2013 Malaysia Bond and Sukuk Almanac

Transcription

1 2013 Malaysia Bond and Sukuk Almanac Presented by: Simon Ng, Chief Pricing Officer Bond Pricing Agency Malaysia Sdn Bhd Copyright BOND PRICING AGENCY MALAYSIA SDN.BHD - All rights reserved.

2 The Aim of Bridging the Information Gap PAGE 2

3 2013 Almanac Content Overview Bond and Sukuk Market 2013 In Review -Market Events -Primary Market -Secondary Market League Tables -Top Issuance -Top Traded -Top Trustee -Top Lead Arranger -By Traded Amount -By Number of Issuance -By Facility Limit -All Bonds and Sukuk -Conventional -Islamic -Rated -Non-Rated BPAM Activities and Development Bond and Sukuk Market Key Statistics -Bond Index -Issuances -Trades Issuer Profiles with Facility and Bond List - Government and PDS - All issuer with bonds/sukuk priced by BPAM - Outstanding bonds/sukuk as at 31 December Complete with facility/bond/sukuk info PAGE 3

4 Fixed Income Index vs Equity Index 133 Malaysian 13 th General Elections TR BPAM All Bond Index FTSE Bursa Malaysia KLCI Post-budget inflationary concerns and QE tapering concerns resurface US Fed hints QE tapering US Fed delays QE tapering Jan Apr Jul Oct PAGE 4

5 Returns Fixed Income Index vs Equity Index Risk vs Return Analysis 12.00% 10.00% 8.00% 6.00% FTSE Bursa Malaysia KLCI, 1,044B As at 31 Dec 2013 TR BPAM All Bond Index FTSE Bursa Malaysia KLCI YoY Return 1.12% 10.54% Annualised Volatility 1.55% 8.88% Risk Return Ratio % 2.00% TR BPAM All Bond Index, 765B Notes : Bubble size is graphical representation of market capitalization YearOnYearReturns Risk to Return ratio is defined as Volatility 0.00% -5.00% 0.00% 5.00% 10.00% 15.00% Risk Source : BPA Malaysia, Bursa Malaysia PAGE 5

6 Key Statistics Yield Curves 4.80% 10-Yr MGS 10-Yr IRS 10-Yr Islamic Corporate AAA 4.30% 3.80% 3.30% IRS and MGS saw high volatility due to mixed global performance but local buying interest caused bond spreads to narrow 2.80% 02-Jan Apr Jul Oct-13 PAGE 6

7 Quarterly Bid-Ask Spreads 1Q2013 2Q2013 3Q2013 4Q2013 MGS GII Cagamas Khazanah AAA AA1 AA2 AA PAGE 7

8 Key Statistics Monthly Trades (ex BNM) Conv (GOV) Conv (PDS) Islm (GOV) Islm (PDS) 2H2013: Investors began to trade cautiously on QE tapering expectations and inflationary concerns PAGE 8

9 League Table Top Traded Classification By Traded Amount - All Period 01 Jan 2013 to 31 Dec 2013 Issuer Bond Class Traded Amount (RM Mil) Rank Market Share No of Trades Government of Malaysia Government 654, % 32,899 BNM Sukuk Berhad BNM 376, % 4,524 Bank Negara Malaysia BNM 261, % 2,981 Projek Lebuhraya Usahasama Berhad Corporate 8, % 840 Khazanah Nasional Berhad Quasi Government 5, % 184 Classification By Traded Amount - All (exclude GOM, BNM and BNM Sukuk) Period 01 Jan 2013 to 31 Dec 2013 Issuer Bond Class Traded Amount (RM Mil) Rank Market Share No of Trades Projek Lebuhraya Usahasama Berhad Corporate 8, % 840 Khazanah Nasional Berhad Quasi Government 5, % 184 Syarikat Prasarana Negara Berhad Quasi Government 4, % 264 Cagamas Berhad Quasi Government 4, % 291 Projek Lebuhraya Usahasama Berhad Quasi Government 3, % 179 PAGE 9

10 Number of Issuances BPAM Market Implied Rating (BIR) BIR - Rating Notches Differential as at 31 December 2013 BIR = Rating : 45% BIR <> Rating : 55% 634 Bank Muamalat Alliance Bank Rating A3 A2 BIR AAA AAA 26.9% of bonds shows BIR > Rating (Market implies bonds are rated better) 28.5% of bonds shows BIR < Rating (Market implies bonds are rated worse) PAGE 10

11 Key Statistics Annual Outstanding (RM Bil) 1,100 1, In 2013, the outstanding amount of conventional bonds contracted by 2%, while sukuk grew 8% from % 36% 36% Bond 38% 68% 64% 64% 62% Sukuk 47% 50% 42% 39% 61% 58% 53% 50% PAGE 11

12 Key Statistics 2013 Issuance by Principle Bond Gov, 64 PDS, 50 Sukuk Gov, 48 PDS, RM Bil PAGE 12

13 League Table Top Issuance Classification By Amount Issued - All Period 01 Jan 2013 to 31 Dec 2013 Issuer Bond Class Traded Amount (RM Mil) Rank Market Share No of Trades BNM Sukuk Berhad BNM 156, % 177 Bank Negara Malaysia BNM 113, % 112 Government of Malaysia Government 111, % 103 Malakoff Power Berhad Corp Guaranteed 11, % 27 Cagamas Berhad Quasi Government 9, % 39 Cagamas Berhad Malakoff Power Berhad 9,900 11,380 Government of Malaysia Bank Negara Malaysia 111, ,500 BNM Sukuk Berhad 156, ,000 40,000 60,000 80, , , , , ,000 PAGE 13

14 Almanac Content Company Profile Breakdown AmBank (M) Berhad REGISTRATION CODE D ISSUER NAME AmBank (M) Berhad INDUSTRY FINANCIAL SERVICES 238 Bond Issuers 2,021 Instruments PROFILE AmBank (M) Berhad ( AmBank ) is a wholly-owned subsidiary of AMMB Holdings Berhad ( AMMB Holdings ), which is listed on the Main Market of Bursa Malaysia. AmBank offers an extensive range of financial services to clients to meet their needs. Their services include consumer banking, business banking, investment banking, treasury & markets business, broking, insurance, fund management, offshore banking, futures and options trading. The major shareholders of AMMB Holdings include the Australia and New Zealand Banking Group, Amcorp Group Berhad and Employees Provident Fund. Issuer information -Industry -Profile FACILITY/BON D CODE FACILITY/BOND NAME MATURITY DATE O/S AMT (RM MIL) CPN RATE (%) RATING AMBANK RM2BILLION MTNs PROGRAMME 4-Feb ,558 UN AMBANK MTN 3652D Dec AA3 UN AMBANK MTN 3650D Oct AA3 UP AMBANK MTN 4382D Mar AA3 Issuer information -Facility list -Bond/Sukuk details UP AMBANK MTN 4382D Mar AA3 US AMBANK MTN 5476D Apr AA AmBank RM500M Innovative Tier 1 Capital Securities Programme 16-Aug PZ AMBANK 8.250% Aug A1 PZ AMBANK 8.250% Sep A1 PAGE 14

15 Almanac Content League Table Categories Top Issuance Top Trustee By Amount Issued By Number of Issuance By Facility Limit By Number of Facility Issued -Conventional -Islamic -All -Conventional -Conventional (exclude GOM and BNM) -Conventional (exclude GOM and BNM) Rated -Conventional (exclude GOM and BNM) - Non Rated -Islamic -Islamic (exclude GOM, BNM and BNM Sukuk) -Islamic (exclude GOM, BNM and BNM Sukuk) Rated -Islamic (exclude GOM, BNM and BNM Sukuk) - Non Rated -All -All (exclude GOM, BNM and BNM Sukuk) -All (exclude GOM, BNM and BNM Sukuk) Rated -All (exclude GOM, BNM and BNM Sukuk) - Non Rated Top Traded Amount -Conventional -Conventional (exclude GOM and BNM) -Islamic -Islamic (exclude GOM, BNM and BNM Sukuk) -All -All (exclude GOM, BNM and BNM Sukuk) Top Lead Arranger By Amount Issued By Number of Issuance By Facility Limit By Number of Facility Issued -Conventional (exclude BNM and Cagamas -Conventional (exclude BNM and Cagamas) Rated -Conventional (exclude BNM and Cagamas) - Non Rated Islamic (exclude BNM and Cagamas) -Islamic (exclude BNM and Cagamas) Rate -Islamic (exclude BNM and Cagamas) - Non Rated -All (exclude BNM and Cagamas) -All (exclude BNM and Cagamas) Rated -All (exclude BNM and Cagamas) - Non Rated Total: 66 PAGE 15

16 2013 Malaysia Bond and Sukuk Almanac Annual Review -Market Events -Primary Market -Secondary Market 1 5 League Tables -Top Issuance -Top Traded Amount -Top Trustee -Top Lead Arranger Bond Market Statistics -Bond Index -Issuances -Liquidity 2 Outstanding Bond and Sukuk List 3 4 Issuer information -Issuer Profiles -Facility Info -Bond/Sukuk Info PAGE 16

17 THANK YOU No 17-8 & 19-8, The Boulevard, Mid Valley City, Lingkaran Syed Putra, Kuala Lumpur, Malaysia Tel: Fax: enquiries@bpam.com.my Copyright BOND PRICING AGENCY MALAYSIA SDN.BHD - All rights reserved.