The
International Islamic Liquidity Management Corporation (IILM) has reissued an
aggregate $940 million short-term sukuk across three different tenors.
The
three series were priced at:
1) 5.30%
for $440 million for 1-month tenor
2) 5.40%
for $300 million for 3-month tenor
3) 5.55%
for $200 million for 6-month tenor
The
sukuk reissuance marks IILM’s seventh auction for the year with a combined
orderbook in excess of $2.01 billion, representing an average bid-to-cover
ratio of 214%. It is part of the IILM’s “A-1” (S&P) and “F1” (Fitch
Ratings) rated $4 billion short-term sukuk issuance programme.
Mohamad
Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “Apart from
having the participation of Affin Islamic Bank as the IILM’s latest Primary
Dealer, today’s auction also witnessed an encouraging level of interest from an
Islamic banking window in a GCC country where the IILM does not currently have
a Primary Dealer, further reinforcing the growing appeal of the IILM Ṣukūk
amongst Islamic investors in the region.”
Further
to today’s reissuance, the IILM has achieved year-to-date cumulative issuances
totaling $6.63 billion through 21 sukuk series, according to a statement.
The
IILM’s short-term sukuk is distributed by a network of 11 primary dealers
globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank,
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
total amount of IILM Sukuk outstanding is now $3.51 billion.