IILM reissues US$1.0b sukuk in three series

KUALA LUMPUR, Feb 12 — The International Islamic Liquidity Management Corporation (IILM) today announced it has reissued US$1.0 billion short-term A-1 rated sukuk in three series.

The three series comprise the issuances of US$300 million of one-month tenor at 1.71 per cent, US$300 million of three-month tenor at 1.75 per cent; and US$400 million of six-month tenor at 1.80 per cent, respectively.

“The overall demand was strong with a total order book of US$2.15 billion and a weighted average bid-to-cover ratio for the three sukuk series of 215 per cent,” IILM said in a statement.

It said the sukuk programme, which has Shariah tradability ratio of 71 per cent tangible assets, was rated A-1 by Standard & Poor’s Rating Services. — Bernama