure visibility, and businesses positioned closest to rising computational demand. With monetisation concerns still present across parts of the AI landscape, companies benefiting directly from AI-related spending through the infrastructure and enabling layer may offer a comparatively lower-risk way to gain exposure to the theme” says Jordan Portelli, Chief Investment Officer at Calamatta Cuschieri Moneybase. 

FAQ 

Which specific sectors or company types are most exposed to the AI infrastructure theme? 

The most directly exposed businesses sit within semiconductors (chips required for model training and inference), networking equipment (high-speed interconnects between servers), hyperscale cloud providers (who both spend on and monetise compute capacity), data centre operators and REITs, and energy infrastructure companies given the significant power demands of AI workloads. 

How can a retail investor get exposure to AI infrastructure? 

Options include direct equity positions in semiconductor or data centre companies, thematic ETFs focused on AI or technology infrastructure, or diversified technology funds with meaningful infrastructure weightings. Investors should assess their risk tolerance carefully, as many of these names carry above-average volatility. 

How long is this capex cycle expected to last? 

Most market estimates suggest the current AI infrastructure build-out has a multi-year runway, driven by the scale of model development, enterprise AI adoption, and sovereign AI initiatives globally. However, the pace of spending is likely to become more uneven as companies shift focus toward demonstrating returns on that investment. 

What is the difference between AI enablers and AI adopters? 

Enablers are businesses that provide foundational infrastructure like chips, servers, networking, and cloud capacity that makes AI possible. Adopters are businesses integrating AI into their products or operations to drive efficiency or revenue. Enablers tend to benefit regardless of which AI applications ultimately win, making them a broader and arguably less risky way to gain exposure to the theme at this stage of the cycle. 

This information is issued by Calamatta Cuschieri Investment Services Ltd (“CCIS”) of Ewropa Business Centre, Triq Dun Karm, Birkirkara BKR 9034, Malta (C13729). CCIS is licensed to conduct Investment Services under the Investment Services Act in Malta by the Malta Financial Services Authority. The value of the investment may go down as well as up and may be affected by changes in currency. Any performance figures quoted refer to the past and past performance is not a guarantee of future performance nor a reliable guide to future performance.  

This information is being provided solely for information purposes and should not be deemed or construed as investment advice, advice concerning particular investments, advice concerning investment decisions, tax, legal, or any other ancillary regulatory advice. There is no guarantee that any forecast or opinion will be realized. The information presented does not take into account your personal circumstances and is provided to You on the express basis that it is not advice, and you may not rely upon it in making any investment decision. Investments in any financial instruments involve risks, you should make your own research before making any investment decisions and should seek the assistance of a financial advisor if in doubt. No person should act upon any opinion and/or information in this document without first obtaining professional advice. CCIS does not accept liability for actions, proceedings, costs, demands, expenses, damages, and losses suffered by persons as a result of information, views, or opinions appearing on this document. 

The increasing complexity of AI workloads and distributed computing environments has significantly raised the importance of networking performance alongside compute capacity. Arista’s AI-focused Ethernet fabrics, high-bandwidth switching platforms, and observability software are designed to address these evolving infrastructure requirements, positioning the company as a key beneficiary of the ongoing AI investment cycle. 

Growth continues to be supported by rising hyperscaler spending, broader adoption of next-generation networking architectures, and increasing enterprise demand for scalable cloud networking solutions. At the same time, Arista’s software-led ecosystem and operational discipline continue to underpin strong margins, robust cash generation, and competitive differentiation relative to traditional networking providers. 

While the market has periodically expressed concerns over customer concentration, AI capital expenditure sustainability, and intensifying competition across networking infrastructure, Arista’s execution and expanding product portfolio continue to reinforce its long-term positioning within the sector. 

We remain constructive on the company’s outlook as AI infrastructure deployment broadens globally, and demand for high-performance networking solutions continues to accelerate. Arista Networks remains well placed to capitalise on the structural growth opportunities emerging across cloud computing and artificial intelligence infrastructure. 

Valuation Insights, targets and forward outlook 

The full equity research report outlines our BUY rating, price target, and detailed valuation approach based on discounted cash flow analysis, alongside key financial metrics providing a comprehensive perspective on Arista Nerworks.  

To access the equity research reports, log in to live.moneybase.com. Once logged in, navigate to the ‘News’ section and select the ‘Research’ tab to view all available research documents. If you don’t have a Moneybase account, download the app to get started. 

This equity research document is issued by Calamatta Cuschieri Investment Services Ltd (“CCIS”) of Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR9034, Malta (C13729). CCIS is licensed to conduct Investment Services under the Investment Services Act in Malta by the Malta Financial Services Authority.     

Newly issued research recommendations and target prices supersede previously published research.     

The value of the investment may go down as well as up and may be affected by changes in currency. Any performance figures quoted refer to the past and past performance is not a guarantee of future performance nor a reliable guide to future performance. This information is being provided solely for information purposes and should not be deemed or construed as investment advice, advice concerning particular investments, advice concerning investment decisions, tax, legal, or any other ancillary regulatory advice. This content represents the views of the author(s) based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. The information presented does not take into account your personal circumstances and is provided to You on the express basis that it is not advice, and you may not rely upon it in making any investment decision. Investments in any financial instruments involve risks, you should make your own research before making any investment decisions and should seek the assistance of a financial advisor if in doubt. No person should act upon any opinion and/or information in this document without first obtaining professional advice. CCIS does not accept liability for actions, proceedings, costs, demands, expenses, damages, and losses suffered by persons as a result of information, views, or opinions appearing on this document. 

Find out more details on the Base Prospectus & Final Terms below. 

Business overview 

Challenge Aviation p.l.c. operates as the dedicated financing vehicle of the Bond Group, established to raise capital and advance funding to group entities engaged in the acquisition, ownership, and leasing of aircraft. Through this structure, the Bond Group builds and manages a portfolio of wide‑body cargo aircraft which are leased on a medium‑ to long‑term basis to operating airlines within the wider Challenge Group. 

The board of Challenge Aviation p.l.c. highlighted that the bond programme represents an important milestone for the expansion of aircraft leasing operations. The Bond Group currently owns 14 aircraft, and additional aircraft engines valued at around $400 million, with funds raised intended to further support the Group’s growth strategy in the air cargo sector. 

The aircraft leasing platform supports the wider Group’s fully integrated air‑cargo operations, which span cargo airlines, ground handling, logistics, and commercial air freight services across multiple jurisdictions, including Europe, Israel and Malta. Lease income generated under contractual arrangements contributes to the financial sustainability of the aircraft ownership structure and underpins the Group’s core aviation activities. 

Use of proceeds 

The net proceeds from the Bond Programme are expected to amount to an aggregate of €30 million, before issuing costs. These proceeds will be used to refinance the acquisition of a Boeing B777‑300ER aircraft, which forms part of the Challenge Group’s aircraft fleet supporting its air cargo operations. 

By refinancing this aircraft acquisition, the Group aims to align long‑term funding with long‑term assets, supporting financial stability and efficient capital management. This approach allows the Group to continue investing in its fleet while maintaining a balanced funding structure to support ongoing operations and future growth. 

How to apply

There are no fees to apply, this includes both nominee and non-nominee (certificated) applications. 

If you are interested in participating in the Bond Issue and need to fund your account with us, we strongly recommend that you send a bank transfer to the IBAN provided on your account for fast straight-through processing. This can be found easily on your portfolio and statement reports or via the Moneybase platform. Please contact customer care if you are unable to locate this. You can also fund your account by card through the Moneybase platform. 

Online 

Our award-winning platform, Moneybase is available as an app on both Android and IOS app stores and on the web. 

Should you prefer to apply online, kindly look up the instrument below and specify the amount of bonds you would like to subscribe: 

• 5.75% Challenge Aviation plc 2032 
   

The minimum application amount is €5,000 and in multiples of €100 thereafter.  

Advisory 

Financial Advisory clients who wish to seek financial advice or who prefer to speak to their financial advisor can fund their account and visit one of our branches (Birkirkara, Mosta, Sliema and Fgura) or contact our customer support on +356 25 688 688 or on www.cc.com.mt. 

If you need assistance, our ISO-certified customer care team is available to assist 7 days a week.

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

This is a marketing communication. The value of the investment can go down as well as up and past performance is not necessarily indicative of future performance. Investing in the bonds of the Issuer may result in a loss of some or all the capital invested. Prospective investors wishing to subscribe to the bonds should make their own assessment as to the suitability of the investment after reading the Prospectus to fully understand the features of the investment and the potential risks and rewards associated with the bonds. Prospective investors are to consult their independent financial advisor as to the suitability or appropriateness of investing in the bonds.

Find out more details on the Base Prospectus & Final Terms below. 

Business Overview 

The issuer’s principal activity is that of a finance company.  The issuer does not itself carry on  

any trading activities apart from raising capital and advancing it to members of the Group as and when the demands of their business so require. Accordingly, the Issuer is economically dependent on the Group. 

The Guarantor is the holding company of the Group and holds investments in several subsidiaries operating in the following sectors: hospitality, F&B, and property development. 

The Group is primarily engaged in three (3) primary business divisions, namely ‘Hospitality &  

Leisure’, ‘Food & Beverage’ and ‘Property Development’. In line with its long-term growth strategy, the Group continues to actively pursue opportunities to diversify its business portfolio. This includes a strategic investment in industrial laundry services, aimed at leveraging operational synergies and expanding into complementary service areas. 

Use of proceeds 

The proceeds from the Bond Issue, which net of Bond Issue expenses are expected to amount to approximately €19,700,000 shall be used for the following purposes: 

i. approximately €15,000,000 shall be on-lent to db San Gorg Property Limited. Such amount shall go towards the repayment of existing inter-company loans entered by and between db San Gorg Property Limited (in its capacity as borrower) and the Guarantor (in its capacity as lender), in connection with the development of the St. George’s Bay Project; and 

ii. approximately €4,700,000 shall be utilised for general corporate funding purposes. 

How to Apply

There are no fees to apply, this includes both nominee and non-nominee (certificated) applications. 

If you are interested in participating in the Bond Issue and need to fund your account with us, we strongly recommend that you send a bank transfer to the IBAN provided on your account for fast straight-through processing. This can be found easily on your portfolio and statement reports or via the Moneybase platform. Please contact customer care if you are unable to locate this. You can also fund your account by card through the Moneybase platform. 

Online 

Our award-winning platform, Moneybase is available as an app on both Android and IOS app stores and on the web. 

Should you prefer to apply online, kindly look up the instrument below and specify the amount of bonds you would like to subscribe: 

• 5.2% SD FINANCE 2031 Tranche 2  
   

The minimum application amount is €2,000 and in multiples of €100 thereafter.  

Advisory 

Financial Advisory clients who wish to seek financial advice or who prefer to speak to their financial advisor can fund their account and visit one of our branches (Birkirkara, Mosta, Sliema and Fgura) or contact our customer support on +356 25 688 688 or on www.cc.com.mt. 

If you need assistance our ISO-certified customer care team is available to assist 7 days a week.

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

This is a marketing communication. The value of the investment can go down as well as up and past performance is not necessarily indicative of future performance. Investing in the bonds of the Issuer may result in a loss of some or all the capital invested. Prospective investors wishing to subscribe to the bonds should make their own assessment as to the suitability of the investment after reading the Prospectus to fully understand the features of the investment and the potential risks and rewards associated with the bonds. Prospective investors are to consult their independent financial advisor as to the suitability or appropriateness of investing in the bonds. Prospective investors are advised that where an appropriateness assessment is not required investors do not benefit from the corresponding protection afforded under the Conduct of Business Rules.  

The company’s expanding security segment, which now represents its primary revenue driver, reflects a deliberate focus on higher-margin, mission-critical services such as application and API protection. At the same time, Akamai is scaling its cloud and edge infrastructure to support increasingly complex workloads, including those linked to artificial intelligence. 

While this repositioning requires sustained investment and has introduced some pressure on near-term growth metrics, it strengthens the company’s competitive positioning in a rapidly evolving market. Notably, Akamai’s distributed architecture offers clear advantages in environments where centralised cloud solutions may struggle to deliver real-time performance. 

Market concerns around competition and technological disruption, particularly in relation to AI, have weighed on sentiment. However, we see these risks as balanced by the company’s strong enterprise footprint and differentiated infrastructure. 

Overall, Akamai presents a compelling case as a structurally improving business, with a more attractive revenue mix and growing relevance in next-generation digital ecosystems. 

Valuation Insights, targets and forward outlook 

The full equity research report outlines our BUY rating, price target, and detailed valuation approach based on discounted cash flow analysis, alongside key financial metrics providing a comprehensive perspective on Akamai Technologies.  

To access the equity research reports, log in to live.moneybase.com. Once logged in, navigate to the ‘News’ section and select the ‘Research’ tab to view all available research documents. If you don’t have a Moneybase account, download the app to get started. 

This equity research document is issued by Calamatta Cuschieri Investment Services Ltd (“CCIS”) of Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR9034, Malta (C13729). CCIS is licensed to conduct Investment Services under the Investment Services Act in Malta by the Malta Financial Services Authority.     

Newly issued research recommendations and target prices supersede previously published research.     

The value of the investment may go down as well as up and may be affected by changes in currency. Any performance figures quoted refer to the past and past performance is not a guarantee of future performance nor a reliable guide to future performance. This information is being provided solely for information purposes and should not be deemed or construed as investment advice, advice concerning particular investments, advice concerning investment decisions, tax, legal, or any other ancillary regulatory advice. This content represents the views of the author(s) based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. The information presented does not take into account your personal circumstances and is provided to You on the express basis that it is not advice, and you may not rely upon it in making any investment decision. Investments in any financial instruments involve risks, you should make your own research before making any investment decisions and should seek the assistance of a financial advisor if in doubt. No person should act upon any opinion and/or information in this document without first obtaining professional advice. CCIS does not accept liability for actions, proceedings, costs, demands, expenses, damages, and losses suffered by persons as a result of information, views, or opinions appearing on this document. 

(a) 3.8% Malta Government Stock 2036 (III) at €100 with a YTM of 3.7998%, which corresponds to an annualised rate of 3.8359%, and  

(b) 4.1% Malta Government Stock 2041 (II) at €100 with a YTM of 4.0997%, which corresponds to an annualised rate of 4.1418%. 

The Accountant General is offering an aggregate nominal amount of €300,000,000 in any combination of the above Stocks subject to an over-allotment option of €200,000,000 in the event of over-subscription.    

Applications by any single and/or joint applicants which do not exceed €499,900 per person (retail investors) will close on Wednesday, 22 April 2026 at 14:30 hrs., or earlier at the discretion of the Accountant General.   

How to apply 

There are no fees to apply. Both nominee and non-nominee orders are free of charge.  

Online 

Investors who wish to apply online can now easily place orders online from the Moneybase app available on both Android and IOS app stores and on web.

 Advisory  

Financial Advisory clients who wish to seek financial advice or prefer to speak to their financial advisor can visit one of our branches (Birkirkara, Mosta, Sliema and Fgura), contact us via email or call +356 25 688 688. 

If you are interested in participating in this issue and need to fund your account, we strongly recommend that you fund your account using the IBAN provided on your account for fast straight-through processing. This can be found easily on your portfolio and statement reports or on our online portals. Please get in touch with customer care if you are unable to locate this. 

Need help or have a question? Contact us via in-app live chat or call +356 25 688 688, available 7 days a week.   

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme (“Scheme”). Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09).  

Marketing Communication:  The value of the investment can go down as well as up. Prospective investors wishing to subscribe to the bonds should make their own assessment and carefully consider the Prospectus to fully understand the features of the investment and the potential risks and rewards associated with the bonds and should seek the assistance of a financial advisor if in doubt. This advertisement was approved for issue by Calamatta Cuschieri Investment Services Limited, which is licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap 370. CCIS, Ewropa Business Centre, Triq Dun Karm, Birkirkara BKR 9034, Malta.  

(a) 3.80% Malta Government Stock 2036 (III); and 

(b) 4.10% Malta Government Stock 2041 (II). 

The Accountant General is offering an aggregate nominal amount of €300,000,000 in any combination of the above Stocks subject to an over-allotment option of €200,000,000 in the event of over-subscription.  

The price for each stock will be announced on Thursday 16 April 2026 after close of business of the secondary market of the Malta Stock Exchange.  We will notify our investors directly once issued.

How to apply:

There are no fees to apply. Both nominee and non-nominee orders are free of charge.

Online

Investors who wish to apply online, should ensure your account is funded to be able to raise the order easily on Thursday, 16 April 2026 after prices have been published. Moneybase is available as an app on both Android and IOS app stores and on the web at https://live.moneybase.com. If you need assistance our ISO-certified customer care team is available to assist 7 days a week.

Advisory

Financial Advisory clients who wish to seek financial advice or who prefer to speak to their financial advisor can visit one of our branches (Birkirkara, Mosta, Sliema and Fgura) or contact us via email or calling us on +356 25 688 688. 

If you are interested in participating in this issue and need to fund your account, we strongly recommend that you fund your account using the IBAN provided on your account for fast straight-through processing. This can be found easily on your portfolio and statement reports or on our online portals. Please get in touch with customer care if you are unable to locate this. 

If you need assistance our ISO-certified customer care team is available to assist 7 days a week. 

Calamatta Cuschieri Investment Services Ltd is a member of the Maltese Investor Compensation Scheme (“Scheme”). Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

Marketing Communication:  The value of the investment can go down as well as up. Prospective investors wishing to subscribe to the bonds should make their own assessment and carefully consider the Prospectus to fully understand the features of the investment and the potential risks and rewards associated with the bonds and should seek the assistance of a financial advisor if in doubt. This advertisement was approved for issue by Calamatta Cuschieri Investment Services Limited, which is licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap 370. CCIS, Ewropa Business Centre, Triq Dun Karm, Birkirkara BKR 9034, Malta.