Fixed Income Research KDN PP 16084/10/2012 (030859)
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1 Fixed Income Research KDN PP 16084/10/2012 (030859) Vol.: FI/012/2018 A U G U S T Monthly Bond Market & Rating Snapshot FINANCIAL VARIABLE JUL-18 AUG-18 M-O-M CHANGE OVERNIGHT POLICY RATE (%) bp 3-YEAR BENCHMARK MGS (%) bps 10-YEAR BENCHMARK MGS (%) bps 3-YEAR IRS (%) bp 10-YEAR IRS (%) bp RINGGIT 3-YEAR AAA (%) bp RINGGIT 3-YEAR AA (%) bp RINGGIT 3-YEAR A (%) bps 2-YEAR US TREASURY (%) bps 10-YEAR US TREASURY (%) bps MYR/USD % US DOLLAR INDEX % BRENT CRUDE (USD/BARREL) % GOLD SPOT (USD/OUNCE) 1, , % KLCI Index 1, , % S&P 500 Index 2, , % Th Fixed Income Research led by: Global Markets 2 In August, lingering concerns over US trade relations continued to rattle the financial market. The negative trend continued in Turkey as its currency slumped massively against the US dollar upon an escalating diplomatic feud between the two nations, among others. Meanwhile, the latest euro zone data signalled a further economic slowdown in 2Q2018. Nor Zahidi Alias Chief Economist zahidi@marc.com.my Malaysian Government Bond Market 3 Yields on local govvies hovered slightly higher during the first half of the month amid weakness in the ringgit and a fall in crude oil prices. Yields began to ease during the second half of the month after the release of the lower-than-expected 2Q2018 gross domestic product (GDP) growth data by Bank Negara Malaysia (BNM). China s move to support the yuan and a surge in crude oil prices in the final week have also brought some support to local govvies. Ringgit 7 The ringgit extended its weakening against the US dollar to end at its weakest monthly level for 2018 so far. It lost 438 pips month-on-month (m-o-m) against the greenback to settle at RM in August compared with RM recorded in the previous month. Malaysian Corporate Bond Market 8 MARC Rating Activities 11
2 Global Markets A quick review Lingering concerns over US trade relations continue to rattle the financial market. This came as formal US- China trade talks ended with no breakthrough. The negative trend continued in Turkey, where its currency has slumped against the US dollar. Meanwhile, the latest euro zone data signalled a further economic slowdown. The UST yield curve extended its flattening trend, with the yield spread narrowing to its lowest level in 11 years. In August, lingering concerns over US trade relations continued to rattle the financial markets. This came as formal trade talks between the US and China ended with no breakthrough, with the second wave of US tariffs on USD16 billion of Chinese goods taking effect on August 24, along with retaliatory tariffs from China on an equal amount of US goods. Positive development such as the trade deal between the US and Mexico failed to lift the market, as gains were limited by other big disputes that President Trump has embarked upon, notably with China. Furthermore, the fact that Canada has not yet joined the new version of the North American Free Trade Agreement (NAFTA) was another reason that raised concerns among investors. The negative trend continued in Turkey, where its currency has slumped massively against the US dollar. The Turkish lira was hit by fears of an escalating diplomatic feud between the US and Turkey, and President Recap Tayyip Erdogan s control over monetary policy. Meanwhile, in the euro zone, the latest economic signals showed that its economy slowed further in the three months through June. Investors were worried over future relations with the currency s largest trading partners. Investors also questioned whether European banks exposure to Turkey could provoke another financial crisis in the region. The US Treasury (UST) yield curve extended its flattening trend, with the spread between the 10- year and two-year UST yields narrowing to its lowest level in 11 years. This comes as the US Federal Reserve (Fed) characterised the US economy as strong, enforcing market expectations for rate hikes in September and December. Meanwhile, the Bank of England (BoE) raised its benchmark rate to 0.75% from 0.50% despite worries over the strength of the UK economy and uncertainty over Brexit. Exhibit 1: Summary of US rates US rates (%) Jul-18 Federal Funds Rate (Upper Bound) bp 2-year UST bps 5-year UST bps 10-year UST bps 30-year UST bps Exhibit 2: Summary of euro rates Euro rates (%) Jul-18 European Central Bank Deposit Facility Rate bp 2-year Bund bps 5-year Bund bps 10-year Bund bps 30-year Bund bps Exhibit 3: Summary of UK rates UK rates (%) Jul-18 Bank of England Official Bank Rate bps 2-year Gilt bps 5-year Gilt bps 10-year Gilt bps 30-year Gilt bps Exhibit 4: Summary of Japan rates Japan rates (%) Jul-18 Bank of Japan Short-term Interest Rate bp 2-year JGB bp 5-year JGB bp 10-year JGB bps 30-year JGB bp 2
3 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Mar-18 Jul-18 Sep-17 Jan-18 Mar-18 Jul-18 Malaysian Government Bond Market Primary market review Monthly Bond Market & Rating Snapshot Total outstanding MGS and GII was marginally higher m-o-m in August, offset by a large volume of matured GII papers. The primary market for local govvies was slightly weaker m-o-m in August as total received bids fell. The combined outstanding Malaysian Government Securities (MGS) and Government Investment Issues (GII) was marginally higher in August, coming in at RM706.1 billion (July 2018: RM705.6 billion). The increase in total outstanding was largely offset by a large volume of GII papers that matured during the month, amounting to RM8.5 billion (July 2018: zero). Meanwhile, gross issuance for MGS/GII papers in August came in lower at RM9.0 billion (July 2018: RM9.8 billion) as gross issuance from MGS declined to RM3.0 billion (July 2018: RM5.8 billion) while GII rose to RM6.0 billion (RM4.0 billion). Year-to-date (YTD), gross issuance of MGS/GII papers grew by 5.2% yearon-year (y-o-y) to RM81.5 billion (2017YTD: RM77.5 billion). The total received bids for MGS/GII in August was lower at RM19.5 billion (July 2018: RM23.4 billion) for its targeted RM9.0 billion (July 2018: RM9.0 billion) in issuances through three offerings. Both the 20y GII and 15y MGS issues were well received, commanding bid-to-cover (BTC) ratios of 2.1x and 2.6x amid solid demand from local institutional investors. Meanwhile, the 5y GII issue saw only decent demand with its BTC ratio coming in at 1.8x. Exhibit 5: Summary of Malaysian government securities statistics (RM billion) Gross issuance Redemption Net issuance Total outstanding MGS GII Total MGS GII Total MGS GII Total MGS GII Total Jul YTD Source: BNM Bond Info Hub, Exhibit 6: Malaysian government securities auction results in August Issues Tenure Amount Average yield Issue date BTC (x) (years) (RM mil) (%) 20-year reopening of GII (Mat on 08/37) , year reopening of MGS (Mat on 11/33) , year reopening of GII (Mat on 11/23) , Source: BNM Fast, Exhibit 7: Total outstanding MGS/GII papers was marginally higher in August, offset by a large volume of mature MGS papers Exhibit 8: BTC ratios of MGS and GII papers for the past one year Issuance (LHS) Redemption (LHS) Outstanding (RHS) 4.0 MGS GII 1-year average BTC ratio RM million 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Outstanding (RM million) 800, , , , , , , , Source: BNM Bond Info Hub, Source: BNM Fast, 3
4 Secondary market review Local govvies ended the month supported amid expectations of a weaker economy for the rest of The benchmark MGS yield curve continued to flatten in August as yields at the longend fell more sharply. Yields on local govvies hovered slightly higher during the first half of the month amid weakness in the ringgit and a fall in crude oil prices. Local govvies during the period were also affected by the sell-off in Turkish lira and rising fears of a contagion effect on emerging market assets. Yields began to ease during the second half of the month after the release of the lower-than-expected 2Q2018 GDP growth data by BNM. Local govvies rallied in anticipation of a softening of the Malaysian economy going forward. BNM had also revised its 2018 GDP forecast downwards to 5.0% year-onyear (y-o-y) from its earlier projection of between 5.5% to 6.0% y-o-y. China s move to support the yuan and a surge in crude oil prices in the final week have also brought some support to local govvies. Trading momentum showed a slight improvement in August, amounting to RM62.8 billion compared with RM61.6 billion registered in the previous month. At end-august, the benchmark MGS yield curve continued to flatten with yields along the 15y20y curve at the long-end falling by six bps to 10 bps while the 3y yield at the short-end was down by nine bps. In addition, the 10y/3y MGS spread widened to 56 bps from 50 bps in July. Yields on the 3y MGS fell faster than the 10y note amid expectations that BNM would maintain its key Overnight Policy Rate (OPR) for The 10y MGS settled three bps lower m-o-m to 4.04% in August from 4.07% in the previous month. Exhibit 9: Daily performance of three- and 10-year MGS yields throughout August 2018 Volume (RM million, RHS) 3Y MGS (LHS) 10Y MGS (LHS) *MGS yields being rebased to 100 on 31st July ,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Source: Bloomberg, BPAM, Exhibit 10: MGS benchmark yields MGS yields (%) Jul-18 3-year MGS 3.57% 3.48% -9 bps 5-year MGS 3.75% 3.70% -5 bps 7-year MGS 3.97% 3.93% -4 bps 10-year MGS 4.07% 4.04% -3 bps 15-year MGS 4.53% 4.47% -6 bps Exhibit 11: OPR and Interest Rate Swap (IRS) rates Rates (%) Jul-18 Overnight Policy Rate 3.25% 3.25% 0 bp 1-year IRS 3.71% 3.70% 0 bp 3-year IRS 3.75% 3.74% -1 bp 5-year IRS 3.84% 3.84% 0 bp 10-year IRS 4.17% 4.16% -1 bp 4
5 Exhibit 12: MGS yield curves Exhibit 13: MYR IRS curves m-o-m (RHS) end-july'18 (LHS) end-august'18 (LHS) % bps Y 5Y 7Y 10Y Maturities (Years) Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Apr-16 Jun-16 Exhibit 14: Malaysia s 5Y Credit Default Swap (CDS) curve Exhibit 15: 10Y/3Y MGS spread Malaysia 5-year CDS (bps) Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 May-16 Nov-16 May Y/3Y MGS Spread (bps) Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Apr-16 Jun-16 Exhibit 16: Top five local govvies trades for August 2018 Security Traded amount (RM mil) Issue tenure (Years) Last traded yield (%) GII MURABAHAH 2/ % , % MGS 3/ % , % MGS 2/ % , % GII MURABAHAH 7/ , % GII MURABAHAH 3/ % , % Source: BPAM, Exhibit 17: Summary of MGS trading volume (RM million) based on maturity profile < 3M 3M -6M 6M - 1Y 1Y - 2Y 2Y - 3Y 3Y - 5Y 5Y - 7Y 7Y 10Y > 10Y Jul-18 2,845-2,616 3,512 2,295 7,857 5,530 7,715 5,704 1, ,791 4,030 1,365 9,619 2,441 4,525 7,757-1, ,762-3,089-3,190 2,053 Source: BPAM, 5
6 Jan-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Mar-18 Jul-18 Jan-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Mar-18 Jul-18 Monthly Bond Market & Rating Snapshot Foreign holdings Foreign investors have reduced their holdings of local govvies in August amid increasing fears of an emerging market contagion and high volume of matured GII papers. In August, foreign investors have reduced their holdings of local govvies by RM1.8 billion (July 2018: +RM3.3 billion) to RM169.1 billion (July 2018: RM170.9 billion) after recording net inflow in the previous month. Total foreign ownership of local govvies fell to 23.4% (July 2018: 24.0%) of the total outstanding during the period. The decline was mainly attributed to the increasing fears of an emerging market contagion sparked by lingering concerns over the heightening US-China trade tensions and the currency crises seen in Turkey and Argentina. The drop in foreign ownership of local govvies was also partly attributed to the significant increase in volume of matured GII papers which amounted to RM8.5 billion. Foreign holdings of GII in August fell to RM13.2 billion (July 2018: RM13.8 billion). Meanwhile, foreign holdings of MGS stood fell to RM153.9 billion (July 2018: RM154.4 billion). N Exhibit 18: Summary of foreign holdings in local govvies Foreign holdings (RM mil) Composition (%) Foreign flows (RM mil) Jul-18 Jul-18 Jul-18 MGS 154, , , GII 13,815 13, MGS+GII 168, , ,206-1,157 Treasury bills 2,668 2, Total 170, , ,326-1,804 Source: BNM, Exhibit 19: Foreign holdings of ringgit bonds as percentage of total outstanding Exhibit 20: Monthly foreign flows and total foreign holdings of local bonds Total foreign holdings (RM million, RHS) MGS GII Corporate bonds 63.0% 53.0% 43.0% 33.0% 23.0% 13.0% 3.0% 250, , % 150, , % 50, % - 3.1% MGS (RM mil., LHS) GII (RM mil., LHS) Others (RM mil., LHS) Total foreign holdings (%, RHS) 15, % 10, % 5, % % (5,000) 17.0% (10,000) 16.0% (15,000) 15.0% (20,000) (25,000) 14.0% (30,000) 13.0% Source: BNM, BPAM, Source: BNM, BPAM, 6
7 Ringgit The ringgit extended its weakening against the US dollar, due to the surging strength of the latter. The ringgit was traded weaker against major currencies. Against the US dollar The ringgit extended its weakening against the US dollar in August, losing 438 pips against the latter to settle at RM per US dollar compared with RM per US dollar at the end of the previous month. This marked a nine-month low since December The local note struggled to gain traction in August, mainly attributed to a firmer US dollar amid lower crude oil prices. The ringgit was also affected by the sell-off of the Turkish lira in mid-august. The bearish sentiment simmered amid the strengthening dollar environment. Against other major currencies As at end-august, the ringgit was traded weaker against major currencies. The local note fell versus the Euro to RM from RM in the previous month s close, slipped further against the Singapore dollar to RM from RM2.9859, eased against the pound sterling to RM from RM and slid against the Japanese yen to RM (per JPY100) from RM (per JPY100). Exhibit 21: Asian currencies against USD (% m-o-m) Indian rupee Indonesian rupiah Malaysian ringgit Philippine peso Offshore Chinese renminbi Taiwanese dollar Singapore dollar South Korean won Hong Kong dollar Japanese yen Thai baht USD Strengthened USD weakened 1.2 Exhibit 22: Major currencies against MYR (% m-o-m) Australian dollar Indonesian rupiah Pound sterling Singapore dollar Euro Taiwanese dollar US dollar Hong Kong dollar Offshore Chinese renminbi South Korean won Japanese yen Thai baht Swiss franc MYR strengthened MYR weakened 3.2 Exhibit 23: Daily performance of the ringgit versus FBM KLCI, BRENT crude and 10y MGS RM348.9 mil foreign flow in Bursa RM458.2 mil foreign flow in Bursa Foreign investors disposed RM631.4 mil from Bursa *KLCI, Brent & 10y MGS rebased to 100 at 29th June 2018 RM46.5 mil foreign flow in Bursa Foreign investors disposed RM15.3 mil from Bursa Exhibit 24: Monthly performance of the ringgit versus foreign holdings of short-term local bonds and MGS Foreign Holdings of ST Papers (RM billion, LHS) MYR/USD (Reverse scale, RHS) Foreign Holdings of MGS (RM billion, LHS) KLCI Brent 10y MGS USD/MYR (Reverse order, RHS) Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Apr-16 Jun-16 Source: Bloomberg, MIDF, Source: Bloomberg, BNM, 7
8 Malaysian Corporate Bond Market Monthly Bond Market & Rating Snapshot Corporate bond issuance activities increased in August, reversing the declining trend since April YTD issuance activity remained strong. Corporate bond issuances increased in August, reversing the declining trend which had been in place since April Total gross issuance of corporate bonds came in at RM7.6 billion in August (July 2018: RM5.9 billion), an uptick of RM1.7 billion on a m-o-m basis. The rise in corporate bond issuance activities in August was mainly contributed by issuances in the unrated governmentguaranteed (GG) segment, which climbed to RM1.4 billion from nil in the previous month. All other corporate bond segments also registered increases in issuance, except for the unrated corporate bonds segment. Issuance within the unrated GG segment were led by DanaInfra National Berhad s two tranches of Medium-Term Notes (MTN) amounting to RM1.4 billion to finance the capital expenditure and operating expenses in relation to the development of the Klang Valley Mass Rapid Transit (MRT) project. YTD, the total gross issuance of corporate bonds came in higher by 3.3% y-o-y at RM68.5 billion (2017YTD: RM66.3 billion) with the rated corporate bonds segment comprising more than half of the total gross issuance for 2018YTD. DanaInfra Nasional Bhd (RM7.9 billion), Edra Energy Sdn Bhd (RM5.1 billion) and Cagamas Bhd (RM5.0 billion) remained at the top in the list of issuers for 2018YTD. Exhibit 25: Summary of corporate bond issuance in August 2018 (RM billion) Year Unrated corporate bonds Unrated governmentguaranteed Total unrated Rated corporate bonds Cagamas Total rated Total corporate bonds Jul Source: BPAM, Exhibit 26: Historical trend of bond issuance by category (RM billion) Year Unrated corporate bonds Unrated governmentguaranteed Total unrated Source: BPAM, Note: Numbers may not necessarily add up to total due to rounding. Rated corporate bonds Cagamas Total rated Total corporate bonds YTD Exhibit 27: Top corporate bond issuers in August 2018 (issue size of RM1 billion and above) Tenaga Nasional Berhad Issuer Industry Category Principle utilities No. of issues Amount (RM bil) Tenure (Years) Coupon (%) AAA rated DanaInfra Nasional Berhad Financial services GG YTL Power International Berhad utilities Source: BPAM, AA rated Conventional
9 Exhibit 28: Corporate bond issuance composition by sector and ratings in August 2018 Exhibit 29: Outstanding size of Cagamas and corporate bonds as of August 2018 (RM billion) Financial services RM billion 29.4 Asset class Conventional Total utilities 14.3 Property & real estate Diversified holdings Trading & services Transportation Construction & engineering Industrial products Asset-backed securities Plantation & agriculture Mining & petroleum Source: BPAM, GG 28% Unrated 14% Cagamas 7% A & below 4% AAA 19% AA 28% Cagamas Corporate Bonds Corporate Corporate guaranteed Financial ABS Source: BPAM, Exhibit 30: Corporate bonds outstanding: Conventional & Exhibit 31: Corporate bonds outstanding: Distribution by rating band 67% AAA 27% AA 39% Conventional 33% Source: BPAM, Cagamas 8% Short-term 2% Not rated 17% Source: BPAM, BBB & below 2% A 5% Exhibit 32: AAA corporate benchmark yields AAA (%) Jul-18 3-year bp 5-year bps 7-year bps 10-year bps Exhibit 33: AA/AA2 corporate benchmark yields AA/AA2 (%) Jul-18 3-year bp 5-year bp 7-year bp 10-year bps Exhibit 34: A/A2 corporate benchmark yields A/A2 (%) Jul-18 3-year bps 5-year bps 7-year bps 10-year bps Exhibit 35: AAA, AA/A2, A/A2 blended credit spreads AAA, AA/A2 & A/A2 (bps) Jul-18 3-year bps 5-year bps 7-year bps 10-year bps 9
10 Exhibit 36: AAA corporate bonds yield spread (bps) Exhibit 37: AA/AA2 corporate bonds yield spread (bps) 110 3Y 5Y 7Y 10Y 150 3Y 5Y 7Y 10Y Jan-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Mar-18 Jul Jan-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Mar-18 Jul-18 Exhibit 38: A/A2 corporate bonds yield spread (bps) Exhibit 39: 5Y blended credit spread (bps) Y 5Y 7Y 10Y Jan-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Jan-18 Mar-18 Jul Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 5-year average Aug-15 Nov-15 May-16 Nov-16 May-17 Exhibit 40: Secondary market volume (RM billion) Asset class Jul-18 MGS/GII Cagamas FI corporate Non-FI corporate Source: BPAM, Exhibit 41: Non-FI corporate traded by rating band (RM billion) Rating band Jul-18 AAA AA A BBB and below Short-term Source: BPAM, 10
11 MARC removed the issue ratings of all concessionaries in its universe from MARC Developing in August and revised their rating outlooks to negative. MARC Rating Activities MARC removed the issue ratings of all toll concessionaires in its universe from MARCWatch Developing in August and revised their rating outlook to negative. The removal of the ratings reflects that the imminent risks to the toll road sector arising from any resolution on tolling issue has been substantially reduced after the government indicated that any plan to abolish toll road charges has now been put on hold. MARC also removed its MARC-1/AA ratings on Murud Capital Sdn Bhd s Senior Commercial Papers/Medium-Term Notes (Senior CP/MTN) programme of up to RM0.3 billion from MARCWatch Negative and concurrently attached a negative outlook to the ratings. MARC also reaffirmed a total of six other issue ratings from five issuers (while maintaining their outlook as stable), four financial strength ratings and one counterparty credit rating. MARC withdrew four issue ratings from three issuers as well. Meanwhile, MARC has assigned preliminary ratings of MARC-1 -IS /AA -IS with a stable outlook to Serba Dinamik Holdings Berhad s proposed RM500 million multicurrency Commercial Papers (ICP) Programme and RM1.5 billion Medium-Term Notes (IMTN) Programme with a combined limit of RM1.5 billion. For the month of August there were no rating migration activities. Exhibit 42: List of rating actions in August 2018 Principle Category Main sector Issuer Conventional Conventional Corporate Debt Source: *fg financial guarantee Sistem Penyuraian Trafik KL Barat Sdn Bhd Before After Before After 30- AFFIRMED NEG A+ A+ 510 ANIH Bhd 30- AFFIRMED NEG AA AA 2,500 Projek Lebuhraya Usahasama Berhad 30- AFFIRMED NEG AAA AAA 23,350 Cerah Sama Sdn Bhd 30- AFFIRMED NEG AA- AA- 420 Konsortium Lebuhraya Utara- Timur (KL) Sdn Bhd Konsortium Lebuhraya Utara- Timur (KL) Sdn Bhd Senai-Desaru Expressway Berhad 30- AFFIRMED NEG AA- AA- 2, AFFIRMED NEG A- A AFFIRMED NEG BBB- BBB- 1,890 Grand Sepadu (NK) Sdn Bhd 30- AFFIRMED NEG AA- AA- 210 MEX II Sdn Bhd 30- AFFIRMED NEG AA- AA- 1,300 MEX II Sdn Bhd 30- AFFIRMED NEG A- A- 150 Lebuhraya Duke Fasa 3 Sdn Bhd Projek Lintasan Sungai Besi- Ulu Klang Sdn Bhd Projek Lintasan Sungai Besi- Ulu Klang Sdn Bhd 30- AFFIRMED NEG AA- AA- 3, AFFIRMED NEG A+ A+ 2, AFFIRMED NEG AAA AAA 500 fg Conventional Corporate Debt Trading/Services Premier Merchandise Sdn Bhd 28- WITHDRAWN STA AAA AAA 300 bg Conventional Corporate Debt Trading/Services Premier Merchandise Sdn Bhd 28- WITHDRAWN STA AAA AAA 300 fg Unspecified Financial Strength Insurance Company Financial Corporate Debt Institution Unspecified Financial Strength Financial Institution International General Insurance Company Limited 28- AFFIRMED STA AA+ AA+ 0 Development Bank 28- AFFIRMED STA AAA AAA 400 Development Bank 28- AFFIRMED STA AAA AAA MARC-1 MARC-1 0 Conventional Structured Finance Property Murud Capital Sdn Bhd 27- AFFIRMED NEG AA AA MARC-1 MARC Corporate Debt Property Putrajaya Holdings Sdn Bhd 23- WITHDRAWN AAA AAA 2,200 Structured Finance Property Aman Sukuk Bhd 23- AFFIRMED STA AAA AAA 10,000 Corporate Debt Senari Synergy Sdn Bhd 10- WITHDRAWN AAA AAA 380 fg Unspecified Financial Strength Finance Danajamin Nasional Bhd 08- AFFIRMED STA AAA AAA 0 Unspecified Counterparty Credit Rating Date announced Rating action Rating outlook Long-term rating Short-term rating Finance Danajamin Nasional Bhd 08- AFFIRMED STA AAA AAA MARC-1 MARC-1 0 Corporate Debt Finance Danajamin Nasional Bhd 08- AFFIRMED STA AAA AAA 2,000 Corporate Debt Finance Danajamin Nasional Bhd 08- AFFIRMED STA AA+ AA+ 2,000 Corporate Debt Serba Dinamik Holdings Bhd 03- PRELIMINARY STA MARC-1 MARC Corporate Debt Serba Dinamik Holdings Bhd 03- PRELIMINARY DEV AA- AA- 1,500 Unspecified Financial Strength Finance Malayan Banking Berhad 01- AFFIRMED STA AAA AAA MARC-1 MARC-1 0 Conventional Corporate Debt Finance Malayan Banking Berhad 01- AFFIRMED STA AAA AAA 10,000 Corporate Debt Property Titijaya Land Bhd 01- AFFIRMED STA MARC-1 MARC Issue size (RM mil) Credit enhancement 11
12 Exhibit 43: MARCWatch placements, by issue count Exhibit 44: MARC rating migrations, by issue count MARCWatch NEG MARCWatch DEV Upgrades Downgrades Defaults DEC-12 DEC-13 DEC-14 DEC-15 DEC-16 DEC-17 AUG YTD Source: Source: 12
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