Kuala Lumpur: Cagamas Berhad (“Cagamas” or “the Company”), the National Mortgage Corporation of Malaysia, announced its combined issuances of RM545 million, comprising RM300 million 3-month Conventional Commercial Papers (CCPs) and RM245 million 3-month Islamic Commercial Papers (ICPs). Proceeds from the issuances will be used to fund the purchase of housing loans and house financing from the financial system.
“Global market players remain vigilant as early optimism boosted by the news of promising vaccine trials was tempered by the rising coronavirus cases and new shutdowns in many parts of the world - which may continue to threaten the recovery from the pandemic recession. On the local front, the recent announcement of an improved Malaysian economy that recorded a smaller contraction of 2.7% in the third quarter of 2020 and continued expectation of further improvements moving forward, will provide a positive catalyst to attract foreign inflows to the local capital markets,” said President/Chief Executive Officer of Cagamas, Datuk Chung Chee Leong.
“Despite the continued downside risks on the global outlook, the Company has successfully priced its CCPs and ICPs issuances competitively at 21 bps to 24 bps, above the respective Malaysian Government Securities/ Malaysian Government Investment Issues,” added Datuk Chung.
The transaction marked the Company’s nineteenth issuance exercise for the year and brings the year-to-date issuance amount to RM7.32 billion.
The papers, which will be redeemed at their full nominal value upon maturity, are unsecured obligations of the Company, ranking pari passu and with all other existing unsecured obligations of the Company. They will be listed and tradable under the Scripless Securities Trading System.
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
