(Reuters) – Malaysia’s state-backed mortgage lender Cagamas made its overseas bond market debut on Wednesday after pricing a 1.5 billion renminbi ($244 million) placing of three-year senior unsecured notes at a 3.7 percent annual yield, the company said.

Cagamas, which provides liquidity to primary lenders of housing loans to promote home ownership, is Malaysia’s second-largest issuer of debt instruments behind the government and it said on Wednesday that its latest offering is the largest offshore renminbi bond, or sukuk, out of Malaysia.

“This also reaffirms Malaysia’s infrastructure readiness and effectiveness to serve as a platform for the issuance and depository of foreign currency bonds in the international markets,” the governor of Malaysia’s central bank, Zeti Akhtar Aziz, said.

The issue, given an A3 rating by Moody’s, was oversubscribed by 3.1 times, Cagamas said, adding that the proceeds will be used to purchase mortgage loans from the financial system.

Bank of China, HSBC and Maybank Investment Bank are the joint lead managers and joint bookrunners for the renminbi bond, Cagamas said.