Auction Results: GII 5/47 Reopening
· Healthy bids. Today’s 30y GII 5/47 reopening continued to see strong demand, drawing a 2.071x bid/cover on a slightly larger-than-expected total issuance size of MYR2.5b (MYR1.5b auction + MYR1b private placement). Keen participation at this point of the curve mostly came from local real-money investors, in particular lifers and banks, given still attractive spread over MGS. BNM kept OPR unchanged at 3.25% and reiterated an upbeat tone on the domestic economy amid moderating inflation.
· Successful yields averaged 4.930% with the high cutting off at 4.955%, within the wide pre-auction WI range of 5.00/4.85%. The lowest successful yield bid was 4.890%.
· Next up on the auction schedule is a new issue of 7y MGS 3/25 for a size of MYR4b, we estimate.
Bid to cover: 2.071
Highest yield: 4.955%
Average yield: 4.930%
Lowest yield: 4.890%
Cut off: 10%
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Regards,
Winson Phoon, ACA
(65) 6231 5831
Se Tho Mun Yi
(603) 2074 7606
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