The IILM commences 2021 with USD 1.15 billion issuance of short-term Ṣukūk

The issuance marks the first transaction for 2021 and forms part of the IILM's "A-1" rated USD4.0 billion short-term issuance programme

  

Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (IILM) announced that it has successfully completed the auction of USD 1.15 billion short-term Ṣukūk across three series comprising 1-month USD 400 million priced at 0.28%, 3-month USD 500 million at 0.40% and 6-month USD 250 million at 0.40%.

The issuance marks the first transaction for 2021 and forms part of the IILM’s “A-1” rated USD4.0 billion short-term issuance programme.  The auction garnered favourable demand from both Primary Dealers and investors with a combined orderbook in excess of USD 2,079 million, representing an average oversubscription ratio of 1.8 times. 

“We are very pleased to open the year with the successful auction of USD1.15 billion short-term Ṣukūk.  The transaction’s coverage ratio and its competitive yield continue to reflect confidence and positive sentiment from Primary Dealers and investors despite on-going uncertainty associated with the global Covid-19 pandemic.  The IILM remains focused on staying vigilant and resilient during this period to ensure seamless delivery of our mandate as a frequent issuer of Shari’ah-compliant liquidity instruments.”  said Dr Umar Oseni, Chief Executive Officer of the IILM. 

In terms of investor diversification, the inaugural transaction for 2021 enjoyed strong sponsorship from both GCC and Asia based Islamic Primary Dealers. 

The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. 

“Based on our indicative issuance calendar, the IILM envisages issuing in excess of USD1.0 billion short-term Ṣukūk for nearly every month in 2021.” added Dr Umar.

The IILM’s short-term Sukūk programme is rated “A-1” by S&P with current outstanding issuance size amounting to USD3.51 billion.

-Ends-

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.

Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: info@iilm.com
Website: http://www.iilm.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases