Dear all,
Auction Results: GII 4/22 Reopening
· Modest bid. The 5y GII 4/22 reopening auction garnered moderate interest with 1.715x bid/cover on a slightly larger-than-expected MYR3b size. The performance was weaker than previous 5y MGS and GII auctions as local bond sentiment turned lukewarm after the Ringgit’s upward momentum appeared to have stalled and there were no strong catalyst to spur the market.
· Results tailed. Successful bids averaged 3.872% in yield and cut off at a high of 3.90%, tailing the pre-auction WI range of 3.85/86%. The lowest successful yield bid was 3.84%.
· Next on the auction schedule is the reopening of 10y MGS 11/27 which we estimate a size of MYR2.5b.
Bid to cover: 1.715
Highest yield: 3.900%
Average yield: 3.872%
Lowest yield: 3.840%
Cut off: 6%
Regards,
Winson Phoon, ACA
(603)2074 7176
Se Tho Mun Yi
(603) 2074 7606
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