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The three-month sukuk will bring its total issuance for the year to 9.9 billion ringgit, Cagamas said in a statement.
Response for the sukuk fell below the company's average subscription rate due to competition from fixed deposits with the same investment tenure and the year-end book-closing period, said Cagamas.
Cagamas, which provides liquidity to primary lenders of housing loans in order to promote home ownership, is Malaysia's second-largest issuer of debt instruments after the government.