18 August 2016
GG Relative Value Ideas (MYR)
Longer-dated GG Pull Back on Higher Debt Supply Amid Lower OPR
Highlights
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Secondary flows fell 34.9% MoM to MYR2.3bn, with overall yield coming
in at 0.95% in July.
¨
The indicative GG curve bull-steepened as the yield spread between 3y
and 10y notes widened to 43bps from 38bps previously.
¨
BPMB 9/29-1/31 and Prasarana 9/29-3/30 offers 17-18bps pick-up
vs. spreads of 71-82bps over MGS.
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