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IILM issues US$250 mln 12-month short-term A-1 rated sukuk

05/07/2022 01:13 PM

KUALA LUMPUR, July 5 (Bernama) -- The International Islamic Liquidity Management Corporation (IILM) has issued its first-ever 12-month short-term “A-1” rated sukuk worth US$250 million (US$1=RM4.40).

IILM also issued sukuk with one-month and three-month tenors, with an allocated amount of US$250 million and US$330 million, respectively, the IILM said in a statement today.

It said the three series were priced competitively at 1.9 per cent for the sukuk with the one-month tenor, 2.45 per cent for the sukuk with the three-month tenor and 3.65 per cent for the sukuk with the 12-month tenor.

“The sukuk reissuance marks the IILM’s eighth sukuk auction for 2022, which garnered significant interest among Islamic primary dealers and investors across the Gulf Corporation Council markets as well as Asia.

“The competitive tender witnessed a strong orderbook in excess of US$1.59 billion, representing an average bid-to-cover ratio of 192 per cent," it added.

Chief executive officer Dr Umar Oseni said the company was pleased with the conclusion of the US$830 million auction, ahead of the Aidiladha holidays.

“This auction is indeed a landmark for us as it marks the IILM’s inaugural issuance of a 12-month tenor sukuk, and we are glad that it was well-received by the market, with the demand for the tranche reaching 1.85 times the issuance size (of US$250 million).

“Despite market volatility in a rising rate environment to combat inflation, the successful issuance continues to demonstrate the IILM’s commitment and key role in diversifying the supply of high-quality Shariah-compliant liquidity instruments, particularly in commencing to build up the issuance yield curve up to 12 months," he said.

Year-to-date, the IILM has achieved cumulative issuances totalling US$8.06 billion through 22 sukuk series.


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