The IILM concludes issuance of USD900 million short-term Sukūk
Today’s Ṣukūk reissuance witnessed strong demand from Primary Dealers and investors mainly across Middle East and Asia, with an encouraging orderbook in excess of USD 1.4 billion representing an average oversubscription rate of 1.6 times.
Kuala Lumpur, Malaysia – 8 June 2021.
The International Islamic Liquidity Management Corporation (IILM) has successfully closed its issuance calendar for the 2nd Quarter of 2021 today, by reissuing a total of USD 900 million short-term Ṣukūk which comprised of USD 400 million 1-month tenor priced at 0.26%, USD 300 million 3-month at 0.32% and USD 200 million 6-month at 0.37%.
Today’s Ṣukūk reissuance witnessed strong demand from Primary Dealers and investors mainly across Middle East and Asia, with an encouraging orderbook in excess of USD 1.4 billion representing an average oversubscription rate of 1.6 times.
“Conclusion of today’s USD 900 million auction, the first transaction post the Eid holidays, underscores continued strong support from our Primary Dealers and diverse investor base. With vaccination programmes gathering apace around the world, we remain optimistic on the issuance and market outlook for the second half of 2021.” said Dr Umar Oseni, Chief Executive Officer of the IILM.
Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 7.01 billion through 18 Ṣukūk series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.
The total amount of IILM Ṣukūk outstanding is USD 3.51 billion. The IILM short-term Ṣukūk programme is rated “A-1” by S&P.
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About IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
www.iilm.com
