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Over RM1 bln worth of bonds, sukuk priced by Cagamas

08/08/2022 11:16 AM

KUALA LUMPUR, Aug 8 (Bernama) — Cagamas Bhd, the National Mortgage Corporation of Malaysia, has successfully priced its RM1.11 billion worth of bonds and sukuk.

The bonds and sukuk comprises RM25 million one-year Islamic medium term notes (IMTNs), RM85 million one-year conventional medium term notes (CMTNs), RM285 million two-year ASEAN social SRI sukuk, RM115 million two-year IMTNs, RM110 million two-year ASEAN social bonds, RM100 million three-year IMTNs and RM390 million three-year CMTNs.

“Proceeds from the issuances will be used to fund the purchase of eligible assets from the financial system,” it said in a statement today. 

President and chief executive officer Datuk Chung Chee Leong said the issuances, which include social SRI sukuk and social bonds, demonstrate Cagamas’ continued efforts to facilitate an emerging sustainable asset class and to promote the growth of a sustainable market ecosystem.

“We are pleased with the successful conclusion of the issuances after the widely expected interest rate hike by the Federal Reserve, marking its second 75 basis points (bps) hike in a row,” he said. 

He also said the company successfully priced its two-year social SRI sukuk and social bonds at two bps lower than the two-year IMTNs, recording competitive spreads of 39 to 45 bps above the corresponding Malaysian Government Securities and Malaysian Government Investment Issues for the overall issuances.

“The social SRI sukuk and social bonds for affordable housing were assigned the highest social benefit rating of Tier-one by RAM Sustainability Sdn Bhd under the Cagamas’ sustainability bond and sukuk framework,” he said.

Chung said the conclusion of the above transactions brings the company’s year-to-date issuance amount to RM10.05 billion.

“The issuance will be redeemed at their full nominal value upon maturity and are unsecured obligations of the company, ranking pari passu with all other existing unsecured obligations of Cagamas,” he added.


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