The day’s trade recap (from our trading desk):
· Continued offshore buying interest at the short-end of the curve as cheap implied USD funding makes MYR carry trades an attractive trading opportunity. Elsewhere on the curve, local govvies drifted from a slight bearish sentiment to a sluggish buying sentiment. Traded range today was a tight 2 bps across the curve. Without any impending stimulus in the near term, local govvies are expected to maintain hereabouts through to the end of the week. Over the GG/AAA segment, Pengurusan Air ‘06/16 and ‘06/19 declined 20 and 9 bps to 3.58% and 3.90%, respectively. Elsewhere, Cagamas MBS ‘05/22 traded 13 bps lower to 4.34%. Meanwhile in the AA segment, Tanjung Bin Power ‘08/20 and ‘08/24 garnered some interest, with the yields declined 11 and 16 bps to 4.61% and 4.96%. Notably, 2015-2022 tranches of Jimah Energy Ventures bonds traded 6-22 bps at a range of 3.64%-5.07%.
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MGS Benchmark Issues
MGS
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Closing Level (%)
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Chg (bp)
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Vol (RM m)
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3-yr
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3.34
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-1
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1
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5-yr
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3.57
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-1
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136
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7-yr
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3.75
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-1
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75
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10-yr
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3.86
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-1
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212
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15-yr
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4.08
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-2
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42
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20-yr
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4.20
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0
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5
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30-yr
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4.57
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0
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100
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IRS Closing Rates
IRS
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Closing Yld (%)
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Chg
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1-yr
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3.61
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0
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3-yr
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3.64
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-1
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5-yr
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3.74
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0
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7-yr
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3.91
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1
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10-yr
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4.09
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2
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