July 13, 2024

Cagamas confirms issuance of RM120mln Islamic Medium Term Notes

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President/ Chief Executive Officer of Cagamas, Datuk Chung Chee Leong

 Cagamas Berhad (“Cagamas” or “the Company”), the National Mortgage Corporation of Malaysia, announced the successful conclusion of RM120 million two-year Islamic Medium Term Notes (IMTNs). Proceeds from the issuance will be used to fund the purchase of house financing from the domestic financial system.

President/ Chief Executive Officer of Cagamas, Datuk Chung Chee Leong said, “We are pleased to have concluded another issuance medium term notes successfully, despite persisting concerns stemming from continued monetary tightening by central banks around the globe in combating inflation and potential global growth slowdown. The issuance reflects resilience in our papers against the upward pressure in the domestic yields, which mirrors global fixed income movements.”

The IMTNs, priced via private placement, were concluded with a spread of 46 basis points above the corresponding Malaysian Government Investment Issue (MGII). The new issuance brings the Company’s aggregate funds raised for the year to RM819 million,” added Datuk Chung.

 The papers will be redeemed at their full nominal value upon maturity, are unsecured obligations of the Company, ranking pari passu with all other existing unsecured obligations of the Company.

Source

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