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The IILM’s USD 840 million short-term Ṣukūk oversubscribed by 2.3 times in first issuance of 2024

 

Kuala Lumpur, Malaysia – 16 January 2024.

The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully completed its first auction of 2024 with the reissuance of an aggregate USD 840 million short-term ukūk across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:

  1. 5.4% for USD 250 million for 1-month tenor;
  2. 5.4% for USD 290 million for 3-month tenor; and
  3. 5.3% for USD 300 million for 6-month tenor.

The IILM’s ukūk reissuance today witnessed a competitive tender among Primary Dealers and investors from the markets across the GCC region as well as Asia, with a strong orderbook in excess of USD 1.93 billion, representing an average bid-to-cover ratio of 230%.

Mr. Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said:

Today’s successful issuance reflects the markets’ healthy appetite and confidence in the IILM’s short-term Islamic papers. Despite persistent market uncertainty arising from the impending decision by the Federal Reserve on rate cuts, the IILM’s ukūk continue to gain momentum into the new year with strong demand for high quality cross-border Shari’ah-compliant liquidity instruments. The IILM is also pleased to have new investors from multiple jurisdictions participating in the IILM ukūk auction for the first time, which bodes well for the growth of Islamic finance globally.

The issuance forms part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated USD 4 billion short-term ukūk issuance programme.

The IILM’s short-term Sukῡk is distributed by a diversified network of 10 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Kuwait Finance House, Maybank Islamic Berhad, Qatar Islamic Bank, and Standard Chartered Bank.

The IILM is a regular issuer of short-term ukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM ukūk outstanding is now USD 3.51 billion. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

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