Cagamas bags 2 awards for Islamic finance

July 11, 2018 | By | Reply More

Grab latest promotion at LAZADA now!

Cagamas CEO Chung Chee Leong says the company has played an active role in facilitating intermediation in the financial sector.

 

PETALING JAYA: Cagamas Bhd has bagged the Issuer of the Year – Quasi-Sovereign award as well as the Best Quasi-Sovereign Sukuk for its dual re-opening of three-year RM475 million sukuk and RM525 million sukuk.

Cagamas president and CEO Chung Chee Leong, who accepted the awards at The Asset Triple A Islamic Finance Awards 2018 ceremony in Kuala Lumpur, said the company had continued to play an active role in facilitating intermediation in the financial sector by providing liquidity, capital and risk management solutions to financial institutions.

“In 2017, Cagamas issued a total of RM3.04 billion Islamic medium-term notes which made up 20% of the overall primary supply within the AAA-rated sukuk market.

“In addition, Cagamas also continued to supply short-term Islamic commercial papers amounting to RM805 million which catered to the requirement needs of short-term sukuk investors.”

In a statement, he said Cagamas had also recorded a strong secondary traded amount of RM3.8 billion, which marked a secondary trading ratio of more than 33% over the outstanding Cagamas sukuk, standing at RM11.292 billion at the end of last year.

In the foreign market, meanwhile, he said Cagamas had continued its supply of foreign currency sukuk in the Asean region through issuance of SGD-denominated sukuk.

This had promoted the development of Islamic finance and strengthened Malaysia’s position as an international Islamic financial hub, he said.

“The innovative dual-tranche reopening concluded in September 2017 was the first of its kind for the company and the domestic market.

“The deal also evidenced Cagamas’ continued strategic efforts to enhance secondary liquidity by increasing the size of outstanding issues.”

He said the order book had received overwhelming response which allowed the company to tighten the price by two basis points and upsize the issuance from RM800 million to RM1 billion.


The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.

FREE RM12.70 credit upon sign up to discover and book amazing travel experiences with Klook.

Category: News

About the Author ()

Leave a Reply