KUALA LUMPUR, March 26 State-backed mortgage
lender Cagamas Bhd has issued 500 million ringgit
($151.3 million) worth of three-month Islamic bond, its first
sukuk for the year.
The sukuk was oversubscribed by 2.4 times as demand for
high-grade papers with short tenures remains strong, Cagamas
said in a statement on Tuesday. Investors have also taken a more
cautious approach as the U.S. Federal Reserve slows its
bond-buying, it added.
Cagamas, which provides liquidity to primary lenders of
housing loans in order to promote home ownership, is Malaysia's
second-largest issuer of debt instruments after the government.
The company doubled its annual issuance to 9.9 billion ringgit
($1 = 3.3045 Malaysian Ringgit)
(Reporting by Al-Zaquan Amer Hamzah; Editing by Anand Basu)