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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)
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  • 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.
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  • 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 09/05/2022 to 13/05/2022

Refinitiv BPAM Bond Index Series

 
   Index Value (This Week Close): 179.848      Index Value (This Week Close): 170.509
   Index Value (Last Week Close): 179.809      Index Value (Last Week Close): 170.576
   Week On Week Change: 0.039        Week On Week Change: -0.067  
   % Change: 0.022 %        % Change: -0.039 %  
 
   Index Value (This Week Close): 185.960      Index Value (This Week Close): 201.446
   Index Value (Last Week Close): 186.121      Index Value (Last Week Close): 201.150
   Week On Week Change: -0.161        Week On Week Change: 0.296  
   % Change: -0.087 %        % Change: 0.147 %  

Constant Maturity YTM Curve

 


Constant Maturity Conventional Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
MGS 2.742 3.245 3.725 4.086 4.440 4.429 4.915 5.001 5.048 5.089
Quasi-Govt 3.023 3.593 4.043 4.347 4.627 4.737 5.137 5.270 5.363 5.447
AAA 3.210 3.740 4.130 4.440 4.770 4.890 5.260 5.430 5.540 5.650
AA 3.320 3.850 4.310 4.640 4.970 5.100 5.460 5.660 5.840 5.960
A 4.640 5.120 5.640 6.170 6.660 7.020 7.660 8.140 8.570 9.000
BBB 5.680 6.260 6.910 7.620 8.310 8.940 9.830 10.630 11.310 12.010


Constant Maturity Islamic Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
GII 2.795 3.467 3.814 4.057 4.463 4.554 4.964 4.990 5.140 5.287
Quasi-Govt 3.023 3.593 4.043 4.347 4.627 4.737 5.137 5.270 5.363 5.447
AAA 3.210 3.740 4.130 4.440 4.770 4.890 5.260 5.430 5.540 5.650
AA 3.320 3.850 4.310 4.640 4.970 5.100 5.460 5.660 5.840 5.960
A 4.640 5.120 5.640 6.170 6.660 7.020 7.660 8.140 8.570 9.000
BBB 5.680 6.260 6.910 7.620 8.310 8.940 9.830 10.630 11.310 12.010


BIR-CR Divergence Statistics on 13/05/2022
Status BIR < CR BIR = CR BIR > CR
 %  43.00% 37.00% 20.00%  
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
11-May-2022 VI210311 AGROTO IMTN 4.800% 05.08.2026 (Tranche 1) AA1 A2 BIR < CR 4
13-May-2022 UN150064 GENM CAPITAL MTN 3651D 22.8.2025 AA1 A1 BIR < CR 3
13-May-2022 UN170048 GENM CAPITAL MTN 3652D 31.3.2027 AA1 A1 BIR < CR 3
13-May-2022 VZ140395 MAHB Perpetual Subordinated Sukuk 5.75% - Issue 1 AA2 A2 BIR < CR 3
12-May-2022 UN130032 YTL POWER MTN 3651D 24.3.2023 AA1 A1 BIR < CR 3
13-May-2022 VG200107 TROPICANA IMTN 5.500% 30.06.2023 - SEC. SUKUK T2S1 A1 BBB1 BIR < CR 3
10-May-2022 UI190152 SABAHDEV MTN 1827D 24.4.2024 - Issue No. 203 AA1 A1 BIR < CR 3
13-May-2022 UI220099 GENTING RMTN MTN 1826D 25.3.2027 - Tranche 3 AA1 A1 BIR < CR 3
12-May-2022 UG210264 SABAHDEV MTN 1096D 30.7.2024 - Tranche 1 Series 1 AA1 A1 BIR < CR 3
10-May-2022 UN200247 ALLIANCEB MTN 3650D 25.10.2030 A2 AA2 CR < BIR 3
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
VZ190187 MAYBANK IMTN 4.130% PERPETUAL AA3 AA2 AAA DOWNGRADE 2
VZ190186 MAYBANK IMTN 4.080% PERPETUAL AA3 AA2 AAA DOWNGRADE 2
UG220072 SABAHDEV MTN 1096D 04.3.2025 - Tranche 3 Series 1 AA1 AA3 A2 UPGRADE 2
VN210314 MAYBANK IMTN 3.410% 05.08.2031 AA1 AA1 AAA DOWNGRADE 1
VN200219 MAYBANK IMTN 2.900% 09.10.2030 AA1 AA1 AAA DOWNGRADE 1
VN190017 MAYBANK IMTN 4.630% 31.01.2029 AA1 AA1 AAA DOWNGRADE 1
VP190016 MAYBANK IMTN 4.710% 31.01.2031 AA1 AA1 AAA DOWNGRADE 1
PO180007 CIMBBANK 4.880% 13.09.2029 - Issue No 7 AA2 AA2 AA1 DOWNGRADE 1
PO180006 CIMB 4.880% 13.09.2029 - Tranche 4 AA2 AA2 AA1 DOWNGRADE 1
VP120011 PLUS BERHAD IMTN 4.560% 12.01.2024 - Series 1 (8) AAA AAA AA1 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.