BPAM’s weekly bond market snapshot provides an overview of some key indicators of the Malaysian Ringgit bond and sukuk market.:
- Refinitiv BPAM 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 21/11/2022 to 25/11/2022
Refinitiv BPAM Bond Index Series
|
|
|
| Index Value (This Week Close): |
187.764 |
|
Index Value (This Week Close): |
178.593 |
| Index Value (Last Week Close): |
186.192 |
|
Index Value (Last Week Close): |
176.906 |
| Week On Week Change: |
1.572  |
|
Week On Week Change: |
1.687 |
| % Change: |
0.844 % |
|
% Change: |
0.954 % |
|
|
|
| Index Value (This Week Close): |
193.628 |
|
Index Value (This Week Close): |
206.830 |
| Index Value (Last Week Close): |
192.180 |
|
Index Value (Last Week Close): |
205.827 |
| Week On Week Change: |
1.448 |
|
Week On Week Change: |
1.003 |
| % Change: |
0.753 % |
|
% Change: |
0.487 % |
|
Constant Maturity YTM Curve
|
Constant Maturity Conventional Yield-To-Maturity
|
| MGS |
3.154 |
3.665 |
3.844 |
3.975 |
4.096 |
4.114 |
4.347 |
4.516 |
4.533 |
4.554 |
| Quasi-Govt |
3.533 |
3.893 |
4.117 |
4.310 |
4.483 |
4.527 |
4.803 |
4.920 |
4.980 |
5.040 |
| AAA |
3.820 |
4.140 |
4.350 |
4.530 |
4.720 |
4.800 |
5.100 |
5.200 |
5.260 |
5.320 |
| AA |
3.980 |
4.300 |
4.520 |
4.760 |
4.960 |
5.060 |
5.380 |
5.510 |
5.570 |
5.650 |
| A |
4.880 |
5.340 |
5.780 |
6.140 |
6.560 |
6.930 |
7.420 |
7.830 |
8.210 |
8.600 |
| BBB |
5.900 |
6.540 |
7.190 |
7.750 |
8.390 |
9.050 |
9.850 |
10.600 |
11.320 |
12.020 |
|
Constant Maturity Islamic Yield-To-Maturity
|
| GII |
3.174 |
3.560 |
3.933 |
4.054 |
4.205 |
4.240 |
4.475 |
4.580 |
4.696 |
4.825 |
| Quasi-Govt |
3.533 |
3.893 |
4.117 |
4.310 |
4.483 |
4.527 |
4.803 |
4.920 |
4.980 |
5.040 |
| AAA |
3.820 |
4.140 |
4.350 |
4.530 |
4.720 |
4.800 |
5.100 |
5.200 |
5.260 |
5.320 |
| AA |
3.980 |
4.300 |
4.520 |
4.760 |
4.960 |
5.060 |
5.380 |
5.510 |
5.570 |
5.650 |
| A |
4.880 |
5.340 |
5.780 |
6.140 |
6.560 |
6.930 |
7.420 |
7.830 |
8.210 |
8.600 |
| BBB |
5.900 |
6.540 |
7.190 |
7.750 |
8.390 |
9.050 |
9.850 |
10.600 |
11.320 |
12.020 |
|
BIR-CR Divergence Statistics on 25/11/2022
| Status |
BIR < CR |
BIR = CR |
BIR > CR |
| % |
45.00% |
36.00% |
19.00% |
|
| 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 |
| 25-Nov-2022 |
UN130048 |
YTL CORP MTN 3652D 25.4.2023 |
AA1 |
A2 |
BIR < CR |
4 |
| 22-Nov-2022 |
UF210196 |
SABAHDEV MTN 730D 14.6.2023 - Issue No. 212 |
AA1 |
A2 |
BIR < CR |
4 |
| 25-Nov-2022 |
UF210408 |
SABAHDEV MTN 730D 13.12.2023 - Tranche 2 Series 2 |
AA1 |
A2 |
BIR < CR |
4 |
| 23-Nov-2022 |
VS220391 |
ALR IMTN TRANCHE 13 13.10.2037 |
AAA |
AA3 |
BIR < CR |
3 |
| 23-Nov-2022 |
UG210264 |
SABAHDEV MTN 1096D 30.7.2024 - Tranche 1 Series 1 |
AA1 |
A1 |
BIR < CR |
3 |
| 25-Nov-2022 |
VN140164 |
BGSM MGMT IMTN 5.450% 28.06.2024 - Issue No 10 |
AA3 |
AAA |
CR < BIR |
3 |
| 21-Nov-2022 |
VG200217 |
TROPICANA IMTN 5.450% 06.10.2023 - SEC. SUKUK T4S1 |
A1 |
BBB1 |
BIR < CR |
3 |
| 25-Nov-2022 |
VG210326 |
BGSM MGMT IMTN 3.030% 27.08.2024 - Issue No 24 |
AA3 |
AAA |
CR < BIR |
3 |
| 25-Nov-2022 |
VI220066 |
KAJV IMTN11 5.65% 13.05.2026 |
AA3 |
A3 |
BIR < CR |
3 |
| 23-Nov-2022 |
UN150064 |
GENM CAPITAL MTN 3651D 22.8.2025 |
AA1 |
AA3 |
BIR < CR |
2 |
|
| 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 |
| PX140020 |
TNB WE 5.800% 30.01.2034 - Tranche 20 |
AAA |
AA1 |
AA2 |
UPGRADE |
1 |
| PZ180008 |
CIMBBANK 5.400% Perpetual Capital Securities - T3 |
A1 |
AA1 |
AA2 |
UPGRADE |
1 |
| PZ180009 |
CIMB 5.400% Perpetual Capital Securities - T3 |
A1 |
AA1 |
AA2 |
UPGRADE |
1 |
| PN190005 |
HLBANK 4.230% 14.06.2029 (Tranche 3) |
AA1 |
AA2 |
AA3 |
UPGRADE |
1 |
| VN180292 |
AFFIN ISLAMIC T2 SUKUK MURABAHAH 5.05% 23.10.2028 |
A1 |
AA3 |
A1 |
UPGRADE |
1 |
| PN190012 |
CIMBI 3.750% 25.09.2029 - Issue No 3 |
AA1 |
AA1 |
AAA |
DOWNGRADE |
1 |
| UN180089 |
UOBM 4.80% 25.07.2028 |
AA1 |
AA3 |
AA2 |
DOWNGRADE |
1 |
| VK220182 |
S P SETIA IMTN 4.670% 20.04.2029 |
AA2 |
AA2 |
AA3 |
UPGRADE |
1 |
| VI220408 |
EWCB IMTN01 5.690% 29.10.2027 |
AA3 |
A1 |
A2 |
UPGRADE |
1 |
| VK210045 |
PSEP IMTN 3.800% 17.03.2028 |
AAA |
AA2 |
AA3 |
UPGRADE |
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 [200401028895 (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 [200401028895 (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.
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