Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Cagamas Bhd is issuing its third Singapore dollar-denominated issuance for 2017 worth S$41.5mil.
The national mortgage corporation said the S$41.5mil conventional multicurrency medium term notes (EMTN) with a maturity of one year would be issued under the company’s wholly-owned subsidiary Cagamas Global P.L.C’s US$2.5bil EMTN programme and would be fully and unconditionally guaranteed by Cagamas.
“The conclusion of the one year tenured SGD issuance was a result of proactive engagement with investors from Singapore and was competitively priced at 1.53%, representing a spread of 55 basis points above the one year Singapore Offer Rate (SOR).
“Continuous efforts in monitoring the foreign currency markets and conducting comparative analysis on the after swap costs have also contributed to the finalisation of this deal,” Cagamas CEO Datuk Chung Chee Leong said in a statement.
“The issuance also marks the company’s fourth foreign currency issuance for the year and brings the total foreign currency issued year-to-date to an equivalent of RM2.15bil or 30% of all issuances concluded by Cagamas year to date,” Chung said.
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