Good
Afternoon,
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v The
re-opening of 7-year MGS with an issuance size of RM3.0 billion registered a
decent amount of book-to-cover ratio (BTC) of 2.044 times on widening MGS/UST
spreads and Fed’s wait-and-see view of future interest-rate hikes.
v Compared
to equivalent immediate past MGS issuance in October 2015, this re-opening
MGS attracted highest BTC since 2014. The average yield of this MGS of 3.800%
was lower against 4.081% in October 2015.
v Next tender to watch is the re-opening
of 15-year GII 09/30 in May 2016. Past tender result for similar tenure in
July 2014 gave a yield range of 4.385% - 4.399%.
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