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LILM US$1 bln short-term sukuk oversubscribed 1.54 times

18/01/2022 12:53 AM

KUALA LUMPUR, Jan 17  -- The International Islamic Liquidity Management Corporation (IILM) announced that it has successfully completed its first auction of the year with the re-issuance of an aggregate US$1 billion (US$1= RM4.18) short-term “A-1” rated sukuk across three different tenors of one, three, and six months, respectively.

IILM said the three series were priced competitively at 0.22 per cent for US$350 million for one-month tenor; 0.33 per cent for US$450 million for three-month tenor; and 0.50 per cent for US$200 million for six-month tenor.

“The issuance forms part of the IILM’s A-1 rated US$3.51 billion short term issuance programme.

“The auction garnered favourable demand from both primary dealers and investors with a combined order book of US$1.54 billion, representing an average oversubscription ratio of 1.54 times,” it said in a statement today.

IILM chief executive officer Umar Oseni said as demand for the IILM’s Islamic papers continues to grow, “the IILM will strive to meet the needs of investors with plans to issue in excess of US$1 billion short-term sukuk every month, throughout the year.”

The IILM is a regular issuer of short-term sukuk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The IILM’s short-term sukūk programme is rated A-1 by S&P.


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