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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 30/06/2025 to 04/07/2025

FTSE BPAM Bond Index Series

 
   Index Value (This Week Close): 220.017      Index Value (This Week Close): 207.950
   Index Value (Last Week Close): 219.702      Index Value (Last Week Close): 207.639
   Week On Week Change: 0.315        Week On Week Change: 0.311  
   % Change: 0.143 %        % Change: 0.150 %  
 
   Index Value (This Week Close): 228.126      Index Value (This Week Close): 245.578
   Index Value (Last Week Close): 227.803      Index Value (Last Week Close): 245.335
   Week On Week Change: 0.323        Week On Week Change: 0.243  
   % Change: 0.142 %        % Change: 0.099 %  

Constant Maturity YTM Curve

 


Constant Maturity Conventional Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
MGS 3.006 3.073 3.137 3.191 3.376 3.446 3.700 3.802 3.930 4.051
Quasi-Govt 3.280 3.310 3.347 3.410 3.543 3.650 3.797 3.897 4.007 4.107
AAA 3.530 3.570 3.600 3.640 3.680 3.740 3.840 3.940 4.070 4.190
AA 3.680 3.740 3.770 3.830 3.880 3.970 4.200 4.430 4.650 4.810
A 4.730 5.060 5.340 5.730 6.030 6.450 6.980 7.440 7.810 8.170
BBB 6.130 6.690 7.190 7.850 8.410 9.100 9.900 10.640 11.330 11.990


Constant Maturity Islamic Yield-To-Maturity
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
GII 3.029 3.089 3.154 3.246 3.402 3.507 3.686 3.758 3.893 4.031
Quasi-Govt 3.280 3.310 3.347 3.410 3.543 3.650 3.797 3.897 4.007 4.107
AAA 3.530 3.570 3.600 3.640 3.680 3.740 3.840 3.940 4.070 4.190
AA 3.680 3.740 3.770 3.830 3.880 3.970 4.200 4.430 4.650 4.810
A 4.730 5.060 5.340 5.730 6.030 6.450 6.980 7.440 7.810 8.170
BBB 6.130 6.690 7.190 7.850 8.410 9.100 9.900 10.640 11.330 11.990


BIR-CR Divergence Statistics on 04/07/2025
Status BIR < CR BIR = CR BIR > CR
 %  40.00% 40.00% 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
04-Jul-2025 VG230326 MYEG IMTN 5.400% 21.08.2026 - Series 5 Tranche 1 AA3 BBB1 BIR < CR 4
03-Jul-2025 UN170048 GENM CAPITAL MTN 3652D 31.3.2027 AA1 A1 BIR < CR 3
04-Jul-2025 US190346 GENTING RMTN MTN 5479D 08.11.2034 - Tranche 2 AA1 A1 BIR < CR 3
03-Jul-2025 UN190345 GENTING RMTN MTN 3653D 08.11.2029 - Tranche 1 AA1 A1 BIR < CR 3
03-Jul-2025 UI220099 GENTING RMTN MTN 1826D 25.3.2027 - Tranche 3 AA1 A1 BIR < CR 3
01-Jul-2025 VN190236 GAMUDA IMTN 4.263% 16.11.2029 AA3 AAA CR < BIR 3
01-Jul-2025 UN250154 PARADIGM 2025-Issue 1-Tranche 1-R-Class A Series 2 AAA AA3 BIR < CR 3
01-Jul-2025 VK230239 GAMUDA IMTN 4.310% 20.06.2030 AA3 AAA CR < BIR 3
04-Jul-2025 VN200096 GAMUDA IMTN 4.100% 28.06.2030 AA3 AAA CR < BIR 3
03-Jul-2025 VG240029 MYEG IMTN 5.800% 01.03.2027 - Series 8 Tranche 1 AA3 A3 BIR < CR 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
VN240011 MAYBANK SUBORDINATED SUKUK 4.030% 31.01.2034 AA1 AA2 AA1 DOWNGRADE 1
PN240026 CIMBI 3.840% 25.09.2034 - Issue No 5 AA1 AA1 AA2 UPGRADE 1
UN220304 UOBM MTN 3653D 27.10.2032 AA1 AA2 AA1 DOWNGRADE 1
VS190189 KLK IMTN 3.95% 27.09.2034 - Tranche 2 AA1 AAA AA1 UPGRADE 1
VN190188 KLK IMTN 3.75% 27.09.2029 - Tranche 1 AA1 AAA AA1 UPGRADE 1
UN200153 UOBM MTN 3.00% 02.8.2030 AA1 AA1 AAA DOWNGRADE 1
VN210218 BPMB IMTN 4.050% 06.06.2031 AAA AAA AA1 UPGRADE 1
VN230069 YTL POWER IMTN 4.990% 24.03.2033 AA1 AAA AA1 UPGRADE 1
VK210146 IMTIAZ II IMTN 3.900% 19.04.2028 AA2 AA2 AA1 DOWNGRADE 1
VI200173 PRESS METAL IMTN 4.000% 15.08.2025 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.