Cagamas launches Asias first Islamic RMBS

Cagamas securitizes government''s Islamic home financing.

Malaysia's state mortgage company, Cagamas, has launched Asia's first rated Islamic residential mortgage-backed security RMBS with a six-tranche M$2.05 billion deal via lead managers HSBC, ABN AMRO, AmMerchant Bank and CIMB.

The first tranche carrying a three-year tenor was initially marketed to investors at 32-37bp over MGS, the five-year tranche at 50-55bp over MGS, the seven-year at 51-56bp over MGS, the 10 year at 54-59bp over MGS for the 10 year and 70-75bp for the 12-year and 15-year. The guidance was tightened by 5bp across all tenors as investor demand grew.

At final pricing, most of the tranches priced in...

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