Malaysia-based International Islamic Liquidity Management Corporation (IILM) has issued two short-term A-1 rated sukuk for a total amount of $600 million.

$300 million one-month sukuk were offered at a profit rate of 0.27 percent, while $300 million three-month sukuk were offered at a profit rate of 0.40 percent.

According to IILM, the auction drew more than $1.19 billion in demand with an average bid-to-cover ratio of 198 percent for both series. The Islamic primary dealers based in the GCC region dominated the allocation across the board.

The total of IILM sukuk outstanding is $2.51 billion with a Shariah tradability ratio of 71 percent tangible assets.

(Writing by Gerard Aoun, editing by Seban Scaria)

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#IILM #Sukuk #GCC #Malaysia

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