FW: Fixed Income Daily Pulse - 23 March 2018

 

 

Our sincere apologies for the delay.

Good Morning,
Friday’s trade recap by our trading desk:-
·         Overnight global markets witnessed jitters across major DMs as Trump orders tariffs on at least USD 50bio of Chinese imports; sparking trade war fears and risk-off sentiments. While tariff details were not revealed, the Dow slumped by 720points while UST eased across curve with UST 10Y shedding 8bps to 2.80% levels. The local bond market’s reaction however was muted as uncertainties permeates both MGS and GII space. Trading activities were lackluster with yields ending the day mostly unchanged. Ringgit also weakened slightly by 50 pips to 3.9190. With uncertainties permeating local govvies, market players will be monitoring closely the latest development of the “trade war” between the two major powers for further guidance. ·
Malaysia Government Bonds Benchmark Issues MGS Closing Level (%) Change (bp) Volume (RM m) 3-yr 3.410 - 3 5-yr 3.545 - 7 7-yr 3.830 - 80 10-yr 3.945 -0.5 39 15-yr 4.420 - - 20-yr 4.555 -0.5 - 30-yr 4.820 - 120 Source: BondStream, AmBank	Interest Rate Swap Closing Rates IRS Closing Yield (%) Change (bp) 1-yr 3.755 0.0 3-yr 3.795 -1.0 5-yr 3.855 -1.0 7-yr 3.975 -0.4 10-yr 4.100 0.0 Source: Bloomberg, AmBank

 

Best regards,

Fixed Income Research & Strategy

AmBank Research, AmBank (M) Berhad

+603 2036 2255 (DL) +03 2031 7218 (Fax)

Level 15, Bangunan AmBank Group, 55 Jalan Raja Chulan, 50200 Kuala Lumpur

 

****************************************************************************************************************************************************************************************************************************************************************************************************************

DISCLAIMER:

This message may contain confidential and privileged information for its intended recipient(s) only. If you are not an intended recipient, you are hereby notified that any review, dissemination, and distribution, printing or copying of this message or any part thereof is strictly prohibited. Please delete the entire message and inform the sender of the error. Any opinions, conclusions and other information in this message that are unrelated to official business of AmBank Group are those of the individual sender and shall be understood as neither explicitly given nor endorsed by AmBank Group.

****************************************************************************************************************************************************************************************************************************************************************************************************************