Cagamas, Malaysia's state-owned mortgage company, has mandated a team of three banks to handle what could be, in Asian terms, a jumbo residential mortgage-backed securitization.Aseambankers and Commerce International Merchant Bankers (CIMB) are the appointed local banks, with Standard Chartered fending off rival bids from the likes of HSBC and Citigroup Global Markets to add international expertise.

Cagamas is looking to raise MYR2 billion (US$526 million) from the exercise, which will be backed by housing loans extended to government employees, according to sources in Malaysia. Bankers say that CIMB will be charge of structuring the deal, with Standard Chartered offering additional technical support.

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