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 issuance valued at RM10.5 billion (June: RM4.5 billion). This is notwithstanding the lower issuance in the MGS segment valued at RM5.0 billion (June: RM10.5 billion). Public offerings of MGS/GII in July were all met with solid bidding interest, with BTC ratios exceeding 2.0x. Three public offerings raised a total of RM10.5 billion while the remaining RM5.0 billion was raised through private placements. The average BTC ratio YTD stood at 2.4x, a tad higher than the 2.3x recorded for the July 2021 to July 2022 period, reflecting robust demand from domestic institutional investors despite higher issuances.