IILM reissues $1.25 billion short-term sukuk

Kuala Lumpur, Malaysia – 17 August 2021 - The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of USD 1.25 billion short-term “A-1” rated á¹¢ukÅ«k across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:

i)              0.30% for USD 400 million for 1-month tenor

ii)             0.30% for USD 550 million for 3-month tenor;

iii)           and 0.38% for USD 300 million for 6-month tenor.

Today’s á¹¢ukÅ«k reissuance, which marks the IILM’s eighth á¹¢ukÅ«k auction for 2021, garnered significant interest among the GCC-based Islamic Primary Dealers and investors despite the holiday season, as well as higher participation observed among Asian-based Primary Dealers and investors for the 3-month tenor.

The competitive tender witnessed a strong orderbook in excess of USD 2.04 billion, representing an average oversubscription rate of 1.6 times.

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 9.36 billion through 24 á¹¢ukÅ«k series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

The IILM is a regular issuer of short-term á¹¢ukÅ«k across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services.  The total amount of IILM á¹¢ukÅ«k outstanding is now USD 3.51 billion. The IILM short-term á¹¢ukÅ«k programme is rated “A-1” by S&P.

Copyright Press Releases 2021

If you would like to publish an Islamic economy-related press release email [email protected]