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Malaysia

Market Watch
Close of
October 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 3.493 0.1 0.8 ▲ 35.5
5 Year 3.775 0.6 1.4 ▲ 21.5
10 Year 4.127 ▲ 0.3 ▲ 2.1 ▲ 21.3

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
MYR per USD 4.154 ▲ 0.1 0.1 2.7
MYR per JPY 0.037 ▲ 0.2 1.5 3.1

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D KLIBOR 3.250 ▲ 5.0     0.0 ▲ 34.0
3M KLIBOR 3.690     0.0     0.0 ▲ 25.0

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(25-Jan-2018)
Previous Rate
(9-Nov-2017)
YTD
Rate
Overnight Policy Rate 3.250 ▲ 25.0 ▲ 25.0

* 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

More details

  • 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
  • Foreign Bond Flows
  • 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 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

Yields of local currency (LCY) government bonds declined across all maturities between 1 June and 15 August. Short-term Treasury bills (maturities of 1 year or less) and bonds with tenors of between 5 years to 9 years saw modest declines, while bonds with maturities of between 2 years and 4 years and 10 years and above saw double-digit decreases in their yields. The general decline in yields during the review period can be attributed to Bank Negara Malaysia maintaining its policy rate after raising it by 25 bps in January as a preemptive move. The positive outlook on the Malaysian economy is also a driving force for local bond demand and the return of foreign funds to the local bond market in July also helped hold down yield increases.

Size and Composition

Malaysia’s total LCY bonds outstanding expanded 2.2% quarter-on-quarter (q-o-q), reaching MYR1,369 billion (USD339 billion) at the end of the second quarter (Q2) of 2018, slower compared to the previous quarter’s growth. Total government outstanding bonds increased 2.5% q-o-q to MYR722 billion and corporate bonds posted growth of 1.9% q-o-q to MYR646 billion. Government and corporate bonds accounted for 52.8% and 47.2% of the total outstanding, respectively, in Q2 2018. Total sukuk (Islamic bonds) amounted to MYR817 billion, accounting for a larger share of Malaysia’s bond market at 59.7% in at the end of the quarter.

Policy, Institutional and Regulatory Developments

Malaysia scrapped the 6% goods and services tax (GST), effective 1 June, as a fulfillment of Prime Minister Mahathir Mohamad’s campaign promise after his unexpected victory in the general election on 9 May. The abolition of the GST aimed to spur spending in Malaysia and address the rising costs of living. The new administration plans to replace the abolished GST with a sales and services tax (SST). Under the SST, the provision of services will be taxed at 6%, while the sale of goods will incur a 10% tax. The new tax system is expected to be implemented beginning 1 September after the necessary laws have been passed in Parliament.

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