22 December 2017
EM Currency Handbook 2018: Still Fuel in the Tank
Government bond
Liquidity: Fair
Avg. ticket size: MYR 20mn
Bid/ask spread: 3.7 bp
Avg. daily volume: MYR 2.0bn
Clearing and settlement regulation
Foreign investors can settle Malaysia government securities either through Euroclear or Clearstream. Given these
securities have to be settled onshore, foreign investors must open a securities account with an appointed Primary
Dealer. In terms of clearing and settlement, all contracts executed under Malaysia's two exchanges (securities and
derivatives) have to be done via the Fixed Delivery and Settlement System.
Taxation
There is no withholding tax on interest income derived from investments by non-residents in all ringgit-denominated
bonds and Islamic securities
ifittp://rmbond.bninsg.Q.VMYIROrtalfeetVeLP2ORenniletObilD=212.t3iiiP_ateritnerne=k1Y.P.0904Piltrelitidifi.&090g.E2Ain...
hi userid=22874&cached=true). In addition, there is also no capital gains tax or any stamp duty related to issuance or
transfer of Malaysian government or private debt securities
(httos://asianbondsonline.adb.oraimalaysia/buyinaraovernment/how to.ohol. Deutsche Bank is not a qualified tax advisor.
Tax information may vary. Kindly seek formal tax guidance for details.
Deutsche Bank Securities Inc. Page 31
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