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Posted Date: September 13, 2021 In a Monetary Policy Statement (MPS) released on September 9, 2021, Bank Negara Malaysia (BNM) decided to hold the overnight policy rate (OPR) unchanged at 1.75%. This is in line with our expectations. The MPS signalled no imminent changes in the OPR, which has been at a record low since …
Posted Date: September 1, 2021 In July, as the global pandemic crisis deepens, global government bonds including Malaysian Government Securities (MGS) have rallied. MGS performance mimicked the US Treasury market as investors flocked towards safe-haven assets. The rally was spurred by the rapid spread of the COVID-19 Delta variant, amplifying expectations the US economic growth …
Local bonds rally in July in tandem with global bonds Read More »
Posted Date: August 20, 2021 As expected, Malaysia’s economy posted a sharp turnaround in 2Q2021 after four consecutive quarters of contraction. While it was the highest quarterly growth ever recorded, the performance did not offset the deep contraction in last year’s corresponding period. The economy shrank 3.9% compared to 2Q2019, so it still fell short …
A strong rebound, but still far from a full recovery Read More »
Posted Date: August 12, 2021 In 2Q2021, we envisage a sharp turnaround in Malaysia’s real GDP growth on a year-on-year (y-o-y) basis to 13.2%, compared with -0.5% recorded in 1Q2021. Such promising performance will likely be Malaysia’s highest quarterly growth ever recorded. The double-digit growth primarily reflects a favourable base effect as the economy contracted …
2Q2021 GDP Growth: Base effect–driven rebound expected Read More »
Posted Date: July 30, 2021 In June, foreign flows into the local bond market turned negative for the first time in 14 months. Foreign holdings of local bonds fell by RM0.5 billion to RM247.4 billion (May: RM247.9 billion), equivalent to 14.6% (May: 14.7%) of total outstanding local bonds. The outflows were mainly driven by the …
Local bond market records first monthly net foreign outflow in 14 months in June Read More »
Posted Date: July 29, 2021 MARC has published a policy paper titled “Lockdown without being locked in”, which consists of four parts: one, the alternative meaning of the Movement Control Order (MCO) 1.0; two, the projected economic costs due to MCO 3.0; three, two broad principles, namely reciprocal transaction and channel-variable, to improve the existing …
Posted Date: July 16, 2021 In 1H2021, fiscal support to mitigate the impact of stricter lockdown measures caused the gross issuance of Malaysian Government Securities (MGS)/Government Investment Issues (GII) to rise by 3.5% y-o-y to RM80.5 billion. Consequently, the MGS yield have steepened with yields along the 7y20y curve surged by between 62bps to 79bps …
Posted Date: July 14, 2021 We believe that the V-shaped narrative highlighted in our 2021 Outlook report remains intact but will be more highly uneven than anticipated. The pandemic will pull down the per capita incomes of developing and least developed countries away from that of developed countries, resulting in a sizeable income gap between …
Posted Date: July 2, 2021 Malaysian Rating Corporation Berhad (MARC) was named as Project Finance Rating Agency of the Year (Malaysia) for 2021. This is the fourth time that MARC has been honoured and humbled by the award, having previously been bestowed with this industry recognition in 2020, 2016 and 2015. The Asset Triple A …
MARC wins Project Finance Rating Agency of the Year for 2021 Read More »
Posted Date: June 23, 2021 Malaysian Government Securities (MGS) started the month on a positive momentum with yields declining across the board during the first week. Demand was supported by risk-off sentiment emanating from local investors on the back of rising COVID-19 cases and introduction of the MCO 3.0. Yield on the 10y MGS fell …