The day’s
trade recap (from our trading desk):
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· Market turned for the worse today as
yields rose in-line with regional and global yields. The 5-year MGS
outperformed the rest with yields rising by only 1.5 bps compared
to the other benchmarks due to the strong support on this bond by a
foreign counterparty. There was better support in the back end of
the curve as yields only rose 2-3 bps because some market players
were looking to extend duration while the front and belly suffered
the most (5-year being the exception). Over the GG/AAA segment, a
slew of DanaInfra Nasional bonds maturing 2021-2045 traded mixed to
settle at a range of 4.05%-4.96%, with collective volume of RM85m.
Meanwhile, Rantau Abang Capital ‘08/19 traded unchanged at 4.01%
with RM70m changed hands. Elsewhere in the AA segment, notable trade
is YTL Power ‘03/23, which saw the yields declined 3 bps to 4.67%,
with RM20m changed hands.
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MGS Benchmark Issues
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MGS
|
Closing Level
(%)
|
Chg (bp)
|
Vol (RM m)
|
|
3-yr
|
3.390
|
+6.0
|
0
|
|
5-yr
|
3.595
|
+1.5
|
520
|
|
7-yr
|
3.830
|
+5.0
|
310
|
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10-yr
|
3.930
|
+5.0
|
0
|
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15-yr
|
4.120
|
+6.0
|
25
|
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20-yr
|
4.230
|
+3.0
|
10
|
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30-yr
|
4.620
|
+2.0
|
14
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IRS Closing Rates
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IRS
|
Closing Yld (%)
|
Chg (bp)
|
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1-yr
|
3.645
|
+1.0
|
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3-yr
|
3.710
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+2.5
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5-yr
|
3.920
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+5.5
|
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7-yr
|
4.105
|
+7.0
|
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10-yr
|
4.283
|
+5.0
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Source:
Bloomberg, AmBank
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Local
News:
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