The day’s
trade recap (from our trading desk):
· With the uncertainties
looming around Eurozone and a high probability of Greece going into
a default, it was a risk off mode for markets around the world
today. As a result, the local bond market was tilted bearish today
with yields rising between 2.5-7.5 bps, with the 5-year MGS raising
the most. Albeit the bearishness in the market, traded volume was
very light on the benchmarks. However, there is RM1.3b was traded
on the GII 7/15, with good buying interest from local Islamic Banks
looking to fulfill its HQLA requirements before month end. Apart
from that, there was also the auction closing for the 5-year GII today
which saw a BTC of 2.207x, Hi 3.761, Lo 3.730, Avg 3.743. The
auction closed at 3.75-74. Post auction, there was not much trading
activity on the bond. In the GG/AAA segment, 2021-2030 tranches of
Danalnfra Nasional Berhad traded at mix at a range 4.11% to 4.59%
with a total trading volume of RM32m. Meanwhile Telekom Malaysia
Berhad increased 1 bp to close at 4.42% with RM10m changed hands.
In the AA segment, Sarawak Energy Berhad eased 2 bps to settle at
4.18% with RM3m changed hands. Whereas Hong Leong Bank Berhad eased
8 bps to close at 4.63% with a total trading volume of RM1m.
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MGS Benchmark Issues
MGS
|
Closing Level
(%)
|
Chg (bp)
|
Vol (RM m)
|
3-yr
|
3.245
|
+4.5
|
43
|
5-yr
|
3.690
|
+7.5
|
39
|
7-yr
|
4.000
|
+3.5
|
250
|
10-yr
|
4.075
|
+3.0
|
0
|
15-yr
|
4.210
|
+3.0
|
0
|
20-yr
|
4.300
|
+2.5
|
0
|
30-yr
|
4.750
|
+4.0
|
0
|
|
IRS Closing Rates
IRS
|
Closing Yld (%)
|
Chg (bp)
|
1-yr
|
3.640
|
-0.2
|
3-yr
|
3.730
|
0
|
5-yr
|
3.960
|
1.8
|
7-yr
|
4.145
|
2.0
|
10-yr
|
4.390
|
1.8
|
Source:
Bloomberg, AmBank
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Local
News:
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