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Market Watch
Close of
February 14, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 3.499 ▲ 0.8 1.4 2.7
5 Year 3.700 ▲ 0.7 3.4 7.8
10 Year 3.903 4.7 11.1 17.7

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
MYR per USD 4.075 0.2 0.1 ▲ 1.4
MYR per JPY 0.037 0.7 ▲ 0.5 ▲ 2.1

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D KLIBOR 3.190 1.0 6.0     0.0
3M KLIBOR 3.690     0.0     0.0     0.0

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
Overnight Policy Rate 3.250 ▲ 25.0     0.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A stable 2016-07-05
RAM A2 stable 2017-01-05
Non-Regional Rating Institutions
Fitch A- stable 2017-08-17
S&P A- stable 2017-06-22

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  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • Credit Spread - LCY Corp. Bonds vs Govt. Bonds
  • iBoxx ABF Index Family
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2016: Malaysia

ASEAN+3 Bond Market Guide is a comprehensive explanation of the region’s bond markets. It provides various information such as the history, legal and regulatory framework, speciic characteristics of the market, trading and transaction including settlement systems, and other relevant information. The Bond Market Guide 2016 for Malaysia is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Malaysia. The report should be recognized as a collective good to support bond market development among ASEAN+3 members.

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* Download previous issues PDF
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary

Yield Movements

Malaysia’s local currency (LCY) government bond yield curve shifted upward across all tenors between 31 August and 15 October. Modest yield increases were seen in maturities of 1 year and below while yields for the remaining tenors climbed higher. The upward movement in yields reflects the diminished buying interest for LCY bonds amid investors’ risk aversion resulting from the escalation of trade tensions and to some extent, the contagion fears from the emerging market rout and the tightening stance of central banks in advanced economies. On the domestic front, the continued weakening of the Malaysian ringgit and concerns over the economy’s fiscal position led to some wariness.

Size and Composition

The size of Malaysia’s LCY bond market barely changed in the third quarter of 2018, expanding a mere 0.7% quarter-on-quarter (q-o-q) to reach MYR1,379 billion at the end of September, with both the government and corporate segments experiencing slower quarterly growth in the third quarter of 2018. Total government bonds outstanding amounted to MYR725 billion on growth of 0.4% q-o-q, and corporate bonds outstanding reached MYR653 billion on growth on 1.1% q-o-q at the end of September. Total sukuk (Islamic bonds) amounted to MYR826 billion or comprising 60% of the LCY bond market. Of which, MYR332 billion are government bonds and MYR493 billion are corporate bonds.

Policy, Institutional and Regulatory Developments

On 17 August, Bank Negara Malaysia announced changes to its foreign exchange administration policies, effective immediately, that include (i) greater flexibility in the management of export proceeds, which allows exporters to maintain their foreign currency trading accounts with onshore banks to meet up to 6 months’ worth of foreign currency obligations without the need to first convert proceeds into ringgit; (ii) flexible hedging of foreign currency obligations; and (iii) wider access for nonresidents to the onshore market financial market, allowing them to trade in MYR-denominated interest rate derivatives via the appointed overseas offices, subject to back-to-back arrangements with onshore banks.

The Securities Commission Malaysia announced on 19 September the liberalization of its regulatory framework to provide greater access for retail investors to Malaysia’s corporate bond and sukuk markets. The liberalized framework will allow a more efficient issuance process for corporate bonds and sukuk to be offered to retail investors, as well as expand the range of corporate bonds and sukuk that can be offered. The regulation came into effect on 11 October.

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