Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (IILM) is pleased to announce that it has successfully completed the auction of USD 1.35 billion short-term Ṣukūk across three different tenors comprising 1-month for USD 400 million at 0.25%, 3-month for USD 500 million at 0.35% and 6-month for USD 450 million at 0.40%.
Today’s second issuance of the year marks another milestone for the IILM as its highest issuance size since inception. The IILM’s engagement and partnership with its Primary Dealers and investors across various jurisdictions have resulted in robust demand for its Ṣukūk in the current low rate market environment.
The tender resulted in significant interest from Middle East based Primary Dealers and both Middle Eastern and Asian investors, with a final orderbook in excess of USD 2.3 billion, representing an average oversubscription rate of 1.8 times.
“Today’s successful auction outcome continues to underscore strong investor confidence in the IILM as global markets and economies face the prolonged impact of Covid-19. We are pleased that with today’s well received milestone placement, which was fully covered in the early minutes of the auction window, the IILM has extended its 2021 track record of successful issuances.” said Dr Umar Oseni, Chief Executive Officer of the IILM.
The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion. The IILM short-term Sukūk programme is rated “A-1” by S&P.
About the IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
© Press Release 2021
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