Islamic Finance Magazine | The IILM successfully reissues USD 1.03 billion short-term Sukuk

Kuala Lumpur, Malaysia – 03 August 2022.

The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of USD 1.03 billion short-term “A-1” rated Ṣukūk across three different tenors of one, three, and six-month, respectively.

The three series were priced competitively at:

i) 2.38% for USD 460 million for 1-month tenor;

ii) 2.90% for USD 220 million for 3-month tenor; and

iii) 3.52% for USD 350 million for 6-month tenor.

Today’s Ṣukūk re-issuance marks the IILM’s ninth Ṣukūk auction for 2022. The auction garnered significant interest among Islamic Primary Dealers and investors across the GCC markets as well as Asia. The competitive tender witnessed a strong order book in excess of USD 2.09 billion, representing an average bid-to-cover ratio of 203%.

Further to today’s re-issuance, the IILM has achieved year-to-date cumulative issuances totaling USD 9.09 billion through 22 Ṣukūk 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 Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion. The IILM short-term Ṣukūk programme is rated “A-1” by S&P.

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About the IILM

The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities, and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).

The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.

Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.

The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.