KUALA LUMPUR: Cagamas Bhd has concluded its first issuance for the fourth quarter comprising RM300mil three-month Islamic commercial papers (ICPs).

       Proceeds from the issuance will be used to purchase Islamic home financing from the financial system.

       “We are pleased with the conclusion of Cagamas’ latest issuance which saw continued buying interest of our short-term papers, despite the global and local fixed income markets coming under pressure from the growing expectations of the asset-tapering announcement by the US Federal Reserve at its November meeting,” said Cagamas president and CEO Datuk Chung Chee Leong.

       The issuance brings the company’s aggregate issuances for the year to RM12.25bil.

       Chung said the ICPs were priced at the corresponding three-month Kuala Lumpur Interbank Offered Rate (Klibor) plus five basis points, or equivalent to 1.99% based on Klibor fixing on the pricing date.