FW: Auction Results: GII 4/22 Reopening

 

 

Auction Results: GII 4/22 Reopening

·         Strong bids. The 5y GII 4/22 reopening auction today drew a strong 2.581x bid/cover on a slightly larger-than-expected MYR4b size. The solid bidding did not come as a surprise given the continued strength in Ringgit providing a tailwind for local government bond positioning. Additionally, the wide MGS-GII spread of close to ~30bps is deemed attractive.

·         Average of successful yields came in at 3.823% with the high cutting off at 3.829%, within the tight pre-auction WI range of 3.83/82%. The lowest successful yield was 3.810%.

·         Up next on the auction calendar is the 15y MGS 4/33 retap at an estimated size of MYR3b.

 

Bid to cover:            2.581

Highest yield:           3.829%

Average yield:         3.823%

Lowest yield:           3.810%

Cut off:                   79%

 

 

 

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