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Cagamas issues multi-tenured RM500 Islamic IMTNs

KUALA LUMPUR (Nov 28): Cagamas Bhd said it is issuing its multi-tenured RM500 million Islamic Medium Term Notes (IMTNs) comprising RM20 million 1-year IMTNs, RM30 million 3-year IMTNs and RM450 million 5-year IMTNs.

In a statement today, National Mortgage Corporation said the issuance proceeds will be used to fund the purchase of Islamic home financings from the financial system.

Cagamas president/ chief executive officer Datuk Chung Chee Leong said this was the company’s 23rd issuance exercise for this year which brings the total issuances for year-to-date 2019 to RM7.9 billion.

He said the issuance was out of the Company’s RM40 billion Conventional Medium Term Notes (CMTNs)/Islamic Medium Term Notes (IMTNs) local currency programme.

“The issuance, that was concluded via public offering drew commendable participation from a diversified group of investors including sovereign wealth funds, financial institutions, insurance companies, as well as foreign asset managers,” said Chung.

Chung said the Company’s IMTNs were priced competitively at final profit rate of between 26 to 29 basis points (bps) over Malaysian Government Investment Issues (MGII), 5 to 8 bps above government-guaranteed (GG) sukuk and 1 to 9 bps below AAA-rated corporate sukuk yield of equivalent tenure.

Cagamas said the papers, which will be redeemed at their full nominal value upon maturity, are unsecured obligations of the company, ranking pari passu among themselves and with all other existing unsecured obligations of the company.

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