Monday, January 22, 2018

FW: RHB FIC Credit Markets Weekly - 22/1/18

 

 

 

22 January 2018

Credit Markets Weekly

US Federal Government Shuts Down; BNM MPC to Be Monitored.

SUMMARY:

¨      MYR Credit Market: MYR bull rally, while MGS bear steepen; Govvies trade volume slowed down to MYR11.49bn, but still remained ahead of the MYR11.22bn 3-month weekly average; Secondary flows saw a pick up from the previous week. Total corporate bonds/sukuks recorded were just under MYR2.8bn.

¨      Corporate News – RAM Ratings puts MRCB Southern Link Berhad BB3/ on negative rating watch from BB3/Neg; RAM Ratings affirmed Samalaju Industrial Port Sdn Bhd at AA1/Sta; RAM Ratings reaffirmed AA1/Stable ratings of Bintulu Port Holdings Berhad; RAM Rating affirmed Gamuda Berhad and Bandar Serai Development Sdn Bhd at AA3/Sta; RAM Ratings reaffirmed  AA2/Neg rating of Bright Focus Berhad; RAM Ratings affirmed EKVE Sdn Bhd's guaranteed facility at AAA/Sta; RAM Rating affirmed Manjung Island Energy Berhad at AAA/Sta; RAM Ratings reaffirmed the AAA/Sta rating of Cagamas MBS Berhad's Residential Mortgage-Backed Securties; MARC Ratings affirmed AAAIS/Sta rating on TNB Western Energy Berhad; MARC affirmed its AA-IS ratings on Northport (Malaysia) Bhd.

¨      APAC USD Credit Market: US federal government shuts down as the progress of the spending bill negotiations between House and Senate stalled over immigration. The USTs stumbled to fresh lows.

¨      Rating Actions - Moody's revised Malaysia Airports Holdings from A3/Neg to A3/Sta; Fitch upgraded Parkson Retail Group Ltd. to B-/Sta from CCC/Pos; Moody's upgraded Fosun International Ltd to Ba2/Sta from Ba3/Pos; Moody's revised on Medco Energi Internasional Tbk PT from B2/Sta to B2/Pos; Fitch revised Lifestyle International Holdings Ltd. from BB+/Neg to BB+/Sta; Moody's upgraded Sunac China Holdings Limited to B3/Sta from B3/Neg; Fitch downgraded Adani Transmission Limited to BBB-/Neg from BBB-/Sta; Fitch downgraded Inner Mongolia High-Grade Highway Construction and Development Company Ltd to BBB- with a ratings watch negative from BBB/Sta; S&P revised Adani Transmission Ltd. from BBB-/Sta to BBB-/Neg.

 

Table 1: Index Weekly Movements

Indices

19-Jan

12-Jan

Weekly Chg (bps)

iTraxx AxJ 5y IG

63.1

60.7

2

SOR 2y (%)

1.52

1.47

5

SOR 5y (%)

1.91

1.83

8

Malaysia 5y CDS

55.4

52.5

3

MGS 3y (%)

3.35

3.32

3

MGS 5y (%)

3.54

3.51

3

MGS 7y (%)

3.92

3.84

9

MGS 10y (%)

3.93

3.86

7

AAA 5y Spread* (bps)

77

80

-4

AAA 10y Spread* (bps)

75

85

-10

AA 5y Spread* (bps)

107

112

-5

AA 10y Spread* (bps)

109

120

-11

Source: Bloomberg, BNM, RHBFIC        *MYR-denominated bonds

 

This message is intended only for the use of the person(s) to whom it is 
addressed and may contain information that is privileged or otherwise protected
from disclosure. If you are not the intended recipient you are hereby notified that
any use, review, disclosure or copying of this message and the information it
contains is prohibited. If you receive the message in error, please notify the
sender by reply e-mail and discard all its contents.
 
Thank You.

 

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Related Posts with Thumbnails