Thursday, June 28, 2018

FW: Auction Results: GII 6/33 Reopening

 

 

Dear all,

 

Auction Results: GII 6/33 Reopening

  • Solid bids. Today’s 15y GII 6/33 reopening auction garnered a strong bid/cover of 2.783x despite the larger-than-expected MYR3.5b size. Domestic real money and buy-and-hold investors were keen to participate in this primary offering in spite of the thin liquidity in secondary market as cheapened yields were appealing.
  • WI was initially quoted wide at 4.85/70% but it then narrowed to 4.82/74% this morning before auction closed which is higher than where the 15y GII 6/33 was quoted at around 4.75/72% prior to the auction announcement two days ago.
  • Successful yields averaged 4.778% and cut off at a high of 4.794%, well within the pre-auction WI range. The lowest successful yield result was 4.768%.
  • Next scheduled auction is a new issue of 30y MGS 7/48 in a size of MYR3b, we estimate.

 

Bid to cover:            2.783x

Highest yield:           4.794%

Average yield:         4.778%

Lowest yield:           4.768%

Cut off:                   85%

 

 

Regards,

 

Winson Phoon, ACA

(65) 6231 5831

winsonphoon@maybank-ke.com.sg

 

Se Tho Mun Yi

(603) 2074 7606

munyi.st@maybank-ib.com

 


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