Another state entity in Malaysia launched its latest securitization offering last week. Secondary mortgage company Cagamas, which has assumed the role of Malaysia's benchmark issuer in the last year, will issue a M$2.06 billion (US$530.8 million) mortgage-backed deal, the third out of its Cagamas MBS vehicle.

This will be the agency's second conventional MBS, akin to its M$1.6 billion debut in October 2004 (ASR, 10/18/04). Cagamas last tapped the market in July with a M$2.05 billion Islamic deal (ASR, 8/1/05).

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