FW: Auction Results: GII 6/33 New Issue

 

 

Dear all,

 

Auction Results: GII 6/33 New Issue

·         Moderate demand. Today’s 15y GII 6/33 new issue drew a moderate 1.775x bid/cover on an expected MYR2.5b total size (MYR2b auction + MYR0.5b private placement). This is the last auction of the year. Participation likely came mostly from local real-money accounts at this point of the year for a GII issue despite it being a new benchmark.

·         Lower UST yields overnight post the US FOMC and a stronger Ringgit against the USD don’t seem to give much of a lift to auction sentiment. Successful yields averaged 4.724% which is near the top end of the pre-auction WI of 4.73/65 while the highest yield tailed at 4.79%.

·         After this final auction, full-year issuance of MGS+GII totals an expected MYR107.5b.

 

Bid to cover:            1.775

Highest yield:           4.790%

Average yield:         4.724%

Lowest yield:           4.668%

Cut off:                   25%

 

 

 

 

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