The International Islamic Liquidity Management Corporation (IILM) has raised a total of $1.475 billion from its latest sukuk offering, the largest single issuance in over a decade.

The auction for the US dollar-denominated short-term sukuk was 2.07 times oversubscribed, attracting bids of $3.05 billion despite “heightened geopolitical uncertainty,” the IILM said on Tuesday.

The offering was the largest since IILM’s inaugural auction in August 2013 and offered a six-tenor structure for the first time, according to Mohamad Safri Shahul Hamid, CEO of IILM.

The new offering was split into six tranches, with the $365 million segment maturing in one month and offering 3.8%; $280 million maturing in two weeks priced at 3.8%; $210 million maturing in two months at 3.9%; $315 million under a three-month tenor at 3.95%; $240 million under a six-month tenor at 3.98% and $65 million maturing in nine months at 3.98%. 

The sukuk was distributed through a network of 16 primary dealers globally, including banks in the UAE, Kuwait, Qatar and Oman.

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