Research Reports - Category: Bond Market Update
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Malaysian Government Bond Market          In August, total MGS/GII outstanding expanded to RM965.7 billion (July: RM958.8 billion) amid lower redemptions (August: RM8.6 billion; July: RM19.0 billion). The increase in the outstanding amount was driven by stronger MGS issuances valued at RM10.0 billion (July: RM5.0 billion). As GII issuances had come in at RM5.5 billion...


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Malaysian Government Bond Market          The total amount of MGS/GII outstanding shrank in July to RM958.8 billion (June: RM962.3 billion) due to a higher volume of redemption valued at RM19.0 billion (June: none). However, the gross issuance of MGS/GII came marginally higher at RM15.5 billion (June: RM15.0 billion). The increase was driven by the stronger GII issuan...


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Malaysian Government Bond Market     Total MGS/GII outstanding grew further to RM962.3 billion at end-June from RM947.3 billion at end-May. Meanwhile, new issuance of GII papers dropped to RM4.5 billion from RM8.0 billion recorded in May. There was no redemption of government bonds for the second consecutive month. In 1H2022, total gross MGS/GII issuance came in higher at RM87....


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Global Markets          The Fed raised the FFR by 50bps in May, the biggest increase in 22 years, to tame the 40-year high inflation rate. The short-end till belly of the UST yields closed lower in May in the range of 4bps to 17bps. The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) rate, edged lower at 6.3% in April (Mar: 6.6%). Euro A...


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Global Markets          10y UST yield pushed closer to 3% in April – a level not seen since late 2018. Hot inflation, uncertainties from external factors such as the Ukraine-Russia military conflict and market expectations of the hawkish move by the Fed on FFR dragged the yields upwards. ECB confirmed that it would conclude its net asset purchases in 3Q2022, which o...


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Global Markets          The Fed increased the FFR by 25bps in March 2022, the first rate hike since December 2018 to address spiraling inflation. Meanwhile, the market is pencilling in another six rate hikes in 2022 and three more hikes in 2023. The ECB maintained the deposit facility rate at -0.5%, although other major central banks moved ahead with the rates hike. T...


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Global Markets          UST yield curves flattened in February as the yields priced in sentiment over the rate hikes by the Fed and the Russia-Ukraine geopolitical tension that escalated into a full-blown military conflict. The longer end of Germany’s bund yields mainly were in positive territory in February as the market braced for the unwinding of accommodative mo...


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Global Markets     The Fed hinted that its asset purchasing activities are likely to halt in March 2022 and future rate hikes are expected to combat surging inflation. 2y10y German Bund yields surged between 9bps and 21bps in January amid spillover effects from the Fed's hawkish hints as expectations for a March policy tightening thickened. UK gilts' yields surged in January amid a ...


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Global Markets          The Fed accelerated its asset tapering activity in December 2021 amid rising inflation, leading up to the end of the bond-buying programme by March 2022. Consequently, the UST yields rose between 8bps and 21bps across all maturities. ECB retained its dovish tilts as the central bank maintained its view that the current heated inflation is a pan...


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Global Markets     In November, The Fed hinted that it is speeding up the pace of its tapering of bond purchases. Investors expected that rate hikes would subsequently follow the conclusion of tapering activity. The long-end UST yield curve dropped significantly between 12bps to 15bps reflecting the hawkish tone of the Fed. In the EU, the return of demand for safe-haven assets follo...


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