Good Evening, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Today’s trade recap by our trading desk:- | |||||||||||||||||||||||||||||||||||||||||||||||||||
· The local bond market started the week on a rather quiet note as trading activities were lukewarm in both MGS and GII space. Over the weekend, US NFP data came in higher than expected (A: 200k; F: 184k; P: 160k). The strong jobs data coupled with hawkish statements by Fed members resulted in rising global yields; with UST 10Y shooting above 2.85% level for the first time since January 2014 to a high of 2.88% before stabilizing around 2.85%. As such, the local market saw softer prices today as well with yields rising 2-6bps across the curve. Market interest for short end papers tapered off as well with MYR weakening slightly to 3.9000 levels; in tandem with USD strength. Key focus tomorrow will be on GII 8/25 new issue which will replace 8/24 as the new 7Y GII benchmark. The new issue boast an issue size of RM3.0bio with another RM1.0bio private placement. WI was last quoted at 4.12%-4.08% with nothing done. GII 8/24 was last done at 4.08% levels. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Malaysia Government Bonds Benchmark Issues
Source: BondStream, AmBank | Interest Rate Swap Closing Rates
Source: Bloomberg, AmBank | ||||||||||||||||||||||||||||||||||||||||||||||||||
Best regards,
Fixed Income Research & Strategy
AmBank Research, AmBank (M) Berhad
+603 2036 2255 (DL) +03 2031 7218 (Fax)
Level 15, Bangunan AmBank Group, 55 Jalan Raja Chulan, 50200 Kuala Lumpur
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