Thursday, March 10, 2016

FI Research – MGS 30-year New Issue

Good Afternoon,

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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