Malaysian secondary mortgage company Cagamas completed the country's first RMBS last week. Although strong demand was anticipated for the M$1.6 billion ($421.1 million) issue, oversubscription of 5.6 times was better than anyone expected for the government agency's first foray into the market (see ASR, 10/4/04).

Boutique firm Bumiwerks Capital Management arranged the transaction, with Aseambankers and Commerce International Merchant Bankers handling the domestic placement and Standard Chartered brought in to target offshore investors.

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