Global Markets     In June, UST yields along the 1m5y curve surged 2bps to 16bps following the more hawkish tone of the Fed at the conclusion of its latest FOMC meeting. However, UST yields at the longer end fell by 3bps to 20bps, flattening the yield curve. A rally in long-term UST yields was spurred by the Fed’s insistence that the high inflationary periods in the US are transit...

Rating action     MARC has affirmed its AAAIS rating on MISC Berhad’s RM2.5 billion Islamic Medium-Term Notes (IMTN) programme with a stable outlook. Currently, there is no outstanding amount under the programme and the programme will expire in September 2022.Rationale    The rating continues to benefit from a rating uplift on MARC’s expectation of strong parental...

Rating action     MARC has assigned a rating of AIS to Tropicana Corporation Berhad’s (Tropicana) RM2.0 billion existing Perpetual Sukuk programme with a stable outlook. The Perpetual Sukuk is rated one notch lower than Tropicana’s corporate credit rating of A+/stable to reflect its features and is in line with MARC’s methodology on subordinated instruments. No equity credit h...

Rating action     MARC has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210 million Sukuk Murabahah Issuance at AA-IS with a stable outlook.Rationale     The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned by the relatively stable traffic performance of the New North Klang Straits Bypass (NNKSB). The rating also...

Rating action     MARC has affirmed its long-term and short-term financial institution (FI) ratings of AA-/MARC-1 on KAF Investment Bank Berhad (KAF IB) with a stable outlook.Rationale     The ratings primarily reflect KAF IB’s low-risk business model and strong liquidity and capitalisation levels, underpinned by a conservative investment strategy. The ratings are m...