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15-09-2008: BPAM working on solutions to boost bond market


by Sharmila Ganapathy
Email us your feedback at fd@bizedge.com
How to Protect
KUALA LUMPUR: The country’s bond pricing agency, Bond Pricing Agency Malaysia Sdn Bhd Your Money
(BPAM), formerly Bondweb Malaysia Sdn Bhd, is working on several solutions to aid the Protection for your
development of the domestic bond market. bank savings up to
RM60,000. Find
“We have developed a bond index and we hope to have it online by year-end,” its chief operating out how.
officer Meor Amri Meor Ayob told The Edge Financial Daily in a recent interview. www.pidm.gov.my

Bondweb’s name change to BPAM takes effect today. Meor Amri said the renaming of the agency
was to more accurately reflect its function as a bond pricing agency. Try Forex
Trading
Currently, there is no central index for investors to track bond prices and trades in the Malaysian
Free $50,000
bond market, be it for corporate or government bonds.
practice account
This was unlike for equities, Meor Amri pointed out, where both retail and with charts, news,
professional investors were able to access equity quotes and trades online research &
via the Bursa Malaysia website as well as various other online sources. analysis.
www.Forex.com
He explained that once bondholders and potential investors were able to
access the most current bond data via the index,it could eventually lead to
the development of a bond futures market. Retirement
Cash-Advance?
The index, which is currently undergoing final user testing, will be made Free report on how
available to Bondweb subscribers.
to Collect cash this
Another solution that Bondweb is looking at is market-implied ratings, a year and every
relatively new concept in this part of the world although it has been implemented in developed year for life
bond markets such as the United States and Europe. DailyWealth.com/Retirement

“We are studying the feasibility of introducing market-implied ratings. In the equities space, you
have analysts who focus on the technicals and others on the fundamentals of equities and
companies,” Meor Amri said. Fixed Income
Bond
Worldwide, market-implied ratings are offered by global rating agencies Moody’s, Fitch and global 3 Biggest Myths of
equity indices provider MSCI Barra. Dividend Investing
Locally, credit rating analysts address the fundamentals of bonds and their issuers. “However, it is - Free Report!
www.investorsdailyedge.com
possible that if a ratings agency does not have access to management accounts or management,
they may end up using historical data and this could lead to a lagging effect,” Meor Amri added.

Market-implied ratings, on the other hand, are a predictive model that derives ratings from the
market prices of bonds and other types of debt instruments as well as credit default swaps. Hence,
proponents said this model was able to more accurately predict ratings movements by ratings EdgeDaily Exclusives
agencies.
15-09-2008: Deutshce
According to Meor Amri, through its own internal research, Bondweb has been able to predict a Bank slashes KLCI target
70% likelihood that a company would experience a rating change within six months. to 975 points.

For instance, bondholders who actively trade bonds would be able to take pre-emptive measures, 15-09-2008: KLCI at
as they would have six months to hedge their portfolios, he said. lowest since Nov06 at
midmorning
“We also hope to offer volatility data to clients such as banks, insurance companies and other

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theedgedaily.com http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Art...

bondholders. Then they would be available to study daily volatility and by knowing the most and
15-09-2008: Tenaga:
least volatile debt instruments being traded, bondholders would be able to do more active portfolio
No more than 40% of
management,” he said.
Bakun
The bond pricing agency is also exploring the possibility of exporting its expertise and offer 15-09-2008: Journalists
consultancy to neighbouring Asian countries. He said the agency was hoping to work with not above the law, but
Indonesia, which is establishing its own bond pricing agency PT Penilai Harga Efek. Bondweb, police should not use ISA
which has over 70 clients, had also visited Egypt, Meor Amri said. to intimidate

15-09-2008: The
subject that won’t go
away
Printable Version | Email to a Friend
15-09-2008: Bursa
mulls new derivatives
contracts to boost global
standing

15-09-2008: AISB to
boost overseas sales

15-09-2008: MAHB sets


year-end timeline yet
again
15-09-2008: MNP
changes rules of
engagement
15-09-2008: Tenaga no
better off with lifting of
windfall levy
15-09-2008: Portfolio
funds outflow to continue

15-09-2008: Falling oil


price yet to ease high
inflation
15-09-2008: Slower
growth of 5.3% for M’sia
in 2009, says DBS
15-09-2008: Cement
industry fears 9MP
projects further delayed
15-09-2008:
AmResearch cuts
plantation firms earnings
forecast.

15-09-2008: Positive
outlook on glove industry

15-09-2008: Sunzen
focusing on regional
expansion
15-09-2008: RBS
launches new series of
structured investment
product

15-09-2008: BPAM
working on solutions to
boost bond market

15-09-2008: Sukuk
issuance hit by global
credit conditions

2 of 3 9/15/2008 2:25 PM
theedgedaily.com http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Art...

15-09-2008: Industry
players mixed on High
Court judgment on BBA

15-09-2008: Analysts
mixed on ‘chain listing’

15-09-2008:
InvestPenang to support
INDEE 2008 KL
15-09-2008: Zaid
criticises use of ISA,
prepared to quit
13-09-2008: PR seeks
meeting with Pak Lah

13-09-2008: I did not


order detentions, says
Syed Hamid
13-09-2008: A one-day
ISA detention for Tan

13-09-2008: ISA
arrests an utter
disappointment

13-09-2008: Sin Chew


journalist released

13-09-2008: Kit Siang:


Abdullah cracking down to
shore up his position in
Umno

13-09-2008: Teresa’s
parents still in the dark

13-09-2008: Journalist
taken to Bukit Aman

13-09-2008: US
summons top official over
ISA detentions
13-09-2008: Guan Eng
calls for meeting with all
political parties

13-09-2008: Syed
Hamid: Journalist could
be released today

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