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Tuesday, November 22, 2005

Aseambankers mandated by Bahrain's - The Housing Bank

Aseambankers Malaysia Bhd has been mandated to structure the issuance of mortgage-backed securities for The Housing Bank of Bahrain. In a statement on Nov 22, Aseambankers said its appointment was based on its extensive experience in developing Sukuk and conventional bonds. Aseambankers has devised and structured a large number of Sukuk and bond issues, including the structuring and issuance of mortgage-backed securities for Cagamas in October 2004 to the value of US$388 million (RM1.46 billion).

It said it had signed the Investment Consultancy Agreement with The Housing Bank in Bahrain recently for the structuring and issuance of mortgage-backed securities of the company. Aseambankers said The Housing Bank planned to invest the proceeds in expanding its real estate and investment operations that will result in the diversification of its income sources.

The Housing Bank was formed under the Government Act in 1979 to provide loans facilities to the private and corporate sectors in Bahrain. Murad said the bonds proceeds would be used in different investment and real estate projects the Housing Bank planned to initiate.

Source: The Edge Daily

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