March 26, 2014 / 4:02 AM / 4 years ago

Cagamas issues $151.3 mln Islamic bond

KUALA LUMPUR, March 26 (Reuters) - 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 last year. ($1 = 3.3045 Malaysian Ringgit) (Reporting by Al-Zaquan Amer Hamzah; Editing by Anand Basu)

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