Cagamas, Malaysia’s national mortgage lender, returned to the overseas bond market for the first time in two years this week, raising $350 million from a three-year bond despite rising nervousness among international investors.
The company, which turned to debt investors after the long Easter weekend, got a decent although not overwhelming response to its bond. The deal generated demand of around $575 million at the peak level, allowing the issuer to increase the size of the bond by $50 million beyond its initial $300 million target.
The investment grade rated borrower appeared to be a good fit for the market backdrop this week. Some Asian investors...
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