The IILM concludes its third auction for 2021 for USD1.40 billion short-term Sukūk
The competitive tender resulted in significant interest from GCC and Asia-based Primary Dealers as well as other jurisdictions, with a strong orderbook in excess of USD 2.1 billion representing an average oversubscription rate of 1.5 times.
Kuala Lumpur, Malaysia – 16 March 2021.
The International Islamic Liquidity Management Corporation (IILM) is pleased to announce that it has successfully completed the auction for the reissuance of an aggregate of USD 1.40 billion short-term Ṣukūk. The transaction comprised USD 400 million 1-month tenor at 0.35%, USD 500 million 3-month at 0.33% and USD 500 million 6-month at 0.40%.
The competitive tender resulted in significant interest from GCC and Asia-based Primary Dealers as well as other jurisdictions, with a strong orderbook in excess of USD 2.1 billion representing an average oversubscription rate of 1.5 times.
“Today’s auction marks yet another landmark for the IILM as the highest ever issuance amount since inception. We are pleased that support from the IILM’s network of Primary Dealers and investor base continues to demonstrate robust demand at the short-end despite uncertain global economic recovery.” said Dr Umar Oseni, Chief Executive Officer of the IILM.
The auction marks the IILM’s third offering for 2021 and brings year-to-date cumulative issuances to USD 3.9 billion.
The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion. The IILM short-term Sukūk 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
