Fixed Income Daily Pulse, 28 April 2015

The day’s trade recap (from our trading desk):

·         A relatively lacklustre day in govvies again today as the 10-year MGS was bidded higher in the morning but was met with plenty of willing sellers. Market players are taking profit after last week’s rally as some minor selling in the 3-, 5-, 7- and 10-y benchmark MGS were observed.. Similarly in the GII space, there were also more willing sellers with most trades done on the 7- and 10-y benchmarks as yields rose 2 and 1 bps respectively. Over the GG/AAA segment, a slew of DanaInfra Nasional bonds maturing at 2021-2034 traded mixed to settle at a range of 4.07%-4.70%, with RM117m changed hands. Meanwhile, Putrajaya Holdings ‘09/23 declined 3 bps with the trading volume of RM25m. Elsewhere in the AA segment, notable trade is the RHB Bank ‘07/19, which saw yields traded 15 bps lower to 4.73% with RM30m changed hands.    MGS Benchmark Issues MGS Closing Level (%) Chg (bp) Vol (RM m) 3-yr 3.280 0.0 2 5-yr 3.600 +2.0 40 7-yr 3.750 +1.0 151 10-yr 3.840 0.0 194 15-yr 4.030 +1.0 2 20-yr 4.170 +1.0 2 30-yr 4.560 +1.0 0 IRS Closing Rates IRS Closing Yld (%) Chg (bp) 1-yr 3.610 0.0 3-yr 3.625 -0.5 5-yr 3.765 -0.5 7-yr 3.935 1.0 10-yr 4.095 1.0 Source: Bloomberg, AmBank

               

  

Local News:

·           None.