Islamic Finance

The IILM Issues a total of USD 1.01 billion Ṣukūk

Kuala Lumpur, Malaysia – 6 July 2020 - Today, the International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total amount of USD 1.01 billion short-term A-1 rated Ṣukūk in three series of 1-month, 3-month and 6-month tenor.

The three issuances have been priced by the market as follows; i) USD 360 million of 1-month tenor at 0.27%; ii) USD 400 million of 3-month tenor at 0.43%; and iii) USD 250 million of 6-month tenor at 0.55%, respectively. The final pricing fell within the indicative pricing guidance across the tenors demonstrating the strong interest from both Primary Dealers and end-investors.

The tender resulted in significant demand from Middle Eastern, Asian and African investors, with an orderbook that closed in excess of USD 1.3 billion, representing an oversubscription rate of 1.38 times.

The IILM has entered the second half of its issuance calendar for 2020 with today’s auction. It has issued a cumulative amount of USD 5.92 billion year-to-date which accounts for 25% of the Global USD-denominated Ṣukūk issued year-to-date.

The success of IILM’s Ṣukūk issuances is a testament to the confidence investors place in the Ṣukūk’s robust fundamentals. The IILM Short term Sukūk programme is rated “A-1” by S&P.

Copyright Press Releases 2020


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