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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.:
  • FTSE 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 15/07/2024 to 19/07/2024

FTSE BPAM Bond Index Series

 
   Index Value (This Week Close): 208.036      Index Value (This Week Close): 196.484
   Index Value (Last Week Close): 207.746      Index Value (Last Week Close): 196.203
   Week On Week Change: 0.290        Week On Week Change: 0.281  
   % Change: 0.140 %        % Change: 0.143 %  
 
   Index Value (This Week Close): 215.737      Index Value (This Week Close): 233.142
   Index Value (Last Week Close): 215.429      Index Value (Last Week Close): 232.779
   Week On Week Change: 0.308        Week On Week Change: 0.363  
   % Change: 0.143 %        % Change: 0.156 %  

Constant Maturity YTM Curve

 


Constant Maturity Conventional Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
MGS 3.274 3.383 3.493 3.602 3.767 3.839 3.970 4.089 4.137 4.191
Quasi-Govt 3.513 3.587 3.650 3.787 3.880 3.970 4.083 4.190 4.253 4.317
AAA 3.660 3.730 3.780 3.870 3.940 4.030 4.160 4.300 4.400 4.480
AA 3.810 3.860 3.910 3.990 4.080 4.210 4.440 4.720 4.910 5.010
A 4.770 5.120 5.380 5.770 6.090 6.520 7.040 7.490 7.870 8.240
BBB 6.130 6.700 7.210 7.850 8.460 9.150 9.910 10.680 11.380 12.040


Constant Maturity Islamic Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
GII 3.295 3.398 3.484 3.636 3.759 3.808 3.976 4.108 4.160 4.215
Quasi-Govt 3.513 3.587 3.650 3.787 3.880 3.970 4.083 4.190 4.253 4.317
AAA 3.660 3.730 3.780 3.870 3.940 4.030 4.160 4.300 4.400 4.480
AA 3.810 3.860 3.910 3.990 4.080 4.210 4.440 4.720 4.910 5.010
A 4.770 5.120 5.380 5.770 6.090 6.520 7.040 7.490 7.870 8.240
BBB 6.130 6.700 7.210 7.850 8.460 9.150 9.910 10.680 11.380 12.040


BIR-CR Divergence Statistics on 19/07/2024
Status BIR < CR BIR = CR BIR > CR
 %  42.00% 37.00% 21.00%  
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
17-Jul-2024 UN170048 GENM CAPITAL MTN 3652D 31.3.2027 AA1 A1 BIR < CR 3
19-Jul-2024 UN180084 GENM CAPITAL MTN 3653D 11.7.2028 AA1 A1 BIR < CR 3
18-Jul-2024 VP190295 MBSBBANK IMTN 5.250% 19.12.2031 A3 AA3 CR < BIR 3
19-Jul-2024 VS240050 IJM TREASURY IMTN 4.400% 21.03.2039 - Series 1 T1 AA3 AAA CR < BIR 3
15-Jul-2024 VN190085 IJM IMTN 4.760% 10.04.2029 AA3 AAA CR < BIR 3
16-Jul-2024 VK190314 PENANGPORT IMTN 4.300% 24.12.2026 - Tranche No 1 AA3 AAA CR < BIR 3
19-Jul-2024 VI220220 JOHORCORP IMTN 4.720% 11.06.2027 AAA AA2 BIR < CR 2
17-Jul-2024 VZ140395 MAHB Perpetual Subordinated Sukuk 5.75% - Issue 1 AA2 A1 BIR < CR 2
17-Jul-2024 VK240146 ISLAM IMTN 4.130% 15.07.2031 (Tranche 6 Series 2) AA3 AA1 CR < BIR 2
17-Jul-2024 UZ230185 AFFINBANK RM500M PERPETUAL AT1CS (T2) A3 A1 CR < BIR 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
VP190016 MAYBANK IMTN 4.710% 31.01.2031 AA1 AA1 AAA DOWNGRADE 1
PN220014 CIMB 4.400% 08.09.2032-T2 Sukuk Wakalah S2 T1 AA2 AA2 AA1 DOWNGRADE 1
PN220013 CIMBBANK 4.400% 08.09.2032-T2 Sukuk Wakalah S2 T1 AA2 AA2 AA1 DOWNGRADE 1
UN220304 UOBM MTN 3653D 27.10.2032 AA1 AA1 AA2 UPGRADE 1
VG220489 PLUS BERHAD IMTN 4.640% 10.01.2025 -Sukuk PLUS T3 AAA AAA AA1 UPGRADE 1
VK200085 PASB IMTN 3.320% 04.06.2027 - Issue No. 21 AAA AA1 AA2 UPGRADE 1
UK240197 AMBANK MTN 2556D 19.6.2031 AA2 AA2 AA1 DOWNGRADE 1
VI220198 IMTIAZ II IMTN 4.380% 12.05.2027 AA2 AA2 AA1 DOWNGRADE 1
VI220214 PASB IMTN 4.400% 03.06.2027- Issue No. 41 AAA AA1 AA2 UPGRADE 1
UI200090 CIMB MTN 1826D 03.4.2025 - Issue No 8 AA1 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.