The International Islamic Liquidity Management Corporation (IILM) has reissued an aggregate $940 million short-term sukuk across three different tenors.

The three series were priced at:

1)           5.30% for $440 million for 1-month tenor

2)           5.40% for $300 million for 3-month tenor

3)           5.55% for $200 million for 6-month tenor

The sukuk reissuance marks IILM’s seventh auction for the year with a combined orderbook in excess of $2.01 billion, representing an average bid-to-cover ratio of 214%. It is part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated $4 billion short-term sukuk issuance programme.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “Apart from having the participation of Affin Islamic Bank as the IILM’s latest Primary Dealer, today’s auction also witnessed an encouraging level of interest from an Islamic banking window in a GCC country where the IILM does not currently have a Primary Dealer, further reinforcing the growing appeal of the IILM Ṣukūk amongst Islamic investors in the region.”

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling $6.63 billion through 21 sukuk series, according to a statement.

The IILM’s short-term sukuk is distributed by a network of 11 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, 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 total amount of IILM Sukuk outstanding is now $3.51 billion.

(Writing by Seban Scaria; editing by Daniel Luiz)