Malaysia's state-controlled secondary mortgage company Cagamas has been known to spend months deliberating over appointing arrangers for its MBS offerings. For the banks lucky enough to be selected, they could at least say it was worth the wait. If the latest rumors are to be believed, however, Cagamas has outdone itself with the selection process for its next issue. The agency invited bids last month for a M$2 billion MBS offering, which, according to sources, is likely to be an Islamic deal. In an act of decisiveness - driven by a desire to complete the deal in 2005 - Cagamas selected a consortium of Commerce International Merchant Bankers, Aseambankers and HSBC Securities to jointly arrange the deal.

The move was no great surprise: HSBC and CIMB were joint leads on the successful M$2.05 billion ($540 million) IMBS by the issuer in July (see ASR 8/1/05).

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