Dear all,
Auction Results: GII 6/33 Reopening
- Solid bids. Today’s 15y GII 6/33 reopening auction garnered a strong bid/cover of 2.783x despite the larger-than-expected MYR3.5b size. Domestic real money and buy-and-hold investors were keen to participate in this primary offering in spite of the thin liquidity in secondary market as cheapened yields were appealing.
- WI was initially quoted wide at 4.85/70% but it then narrowed to 4.82/74% this morning before auction closed which is higher than where the 15y GII 6/33 was quoted at around 4.75/72% prior to the auction announcement two days ago.
- Successful yields averaged 4.778% and cut off at a high of 4.794%, well within the pre-auction WI range. The lowest successful yield result was 4.768%.
- Next scheduled auction is a new issue of 30y MGS 7/48 in a size of MYR3b, we estimate.
Bid to cover: 2.783x
Highest yield: 4.794%
Average yield: 4.778%
Lowest yield: 4.768%
Cut off: 85%
Regards,
Winson Phoon, ACA
(65) 6231 5831
Se Tho Mun Yi
(603) 2074 7606
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