Business

Cagamas concludes RM499 mil equivalent sukuk, bond issuances

Proceeds to fund housing loans purchase from domestic financial system, says CEO

Updated 1 year ago · Published on 02 May 2023 4:58PM

Cagamas concludes RM499 mil equivalent sukuk, bond issuances
President and chief executive officer Datuk Chung Chee Leong says Cagamas is pleased with the issuances as demand for high-grade papers continued to gain traction amid uncertainties in the US banking sector, coupled with expectations of further rate hikes albeit at a softer pace. – Cagamas pic, May 2, 2023

KUALA LUMPUR – Cagamas Bhd has concluded the issuances of an aggregate RM499 million equivalent worth of sukuk and bonds in the domestic and international markets, bringing the total funds raised by the company to date in 2023 to RM6.34 billion.

The issuances comprised RM200 million in two-year Islamic medium-term notes (IMTNs) and S$90 million (RM300 million) in three-year Singapore dollar fixed-rate medium-term notes, the national mortgage corporation said in a statement today.

President and chief executive officer Datuk Chung Chee Leong said Cagamas is pleased with the issuances as demand for high-grade papers continued to gain traction amid uncertainties in the US banking sector, coupled with expectations of further rate hikes albeit at a softer pace.

“Proceeds raised from the issuances will be used to fund the purchase of housing loans and house financings from the domestic financial system, reflecting the continued provision of liquidity by the company to the domestic banking system,” he said.

Chung said the conclusion of the Singapore dollar issuance brought the total cumulative year-to-date Singapore dollar-denominated issuance to S$470 million while the two-year IMTNs were priced via a private placement exercise. – Bernama, May 2, 2023

Related News

Business / 6mth

Oil and gas company SMJ’s Sukuk oversubscribed 3.9 times

Business / 11mth

Moody’s assigns (P)A3 to Khazanah’s MTN, sukuk programmes

Malaysia / 1y

Home Ministry gives space to MACC for RM596 mil sukuk fraud probe

Malaysia / 1y

MACC nabs four over RM596 mil sukuk misappropriation

Business / 2y

Bank Islam’s 4th tranche sukuk issuance receives positive response

Business / 2y

Air Selangor issues first SRI Sukuk Kelestarian

Spotlight

Malaysia

Petros to take over natural gas buying, selling from Petronas from July 1

By Desmond Davidson

Malaysia

Sarawak achieves breakthrough in producing ‘rice’ from sago starch

By Desmond Davidson

Malaysia

Johor MB refutes Forest City casino reports as baseless, malicious

Malaysia

MP orders MBPJ to hire arborist for tree maintenance

Malaysia

Group asks govt to regulate fares to help e-hailing drivers

Education

Convent Light Street conversion to international school 'on track'

By Ian McIntyre