The IILM receives strong demand for its USD 1.05 billion short-term Ṣukūk reissuance

Press Release

Kuala Lumpur, Malaysia – 5 February 2024.

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 1.05 billion short-term ukūk across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:

i)             5.38% for USD 250 million for 1-month tenor;

ii)            5.42% for USD 480 million for 3-month tenor; and

iii)           5.27% for USD 320 million for 6-month tenor.

Today’s ukūk reissuance, which marks the IILM’s second auction for the year, garnered a strong demand from both Primary Dealers and investors from the markets across the GCC region as well as Asia, with a combined orderbook of USD 1.91 billion, representing an average bid-to-cover ratio of 182%.

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

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 1.89 billion through six ukūk series.

The IILM’s short-term Sukk is distributed by a diversified network of 10 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Kuwait Finance House, Maybank Islamic Berhad, Qatar Islamic Bank, and Standard Chartered Bank.

The IILM is a regular issuer of short-term ukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM ukūk outstanding is now USD 3.51 billion. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

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