Malaysia's state-backed mortgage lender Cagamas Bhd said that it has made its debut on the Singapore dollar bond market under a $2.5 billion conventional multi- currency medium term notes programme.

The Singapore dollar-denominated paper, with a maturity of three years, carries an issue rating of A3 by Moody's and closed at a spread of 50 basis points over the corresponding Singapore swap offer rates, Cagamas said in a press statement.

The bond is issued through Cagamas's wholly owned unit Cagamas Global Plc, according to the statement.

Cagamas did not disclose the size of the offer but according to a report by Moody's, Cagamas's issuance amounted to as much as 100 million Singapore dollars.