IILM issues $1.06bln short-term A-1 rated sukuk

IILM's total cumulative issuance amounts to $7.5bln since the start of the year

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images

Malaysia-based International Islamic Liquidity Management Corporation (IILM) has issued a $1.06 billion short-term A-1 rated sukuk in three series.

The three series have been priced by the market as follows:  $400 million of 1-month tenor at 0.33 percent; $460 million of 3-month tenor at 0.45 percent and $200 million of 7-month tenor at 0.58 percent.

“The tender resulted in significant demand from Middle Eastern, Asian and African investors, with an orderbook that closed in excess of USD 1.72 billion, representing an average oversubscription rate of 1.62 times,” the IILM said in a statement.

The corporation has achieved a total cumulative issuance amount of $7.5 billion since the start of the year.

(Writing by Gerard Aoun; editing by Seban Scaria)

( gerard.aoun@refinitiv.com )

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© ZAWYA 2020

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