BTT Promo Kit

Transcription

BTT Promo Kit

BPAM Transparency Tool (BTT)
Assessing the Bond Pricing Environment
©Copyright BOND PRICING AGENCY MALAYSIA SDN.BHD. - All rights reserved.
1.0 BPAM Product Lines
Optimised to the needs of market participants
1) Evaluated Pricing
- Daily Rated Bond MTM prices/yields
- Daily Unrated Bond MTM prices/yields
- Daily ST Instrument MTM prices/discounts
2) BondStream Terminal
3) Reference Pricing Service
- Post Issuance Preliminary Study (PIPS)
- Bond Tracker
4) Thomson Reuters BPA Malaysia Bond Index
5) RBC Support Pack
6) MFRS Support Pack
7) BPAM Market Implied Rating (BIR)
8) BPAM Transparency Tool (BTT)
9) BPAM Default and Rating Transition (DaRT) Report
10) Customized Data Service
Bond Transparency Tool
I.
Introduction to BTT
II. Market Intelligence Module
III. Subscription Procedure
2.0 Introduction : What is BTT?
BPAM has now expanded its range of products with the introduction of the BPAM
Transparency Tool (BTT).
The Need
• The market’s demand for better understanding of the valuation process in the light of global
financial crises and chaotic market conditions.
• To bridge the information and knowledge gap among all market participants and across risk
classes; market, credit, accounting and the ever-evolving financial/business risks.
•A system/analytical tool that could effectively translate raw data into higher level market information
for decision making, audit and analytical purposes.
The Solution
•The BTT offers a one stop platform for users to assess the bond pricing environment and to digest
and analyse trades and quotes information that form the underlying data from which BPAM derives
its evaluated prices. This enables users to gain incisive insights into the factors which surround the
generation of our evaluated prices.
2.1 BTT - Overview
Current Module
Market
Intelligence
Trades
YTM
MTM
One stop platform to assess the bond pricing
environment
Provide users with greater understanding of
BPAM’s methodologies
Translates raw data into higher level market
information
Will be expanded with future modules
providing even deeper transparency
Future Modules
Credit
Modeling
BPAM Transparency Tool
Financial
Statement
Analysis
Other
Analysis
3.0 Market Intelligence Module - Overview
Issuer Curves
YTM Curves
vs MTM
Issuer
Analytics
Market
Intelligence
Liquidity
Tracker
Tear Sheet
Issuer Ranking
Spread Analytics
Primary
Market Data
By MTM
By Issuer Curves
On MGS
On IRS
Secondary Market
Data
Pricing Info
By Trades
3.1 Market Intelligence Module - Functions
YTM Curves vs MTM
 Plots the YTM Par
curve for each class
and the underlying
MTM yields
 Provides insight and
transparency in
BPAM’s class curve
building
 Simplistic yet
comprehensive
graphical
representation
 Ease observation of
bond yields to their
respective class and
rating curve
Issuer Analytics - Issuer Curves
Term Structure
@
Yield Curve
 The relationship between cost of borrowing (interest rate)
and time to maturity
 Reveals market player’s expectations of future changes in interest
rates and market conditions
 Reflects the asset pricing of the underlying element
(rating class, industry, etc)
Issuer
 Captures issuer
specific and
concentration aspects
 Reflects issuer’s true
risk profile
 Higher granularity
compared to rating
class curves
Currency
Principle
Industry
Rating
Issuer Analytics - Issuer Ranking
By Trades
By MTM
By Issuer Curves
Industry:
Principle:
Rating Class:
Rating:
DIVERSIFIED HOLDING
Islamic
Corporate
AAA
Go
TENURE
Issuer
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
 Issuer specific analyzing component
 Able to view issuers’ term structure by
Trades, MTM or their own curve
 Curve points 1Y to 30Y where available
 Segregation by Industry, Principle, Rating
Class and Rating
 Able to observe issuer rankings by tenures
Issuer Analytics - Credit Spread Studies
View By:
Spread Above:
Spread (bps)
MGS
IRS
TENURE
Issuer
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
 BTT is able to present issuer
spreads vs MGS and IRS
 Ease viewing risk premiums on
benchmark curve and risky
assets
Issuer Analytics - Risk attributions
Risk-free
rates
Credit
Class
rates
Issuer
Specific
rates
 Risk is attributable to different sources
 Testing/checking may be performed at a more granular level
 Able to determine how market related factors (inflation, change in
benchmark rates, etc.) affect the term structure of each issuer
Liquidity Tracker
Total
Trades
Turnover Ratio
Trade
Recency
LIQUID
5
SCORING
No. of Trades
Trade
Frequency
Trade
Turnover
1
ILLIQUID
 Liquidity risk is a key
market risk
 The Liquidity Tracker in the
BTT tallies the daily trades
to produce a liquidity score
 The liquidity scoring gives
a quick and effective
measure of the liquidity risk
associated with each bond
Bond Tear Sheet
 Allows instant access to all salient features of the
bond – Terms and Conditions, Trades, MTM Prices,
Ratings and Issuer Profile at any given time in a
clear and concise PDF document
1. Trade and MTM Price
Time Series
2. Trade and MTM Yield
Time Series
3. Trade Historical Statistics
4. Trade Summary Statistics
5. MTM Price Info
6. Historical Daily Trades –
Price
7. Historical Daily Trades –
Yield
8. Bond Stock Info
 Rating
 Bid-Ask
 BIR
9. Bond Stock Info – Cash
Flow
10. Facility Info
11. Issuer Info
 Corporate Profile
4.0 Subscription Procedure
If you would like to subscribe to the BTT Support Pack:
1. Contact our Market Development Team at 03-2772 0888 or email
enquiries@bpam.com.my
2. We shall forward you :
• a) Subscription Proposal
3. Billing is on a quarterly basis in advance.
4. Our standard contract term is for one year.
THANK YOU
No. 17-8 & 19-8, The Boulevard, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia
Tel: +603 2772 0888 Fax: +603 2772 0808 Email : enquiries@bpam.com.my

BTT Promo Kit

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