The IILM concludes reissuance of USD 1.2bln short-term Ṣukūk


The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of USD 1.2 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:

0.22% for USD 400 million for 1-month tenor;

0.28% for USD 500 million for 3-month tenor; and

0.35% for USD 300 million for 6-month tenor.

Today’s Ṣukūk reissuance marks the IILM’s ninth Ṣukūk auction for 2021. The auction garnered strong demand among the GCC-based Islamic Primary Dealers and investors, resulting in lower pricing compared to last month’s Ṣukūk auction.

The competitive tender witnessed a strong orderbook in excess of USD 2.07 billion, representing an average oversubscription rate of 1.73 times.

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 10.56 billion through 27 Ṣukūk series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar for the last 3 months of the year.

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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