Good
Afternoon,
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v The
new issue of 5.5-year MGS with an issuance size of RM4.0 billion registered
lowest book-to-cover ratio (BTC) of 1.420 times year-to-date. Buyers were
mostly local players on higher yields pick-up as they are relatively high
cash-in hand. Foreign participation were moderate following series of Fed
officials hawkish talks including Chairwoman Janet Yellen.
v Compared
to equivalent past MGS issuance in April 2015, this MGS new issue also
attracted lower BTC. The average yield of this MGS of 3.620% was lower
against 3.659% in April 2015 and 3.654% in April 2014.
v Next
tender to watch is the re-opening of 10-year GII 09/26 in June 2016. Key
watch:- direction of USD/MYR, MGS/UST spreads and risk appetite for duration.
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