Kuala Lumpur – Cagamas Berhad (“Cagamas” or “the Company”), the National Mortgage Corporation of Malaysia, announced its RM300 million 3-month Islamic Commercial Papers (ICPs) issuance, entering the fourth quarter of the year. Proceeds from the issuance will be used to purchase Islamic home financing from the financial system.
“We are pleased with the conclusion of Cagamas’ latest issuance which saw continued buying interest of our short-term papers, despite the global and local fixed income markets coming under pressure from the growing expectations of the asset-tapering announcement by the US Federal Reserve at its November meeting,” said Cagamas President/ Chief Executive Officer, Datuk Chung Chee Leong.
“The ICPs were priced at the corresponding 3-month Kuala Lumpur Interbank Offered Rate (KLIBOR) plus 5 basis points (bps), or equivalent to 1.99% based on KLIBOR fixing on the pricing date. The spread was 23 bps above the corresponding Malaysia Islamic Treasury Bills,” added Datuk Chung.
The issuance brings the Company’s aggregate issuances for the year to RM12.25 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 2021
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