Cagamas to sell Malaysia's biggest securitization

Government housing loan provider mandates StanChart for M$2 billion RMBS.

Malaysia's state mortgage company has hired three banks to arrange the country's biggest ever securitization. Cagamas says the deal will be a M$2 billion $525 million residential mortgage-backed securitization RMBS twice the size of the previous biggest deal, a M$1 billion collateralized loan obligation CLO from Alliance Merchant Bank.

Lucrative securitization mandates are scarce throughout the region at the moment, thanks mainly to the drop-off in Korean issuance, and the competition to get on this deal was pretty hot according to one banker who pitched for it. In the end, Cagamas opted for Standard Chartered, along with local banks Aseambankers and Commerce International Merchant Bankers. The mandate is another feather in...

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