KUALA LUMPUR: Cagamas Bhd, the national mortgage corporation of Malaysia, said it had issued three-month Islamic Commercial Papers (ICP) valued at RM500 million — its fourth issuance so far this year — which brings the year-to-date issuance to RM3 billion. In a statement, Cagamas said the ICP will be issued under the Islamic Commodity Murabahah structure and that proceeds from the issuance will be used to fund the purchase of Islamic financing from the financial system. Chung said the ICP brings the company's issuance closer to achieving its projected total issuance size of RM10.5 billion for the year. Cagamas is the second-largest issuer of debt instruments after the government of Malaysia and the largest issuer of AAA corporate bonds and sukuk in the market. Since incorporated in 1986, Cagamas has cumulatively issued RM289 billion of corporate bonds and sukuk.

Source: The Edge Markets March 22, 2017 03:11 UTC