IILM’s US$1.353 Bln Short-Term Sukuk Oversubscribed By 2.43 Times
KUALA LUMPUR, Sept 1 (Bernama) -- The International Islamic Liquidity Management Corporation (IILM) today announced the reissuance of US$1.353 billion (US$1=RM4.03) in short-term sukuk, attracting strong and diversified demand from investors across its network of Islamic financial institutions.
In a statement today, the organisation said the reissuance spanned six tenors.
This comprises a two-week tenor priced at 4.0 per cent for US$379 million and a one-month tenor carrying a rate of 4.1 per cent for US$268 million.
For the three-month tenor, US$372 million was issued at 4.2 per cent, and the six-month tenor was set at 4.15 per cent for US$127 million. The nine-month tenor was priced at 4.65 per cent for US$94 million, and the twelve-month tenor closed at 4.4 per cent for US$113 million.
IILM said total orders received across the auction reached approximately US$3.284 billion, an oversubscription rate of 2.43 times the amount offered.
"The strength of demand points to enduring market confidence in IILM's highly rated short-term instruments, and in the wider role IILM plays in facilitating cross-border liquidity for the Islamic finance industry," it said.
Today’s transaction marks IILM’s 17th sukuk auction for this year, bringing total issuances to US$20.851 billion across 82 sukuk series of varying maturities.
All issuances were conducted under the IILM’s US$8.5 billion short-term sukuk issuance programme, rated “A-1” by S&P Global Ratings and “F1” by Fitch Ratings.
The IILM’s short-term sukuk is distributed by a diversified and growing network of 17 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, AlRayan Bank, Boubyan Bank, CIMB Islamic Bank Bhd and Dukhan Bank.
The list continues with First Abu Dhabi Bank, Golden Global Investment Bank, Jaiz Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Bhd, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, Standard Chartered Bank and Bank Nizwa.
-- BERNAMA