The day’s
trade recap (from our trading desk):
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· The SPK ‘07/22 tender today saw a decent
2.3X BTC at average of 4.038% (a healthy 18 bps higher than the
7-year GII). Elsewhere, MGS rallied on the belly of the curve on
the back of offshore buying, which met with some selling resistance
from local players looking to reduce risk after the week long
inactivity. The GII market followed suit to some extent, with the
yields inched down 1 bp. GIIs are expected to tighten towards MGS
over the week as GII tend to lag the MGS movements. Value on the
curve looks to be the 10-year GII, with spreads 12 bps higher than
MGS. Over the GG/AAA segment, a slew of DanaInfra bonds maturing at
2021-2044 were well bidded, with the yields traded 2-12 bps lower
at a range of 4.11%-4.97%, with RM57m changed hands. Elsewhere in
the AA segment, trading activities were mainly observed at the FI
industry. Notable trade is RHB Investment Bank ‘04/20 which
declined 2 bps to 4.93%.
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MGS Benchmark Issues
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MGS
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Closing Level
(%)
|
Chg (bp)
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Vol (RM m)
|
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3-yr
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3.34
|
0
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0
|
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5-yr
|
3.63
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-1
|
220
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7-yr
|
3.78
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-1
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383
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10-yr
|
3.86
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-2
|
495
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15-yr
|
4.06
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-1
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2
|
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20-yr
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4.20
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0
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0
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30-yr
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4.57
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-1
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250
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IRS Closing Rates
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IRS
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Closing Yld (%)
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Chg
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1-yr
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3.64
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1
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3-yr
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3.67
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2
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5-yr
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3.81
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2
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7-yr
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3.97
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2
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10-yr
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4.14
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1
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