Published: 2009/03/17
MALAYSIAN national mortgage firm Cagamas plans to sell more than RM2 billion of bonds by the end of March, a company source said, reflecting sustained interest in highly-rated debt despite concerns about weakness in property markets.
The issue, with terms ranging from one to 20 years, comprises RM1.25 billion of conventional bonds and RM950 million of Islamic bonds and will be arranged by Maybank Investment and OCBC, a separate financial source said yesterday.
The company source did not confirm the arrangers, but said book running for the issue is ongoing.Cagamas is Malaysia's second biggest debt issuer after the government and carries the highest credit rating "AAA" from local rating agencies. It issues debt and uses funds to buy housing loans from financial institutions, enabling lenders to give out more loans.