Here's the part that trips up most new traders: the company whose name is on a structured warrant didn't issue it. A Maybank call warrant isn't created by Maybank — it's created by an investment bank betting on where Maybank's share price goes. That third party is the issuer, and understanding who they are changes how you read the whole warrant market on Bursa Malaysia.
A structured warrant gives you the right, but not the obligation, to buy (a call) or sell (a put) an underlying share or index at a set price before an expiry date. It's cash-settled, short-dated, and leveraged — a small move in the underlying can mean a large move in the warrant, in either direction.
Who issues structured warrants in Malaysia?
Only financial institutions approved by the Securities Commission Malaysia (SC) can issue structured warrants, and they must meet Bursa Malaysia's listing and market-making rules. As of 2026 there are eight issuers on Bursa Malaysia — six local investment banks and two foreign houses:
| Issuer | Who they are |
|---|---|
| Macquarie Capital Securities (Malaysia) | Malaysian arm of Australia's Macquarie Group. The first foreign issuer, active since 2014, with wide coverage including foreign underlyings such as the Hang Seng Index and US tech names. |
| CLSA Securities Malaysia | The newest issuer, live since 2025. Part of CITIC CLSA, owned by China's CITIC Securities. Entered with a focus on actively-traded large-caps and a fast-expanding line-up. |
| CIMB | Part of CIMB Group, one of Malaysia's largest banking groups. A long-standing local issuer with broad blue-chip coverage. |
| Kenanga Investment Bank | Malaysia's largest independent investment bank; a very active issuer with a strong retail following. |
| RHB Investment Bank | Part of RHB Banking Group, an established local issuer. |
| Maybank Investment Bank | The investment-banking arm of Maybank, Malaysia's largest bank. |
| AmInvestment Bank | Part of the AmBank Group. |
| Hong Leong Investment Bank | Part of Hong Leong Financial Group. |
The roster changes over time as issuers enter or pause activity, so the authoritative, up-to-date list is on Bursa Malaysia's own structured warrants page. Each issuer lists anywhere from dozens to hundreds of live warrants at once, and because warrants expire and new ones list constantly, the cleanest way to see an issuer's current line-up is to filter by issuer on a warrant screener.
What does an issuer actually do?
An issuer isn't just a name on a listing. They do three things that directly affect you as a trader:
- They create the warrant. The issuer picks the underlying, the exercise price, the expiry, and the number of warrants per share (the conversion ratio).
- They make the market. For most of the trading day the issuer quotes both a buy and a sell price, which is where your liquidity comes from. A warrant with a weak market maker can be hard to sell when you actually need to.
- They hedge their own risk. When they sell you a warrant, they buy or sell the underlying to manage their exposure. They aim to earn the spread, not to bet against you personally.
Why the issuer matters — an honest take
Two warrants on the exact same stock, with a similar expiry and exercise price, can behave differently depending on who issued them. The reason is market-making quality: tighter bid-ask spreads, more consistent quotes, and pricing that tracks the underlying fairly all vary by issuer. It's worth watching how an issuer's warrants behave near expiry and during volatile sessions before you rely on them. This isn't about a "best" issuer — it's about knowing that the issuer is a variable, not a detail.
How to tell which issuer made a warrant
Every structured warrant carries a code, and the issuer is tagged in it. On Bursa data you'll see the issuer in short form, for example:
- MACQ — Macquarie
- CIMB — CIMB
- KIBB — Kenanga Investment Bank
- MIBB — Maybank Investment Bank
- RHB — RHB Investment Bank
Each of the eight issuers has its own tag, so FRONTKN-C47 marked (MACQ) is a Macquarie-issued call warrant over Frontken. Once you can read the tag, you can filter a screener by issuer in seconds.
The risks — read this before anything else
Structured warrants are leveraged instruments, and the same leverage that magnifies gains magnifies losses.
- Total-loss risk. If the warrant expires out of the money, it's worth nothing. Your maximum loss is what you paid — but that can be 100%.
- Time decay. A warrant loses value as expiry approaches, even if the underlying doesn't move. Holding one is not like holding a share.
- Limited life. Most Malaysian structured warrants run 3 to 12 months, are cash-settled, and are European-style — exercisable only at expiry.
- Liquidity risk. If the issuer's market making thins out, you may not get a good price when you want to exit.
These are short-term, actively-managed instruments suited to traders who monitor the market closely and understand leverage — not a set-and-forget investment.
Disclaimer: This page is for education and general information only. It is not investment advice or a recommendation to buy or sell any structured warrant or security, and no issuer is endorsed over another. Structured warrants are high-risk, leveraged products and you can lose your entire capital. Always do your own research and verify licensed parties through Bursa Malaysia and the Securities Commission Malaysia.