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Dear Readers,
Highlights
of the report as follow:-
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·
Following the re-opening of 7-year MGS maturing 17 August
2023 with an issuance size of RM3.0bn, the book-to-cover ratio (BTC) was 1.576 times, lower than the average YTD’s
BTC of 2.273 times and the re-opening of MGS 7-year’s in April 2016 which was
at 2.044 times.
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Key reasons are (i) weaker MYR against US dollar which
rose from 3.89 in early April to the current level of 4.05; and (ii) yield
spread compression between 7-year MGS and 7-year UST equivalents.
·
Next tender to watch is the re-opening of 15-year GII
09/30 in August 2016.
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Thursday, August 4, 2016
· Following the re-opening of 7-year MGS maturing 17 August 2023 with an issuance size of
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