Today’s Ṣukūk reissuance, which marks the IILM’s ninth auction for the year, garnered a strong demand from both Primary Dealers and investors with a combined orderbook of USD 2.09 billion, representing an average bid-to-cover ratio of 180%.

Kuala Lumpur, Malaysia – 5 September 2023

The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully reissued a total of USD 1.16 billion short-term Ṣukūk across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:
i) 5.41% for USD 280 million for 1-month tenor;
ii) 5.65% for USD 440 million for 3-month tenor; and
iii) 5.80% for USD 440 million for 6-month tenor.

Today’s Ṣukūk reissuance, which marks the IILM’s ninth auction for the year, garnered a strong demand from both Primary Dealers and investors with a combined orderbook of USD 2.09 billion, representing an average bid-to-cover ratio of 180%.

The issuance forms part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated USD 4 billion short-term Ṣukūk issuance programme.

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 8.65 billion through 27 Ṣukūk series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion.