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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 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
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
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
1Y 2Y 3Y 5Y 7Y 10Y 15Y 20Y 25Y 30Y
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.