Having spent four months deliberating over an advisor for its first Islamic MBS deal - eventually choosing HSBC (see ASR 3/21/05) - Cagamas, Malaysia's state-owned secondary mortgage agency, continues to keep potential arrangers guessing for a proposed transaction backed by small-to-medium enterprise loans.

The agency requested proposals at the end of January, with Deutsche Bank, HSBC, Nomura Securities and StanChart believed to the foreign banks on the list and it was expected to make a decision last week. However, a source familiar with the mandate reported scheduling issues' meant Cagamas' main board members will be unable to discuss the issue until this week. Given past form, an April decision seems unlikely.

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