Cagmas, Malaysia's secondary mortgage agency, is putting the final touches to its eagerly awaited first Islamic RMBS (see ASR, 3/21/05), which is jointly arranged by Commerce International Merchant Bankers and HSBC Securities. The transaction has been increased from M$1.5 billion ($395 million) to M$2.5 billion, according to a source close to the situation, making it the largest ever Islamic ABS deal.

The issuer and leads are planning to begin roadshows in mid July, when they will meet investors in Kuala Lumpur, Singapore and Hong Kong. The source added the deal will feature three-, five-, seven-, 10-, 12- and 15- year tranches, with the latter being the longest dated tranche offered to date on an Islamic deal.

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