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Wednesday, 28 March 2012

Malaysia: Cagamas issues RM500m Islamic bond (sukuk)

Malaysia’s Cagamas Bhd, the country’s mortgage corporation, said today it has issued a multi-tenured RM500 million (US$162.34 million) Islamic bond to widen and diversify its investor base. 

The Cagamas bond is structured under wakala concept that involves the use of an agency agreement in which one firm accepts funds from another to invest on its behalf in a syariah-compliant manner. 

“The uniqueness of the sukuk wakala structure arises from the co-mingling of the debts arising from a commodity murabahah transaction with equity assets constituting an investment portfolio,” Cagamas said in a statement. 

Cagamas said the sukuk wakala, which was issued out of its RM60 billion commercial paper and medium-term note programmes, was priced at yields of 3.35 per cent, 3.50 per cent and 3.70 per cent for one, three and five year tenures respectively. 

AmInvestment Bank Bhd and RHB Investment Bank Bhd were the joint lead managers for the issuance. -- REUTERS

(BusinessTimes / 28 March 2012 )

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