Feedback to enquiries@bpam.com.my
Tel: +603-2722 0888
URL: www.bpam.com.my
iBPAM Download iBPAM @ App Store Download iBPAM @ Google play

BPAM’s weekly bond market snapshot provides an overview of some key indicators of the Malaysian Ringgit bond and sukuk market.:
  • Thomson Reuters BPA Malaysia Bond Index Charts: Show the performance of the All Bond, All Sukuk, All Government Bond and All Corporate Bond Indices over the week. It can be looked at the same way as a stock market index (ie. Up = Bull Market, Down = Bear Market)
  •  
  • Constant Maturity YTM Curve Charts: Show the yield-to-maturity (YTM) curves for bonds and sukuk (ie the return for a given level of risk) for 1-30 year maturities. It is a measure of the return given by a bond for the price paid.
  •  
  • The BIR (BPAM Market Implied Ratings) is a statistically derived rating scale based on the daily yield levels of the bonds and sukuk. It is fundamentally different from the Credit Rating (CR) as provided by Rating Agencies.The BIR and CR can be compared to obtain the deviations and notch changes.
This data is derived from the databases of Bond Pricing Agency Malaysia Sdn Bhd, a registered Bond Pricing Agency with the Securities Commission of Malaysia. For more information, visit www.bpam.com.my

WEEKLY RINGGIT BOND MARKET SNAPSHOT between 22/05/2020 to 29/05/2020

Thomson Reuters BPA Malaysia Bond Index

 
   Index Value (This Week Close): 184.714      Index Value (This Week Close): 176.114
   Index Value (Last Week Close): 184.414      Index Value (Last Week Close): 175.791
   Week On Week Change: 0.300        Week On Week Change: 0.323  
   % Change: 0.163 %        % Change: 0.184 %  
 
   Index Value (This Week Close): 190.843      Index Value (This Week Close): 200.869
   Index Value (Last Week Close): 190.554      Index Value (Last Week Close): 200.699
   Week On Week Change: 0.289        Week On Week Change: 0.170  
   % Change: 0.152 %        % Change: 0.085 %  

Constant Maturity YTM Curve

 


Constant Maturity Conventional Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
MGS 2.071 2.185 2.298 2.459 2.645 2.865 3.239 3.466 3.687 3.922
Quasi-Govt 2.277 2.477 2.597 2.783 3.000 3.193 3.457 3.707 3.913 4.113
AAA 2.660 2.780 2.870 3.010 3.180 3.350 3.650 3.900 4.130 4.340
AA 2.910 3.090 3.230 3.380 3.540 3.760 4.120 4.400 4.640 4.850
A 4.190 4.620 5.000 5.400 5.800 6.270 7.010 7.600 8.160 8.720
BBB 6.360 6.940 7.490 8.130 8.740 9.490 10.320 11.140 11.870 12.600


Constant Maturity Islamic Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
GII 2.088 2.204 2.324 2.540 2.723 2.760 3.305 3.501 3.644 3.836
Quasi-Govt 2.277 2.477 2.597 2.783 3.000 3.193 3.457 3.707 3.913 4.113
AAA 2.660 2.780 2.870 3.010 3.180 3.350 3.650 3.900 4.130 4.340
AA 2.910 3.090 3.230 3.380 3.540 3.760 4.120 4.400 4.640 4.850
A 4.190 4.620 5.000 5.400 5.800 6.270 7.010 7.600 8.160 8.720
BBB 6.360 6.940 7.490 8.130 8.740 9.490 10.320 11.140 11.870 12.600


BIR-CR Divergence Statistics on 29/05/2020
Status BIR < CR BIR = CR BIR > CR
 %  33.00% 54.00% 13.00%  
Note: 'BIR<CR' shows bonds where its BPAM Market Implied Rating (BIR) is worse than Credit Rating (CR), and vice versa.


Top 10 BIR-CR Deviations for Traded Bonds of the Week
TRADE DATE STOCK CODE STOCK NAME CR ON TRADE DATE BIR ON TRADE DATE CR-BIR DIVERGENCE CR-BIR NOTCH DIFFERENCE
28-May-2020 VP190295 MBSBBANK IMTN 5.250% 19.12.2031 A3 A1 CR < BIR 2
27-May-2020 US190346 GENTING RMTN MTN 5479D 08.11.2034 - Tranche 2 AAA AA2 BIR < CR 2
29-May-2020 VW120098 TBEI IMTN 6.050% 13.09.2030 AA3 AA1 CR < BIR 2
29-May-2020 VV120097 TBEI IMTN 6.000% 15.03.2030 AA3 AA1 CR < BIR 2
27-May-2020 VF190171 KAJV IMTN 5.15% 12.05.2021 AA3 A2 BIR < CR 2
29-May-2020 UG190250 PREMIER AUTO ABSMTN (TRANCHE 1 CLASS B S1) AA3 A2 BIR < CR 2
28-May-2020 VN170154 YTL POWER IMTN 5.050% 03.05.2027 AA1 AA2 BIR < CR 1
27-May-2020 VN180095 MMC CORP IMTN 5.700% 24.03.2028 AA3 A1 BIR < CR 1
29-May-2020 VN150132 BENIH RESTU IMTN 4.620% 05.06.2025 AA2 AA3 BIR < CR 1
28-May-2020 UN170018 AFFINBANK SUBORDINATED MTN 3650D 05.2.2027 A1 AA3 CR < BIR 1
Note: List shows traded bonds by Notch Difference and Market Capitalisation


Top 10 BIR Notch Changes Over a Week
STOCK CODE STOCK NAME CR ON END DATE BIR ON END DATE BIR ON START DATE END BIR - START BIR STATUS END BIR - START BIR NOTCH DIFFERENCE
VP190016 MAYBANK IMTN 4.710% 31.01.2031 AA1 AA1 AA2 UPGRADE 1
UN170145 AFFINBANK SUBORDINATED MTN 3652D 20.9.2027 A1 A1 AA3 DOWNGRADE 1
VZ170398 MAYBANKISLM IMTN 4.950% PERPETUAL AA3 AA3 A1 UPGRADE 1
UN170146 RHBBANK MTN 3652D 27.9.2027 AA3 AA2 AA3 UPGRADE 1
UN160125 YTL CORP MTN 3652D 11.11.2026 AA1 AA2 AA1 DOWNGRADE 1
PN190004 RHBA 4.320% 21.05.2029(Series 3) AA3 AA2 AA3 UPGRADE 1
VN190233 PIBB T3 SubSukuk Murabahah 3.750% 31.10.2029 AA1 AA2 AA1 DOWNGRADE 1
VL170240 BGSM MGMT IMTN 4.920% 29.08.2025 - Issue No 13 AA3 AA1 AA2 UPGRADE 1
UZ170178 HLBB Perpetual Capital Securities (Tranche 1) A1 A1 AA3 DOWNGRADE 1
UZ170177 HLFG Perpetual Capital Securities (Tranche 1) A1 A1 AA3 DOWNGRADE 1
Note: List is by Notch Difference and Market Capitalisation


Disclaimer
Information on this page is intended solely for the purpose of providing general information on the Ringgit Bond market and is not intended for trading purposes. None of the information constitutes a solicitation, offer, opinion, or recommendation by Bond Pricing Agency Malaysia Sdn Bhd (667403-U) to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services regarding the profitability or suitability of any security or investment. Investors are advised to consult their professional investment advisors before making any investment decision. Materials provided on this page are provided on an "as is" basis, and while care has been taken to ensure the accuracy and reliability of the information provided in this page, Bond Pricing Agency Malaysia Sdn Bhd (667403-U) provides no warranties or representations of any kind, either express or implied, including, but not limited to, warranties of title or implied warranties of fitness for a particular purpose, accuracy, correctness, non-infringement, timeliness, completeness, or that the information is always up-to-date.