Good
Afternoon,
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The new issue of 10.5-year MGS with an issuance size
of RM4.0 billion registered a moderately strong book-to-cover ratio (BTC) of
2.193 times along with supporting buying interests by local and foreign
funds. Local investors, especially long-term funds were seemingly extending
durations for better yields due to their relatively high cash in-hand.
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Compared to equivalent past MGS issuance in March
2015, this new issue MGS attracted lower BTC. The average yield of this MGS
of 3.900% was however lower against 3.955% in March 2015 and 4.181 in January
2014.
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Next tender to watch is the new issue of 5.5-year
MGS 11/21 in May 2016. Past tender result for similar tenure in April 2015
gave a yield range of 3.644% - 3.671%.
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