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IILM reissues US$1.03 bln short-term sukuk, ninth auction for 2022

03/08/2022 11:16 AM

KUALA LUMPUR, Aug 3 (Bernama) -- The International Islamic Liquidity Management Corporation (IILM) has reissued a short-term A-1 rated sukuk worth US$1.03 billion across three different tenors of one, three and six-month respectively (US1=RM4.45), marking its ninth sukuk auction for 2022.

The three series were priced competitively at 2.38 per cent for US$460 million for a one-month tenor, 2.90 per cent for US$220 million for a three-month tenor and 3.52 per cent for US$350 million for a six-month tenor.

“The auction garnered significant interest among Islamic primary dealers and investors across the Gulf Cooperation Council (GCC) markets as well as Asia.

“The competitive tender witnessed a strong order book in excess of US$2.09 billion, representing an average bid-to-cover ratio of 203 per cent,” it said in a statement today.

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totalling US$9.09 billion through 22 sukuk series.

The IILM said it would continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

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 total amount of IILM sukuk outstanding currently is US$3.51 billion and its short-term sukuk programme is rated A-1 by the United States credit rating agency S&P Global Ratings.


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