Today, the International Islamic
Liquidity Management Corporation (IILM) has successfully reissued A-1
short-term Sukuk amounting to USD 1.05 billion in three tranches with three
different tenors of 1-month, 3-month and 6-month, respectively. The breakdown details of today’s reissuance
are as follows:
1. USD 250 million with 1-month
tenor at a profit rate of 2.25%;
2. USD 400 million with 3-month
tenor at a profit rate of 2.30%; and
3. USD 400 million with 6-month
tenor at a profit rate of 2.25%.
1. The three series of the IILM
Sukuk issued today were 1-month, 3-month, and 6-month tenors, respectively.
2. The demand for the three Sukuk
series reached bid-to-cover ratio of 234%, 176% and 145%, respectively.
3. The profit rates achieved are:
i) 2.25% for the 1-month, compared
to the indicative pricing guidance range of 2.28%-2.34%;
ii) 2.30% for the 3-month, compared
to the indicative pricing guidance range of 2.29%-2.35%; and
iii) 2.25% for the 6-month, compared
to the indicative pricing guidance range of 2.18-2.24%.
4. The strong overall demand despite
the upcoming Eid break is a testimony of the investors’ appetite for the IILM
5. Purchases by Islamic Primary
Dealers (PDs) in the primary auction amounted to 54%, 92% and 25% for the
1-month, 3-month and 6-month Sukuk, respectively.
6. In terms of geographical
distribution, the allocation of GCC-based PDs stood at 46%, 79% and 50% for the
1-month, 3-month and 6-month Sukuk respectively. Asia-based PDs were
respectively allocated 20% and 13% of the 1-month and 3-month Sukuk. The PDs based
in other jurisdictions were allocated 34%, 8% and 50% across the three tenors,
The following PDs have participated
in the three auctions conducted under the competitive bidding of the Bloomberg
AUPD Platform, sorted by alphabetical order:
1. Abu Dhabi Islamic Bank;
2. Al Baraka Turk;
3. Barwa Bank;
4. Boubyan Bank;
5. CIMB Islamic;
6. First Abu Dhabi Bank;
7. Kuwait Finance House;
8. Macquarie Bank;
9. Maybank Islamic;
10. Qatar Islamic Bank; and
11. Standard Chartered Bank.
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