The auction garnered a favourable and robust demand from both Primary Dealers and investors with a combined orderbook of USD 2 billion, representing an average bid-to-cover ratio of 218%.

Kuala Lumpur, Malaysia – 7 February 2023

The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully completed its second auction of the year with the reissuance of an aggregate USD 920 million short-term Ṣukūk across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:
i) 4.6% for USD 300 million for 1-month tenor;
ii) 4.8% for USD 320 million for 3-month tenor; and
iii) 4.95% for USD 300 million for 6-month tenor.

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.

The auction garnered a favourable and robust demand from both Primary Dealers and investors with a combined orderbook of USD 2 billion, representing an average bid-to-cover ratio of 218%.

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 1.7 billion through six 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.