The IILM Issues a total of USD 1.06 billion sukuk
Kuala Lumpur, Malaysia – 8 April 2020 - Today, the International Islamic Liquidity Management Corporation (IILM) has successfully conducted its auction amidst the challenging global market conditions by issuing three short-term A-1 rated Ṣukūk for a total amount of USD1.06 billion.
The auction drew more than USD1.85 billion in demand with an average bid-to-cover ratio for the three tranches of 175% - an increase of 16% of the order book since last month issuances. With over 60 orders from diversified investors, the Islamic Primary Dealers got allocations across all tenors of up to 90% of the total issuances.
The USD300 million 1-month Ṣukūk were offered at 1.15%, while the USD460 million 3-month and USD300 million 6-month series were offered at 1.55% and 1.73%, respectively. Initial mid-pricing guidance was 7 bps higher for the 6-month tranche and 10 bps higher for the shorter tranches.
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