KUALA LUMPUR, Oct 6 — The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of US$1.1 (RM4.57 billion) billion short-term “A-1” rated sukuk across three tenors of one, three and six months.
In a statement today, the IILM said the three series were priced at 0.26 per cent for US$400 million of one-month tenor, 0.45 per cent for US$500 million of three-month tenor, and 0.46 per cent for US$200 million of six-month tenor.
Despite uncertain market conditions, the reissuance generated strong demand from investors, with a combined order book in excess of US$1.6 billion, representing an oversubscription of about 1.50 times.
“Gulf Cooperation Council primary dealers took up majority of the allocation across all three series with strong participation observed from Asia-based primary dealers and investors on both the one and three-month tenors,” it said.
Since the start of 2020, the IILM has made issuances totalling nearly US$10 billion, representing about 33 per cent of US dollar-denominated sukuk globally.
Established in October 2010, the organisation is a regular issuer of short-term sukuk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services.
The total amount of IILM sukuk outstanding is now US$3.51 billion. The IILM short-term sukuk programme is rated “A-1” by S&P Global Ratings. — Bernama
