KUALA LUMPUR (April 28): Bank Negara Malaysia (BNM) said on Thursday (April 28) that the Malaysian government's planned new issuance of a seven-year RM5 billion worth of Malaysian Government Securities (MGS) was overbidden after receiving 398 bids valued at RM10.98 billion from investors.

According to BNM's filing on the central bank's Fully Automated System for Issuing/Tendering website, the tender exercise for the RM5 billion worth of MGS, which pays an annual interest or coupon rate of 4.504%, was opened on Tuesday (April 26) and closed at 11:30am on Thursday (April 28).

The RM5 billion MGS, which will be issued on Friday, will mature on April 30, 2029, according to BNM.

For comparison, the trading yield of the seven-year MGS, which will mature in June 2028 and pays an annual coupon rate of 3.733%, closed at 4.37% on Wednesday (April 27), according to latest updates on BNM's website.

BNM said the trading yield of the three-year MGS, which will mature in March 2025 and offers an annual coupon rate of 3.882%, ended at 3.59% on Wednesday.

Meanwhile, the trading yield of the five-year MGS, which will mature in November 2026 and pays an annual coupon rate of 3.9%, finished at 3.89%, according to BNM.

For the 10-year MGS, which will mature in July 2032 and offers an annual coupon rate of 3.582%, the trading yield for the securities closed at 4.29%, BNM said.