The International Islamic Liquidity Management Corporation (IILM) has issued and reissued multi-tenor Islamic bonds with a combined value of $1.35 billion.

The latest auction for the sukuk attracted significant interest, drawing a total of $3.29 billion in bids, the IILM, whose member countries include the UAE, Qatar and Kuwait.

The offering is split in five tranches with different tenors, ranging from one month to nine months.

The $290 million tranche, with a one-month maturity, offers a profit rate of 4.10 %, while the $385 million tranche (2 months) offers 4.15 %.

The $365 million tranche (three months) also offers a yield of 4.10 %, while the $210 million (6 months) and $100 million (9 months) offer a profit of 4.12 % and 4.05 %, respectively.

With the latest issuance, the total outstanding IILM short-term sukuk will now reach a record-high $6.4 billion.

(Writing by Cleofe Maceda ; editing by Seban Scaria) seban.scaria@lseg.com