Monthly Fixed Income Report: November 2025

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BIX MALAYSIA

MONTHLY FIXED INCOME REPORT: NOVEMBER 2025

Ringgit Bond and Sukuk outstanding at RM2.242 trillion in November 2025

In November 2025, the Malaysian ringgit-denominated bond and sukuk market registered a moderate month-on-month (MoM) growth of 0.58%, bringing total outstanding issuances to RM2.242 trillion, up from RM2.229 trillion in October 2025. Despite this incremental expansion, the overall market composition remained broadly stable. Government securities continued to represent the largest share at 57.86% of total outstanding instruments, followed by corporate bonds and sukuk at 24.70%, while quasi-government issuances accounted for the remaining 17.44% during the month.

More notably, the market sustained its strong resilience on a year-to-date (YTD) basis, expanding by RM144 billion which is a 6.90% increase from the RM2.098 trillion recorded in December 2024. This continued upward momentum underscores solid investor confidence in Malaysia’s fixed-income market and reinforces the sector’s overall stability despite evolving issuance conditions.

Nov25 - Outstanding Amount by Class in October 25 vs November 25

The Malaysian bond and sukuk market posted a solid expansion in November 2025, with total monthly issuances increasing by 16.22% month-on-month (MoM) to RM27.59 billion. This growth was primarily supported by a notable surge in corporate fundraising, which climbed 40.18% MoM to RM26.55 billion. A major contributor to this strong performance was the marked increase in AAA-rated corporate issuances, which significantly lifted overall corporate activity for the month.

In tandem with the rise in corporate issuances, Bank Negara Malaysia (BNM) issuances also recorded substantial growth, rising 80.00% MoM to RM0.54 billion. However, this momentum was tempered by an 88.89% decline in Government of Malaysia (GoM) issuances, which dropped to RM0.50 billion. Although corporate activity remained robust, the sharp reduction in sovereign issuance resulted in a more tempered overall issuance landscape for the month.

In November 2025, the Malaysian fixed-income market experienced mixed movements in yields compared with the previous month. On the sovereign side, Malaysian Government Securities (MGS) saw a decline in yields, with the 3-year tenor falling 9 basis points (bps) to 3.04% and the 10-year tenor easing 2 bps to 3.47%. Government Investment Issues (GII) exhibited a more varied trend, with the 3-year yield declining 4 bps to 3.10%, while the 10-year yield inched up 1 bp to 3.53%.

By contrast, the corporate debt segment recorded a more notable upward adjustment. Yields on AAA-rated 3-year corporate bonds rose to 3.54%, while 10-year AAA corporate yields increased to 3.80%, both advancing 2 bps. The steeper rise in corporate yields reflects a stronger repricing of risk and return expectations in the private sector relative to sovereign debt.

END OF REPORT
1st December 2025

- This announcement is available at BIX Malaysia website (www.bixmalaysia.com) –

DISCLAIMER

The information provided in this report is of a general nature and has been prepared for information purposes only. It is not intended to constitute research or as advice for any investor. The information in this report is not and should not be construed or considered as an offer, recommendation, or solicitation for investments. Investors are advised to make their own independent evaluation of the information contained in this report, consider their own individual investment objectives, financial situation and particular needs, and should seek appropriate personalised financial advice from a qualified professional to suit individual circumstances and risk profile.

The information contained in this report is prepared from data believed to be correct and reliable at the time of issuance of this report. While every effort is made to ensure the information is up-to-date and correct, Bond and Sukuk Information Platform Sdn Bhd (“the Company”) does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information contained in this report and accordingly, neither the Company nor any of its affiliates nor its related persons shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.

BIX ARTICLE

Monthly Fixed Income Report: November 2025

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