Cagamas prices M$2.11 billion Islamic RMBS

The transaction is the first Islamic mortgage-backed trade to introduce a 20-year tranche. The deal attracts significant offshore interest.

Cagamas MBS Berhad priced a M$2.11 billion Islamic residential mortgage-backed security RMBS yesterday via Aseambankers, CIMB, and HSBC, achieving a record yield with an average of 3.93%. The multi-maturity, multi-tranche trade is the first Islamic RMBS transaction to introduce a 20-year tranche.

The deal built a book of M$9 billion, with a four times subscription rate at the time of pricing, and is another step towards developing and deepening the domestic Islamic capital market.

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