KUALA LUMPUR, May 22\u00a0 – National mortgage corporation Cagamas Bhd has concluded its pricing for RM705 million worth of bonds and sukuk.<\/p>\n
Its president and chief executive officer, Datuk Chung Chee Leong, said the\u00a0issuances comprised RM305 million three-month Islamic commercial papers, RM300 million three-month conventional commercial papers and RM100 million dual\u00a0tenure one- and two-year conventional medium-term notes.<\/p>\n
\u201cProceeds from the respective issuances will be used to fund the purchases of eligible assets, including housing loans\/house financing from the financial system,\u201d he said in a statement today.<\/p>\n
He added that the recent overnight policy rate\u00a0cut by Bank Negara Malaysia had\u00a0resulted in some housing loans-originating institutions and others\u00a0to seek liquidity solutions from Cagamas and secure\u00a0competitive funding rates given the continued low interest rate environment.<\/p>\n<\/div>\n
\u201cThis led to the successful conclusion of the above deals, which were conducted via private placement basis,\u201d he said.<\/p>\n
Chung said\u00a0the issuances continued to be supported by investors, indicating improved sentiment in the domestic capital market\u00a0due to various measures undertaken by the central bank in supporting the efficient functioning of the domestic financial markets coupled with the recovery in global crude oil prices.<\/p>\n<\/div>\n
\u201cThe transactions marked the company\u2019s sixth issuance exercise for the year and brings the year-to-date issuance amount to RM3.31 billion,\u201d he said.<\/p>\n<\/div>\n
Chung said the papers, to\u00a0be redeemed at their full nominal value on maturity, were unsecured obligations of the company, ranking pari passu with all other existing unsecured obligations of Cagamas.<\/p>\n
\u201cThey will be listed and tradable under the Scripless Securities Trading System,\u201d he said.<\/p>\n<\/div>\n
– BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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