Dear Readers, Highlights of the report as follow:- |
· The re-opening of the 5-year MGII maturing 14 April 2022 with a size of RM3.0bil recorded a moderate bid-to-cover (BTC) ratio of 1.715 times. This BTC ratio was much lower compared to the previous re-opening on 21st July 2016 of 2.454%. · For the past two weeks, the 5Y MGII/MGS spread has widened by 6bps but did not manage to stimulate investors’ appetite possibly due to cautious sentiment ahead of a busy week in the US with a slew of Fed speeches, release of key economic data such as 3Q GDP, Personal Income and Outlays, ISM Manufacturing PMI and the long-awaited Senate’s vote on the tax bill. · The next tender to watch is the re-opening of the 10-year MGS in December 2017. It will be the last MGS re-opening for 2017. The last issuance of such papers was the 10-year MGS ‘11/27 in July 2017 which reported a 1.683 times BTC ratio. |
Best regards,
Fixed Income Research & Strategy
AmBank Research, AmBank (M) Berhad
+603 2036 2292 (DL) +03 2031 7218 (Fax)
Level 15, Bangunan AmBank Group, 55 Jalan Raja Chulan, 50200 Kuala Lumpur
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