Good
Afternoon,
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v New issue 30-year MGS of RM2.5 billion
issuance, replacing the MGS 09/43, registered a decent book-to-cover ratio of
2.596 times on improving risk sentiment and the strengthening of Ringgit
Malaysia.
v Compared to equivalent immediate MGS
issuance in September 2013, this MGS has lower yield spread of 6.3 basis
points against 21.0 basis points.
v Next tender to watch is the new
issuance of 10.5-year GII 09/26 in March 2016. Past tender result for similar
tenure in April 2015 gave a yield range of 3.970% - 3.998%.
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