Islamic Finance

The IILM reissues USD 600 million Sukūk

Kuala Lumpur, Malaysia – 6 November 2019.  Today, the International Islamic Liquidity Management Corporation (IILM) has successfully reissued A-1 short-term Sukūk amounting to USD 600 million in two series with 1-month and 3-month tenors.  The breakdown of today’s reissuances is as follows:

  1. USD 300 million with 1-month tenor at a profit rate of 1.85%; and
  2. USD 300 million with 3-month tenor at a profit rate of 1.91%. 

Main Highlights of the Sukūk Reissuance of USD 600 million 

  1. The two series of the IILM Sukūk issued today were 1-month and 3-month tenors.
  2. The demand for the 1-month and 3-month Sukūk series reached bid-to-cover ratio of 208%, and 255%, respectively.
  3. The profit rates achieved are:

a.     1.85% for the 1-month, compared to the indicative pricing guidance range of 1.86%-1.92%; and

b.     1.91% for the 3-month, compared to the indicative pricing guidance range of 1.92%-1.98%.

  1. Purchases by Islamic Primary Dealers (PDs) in the primary auction amounted to 60% and 67% for the 1-month and 3-month Sukūk, respectively.
  2. In terms of geographical distribution, the allocation of GCC-based PDs stood at 39% and 67% for the 1-month and 3-month Sukūk respectively. Asia-based PDs were respectively allocated 33% and 33% of the 1-month and 3-month Sukūk. The PDs based in other jurisdictions were awarded 28% on the IILM 1-month Sukūk and nil for the 3-month Sukūk.

The following Primary Dealers have participated in the two issuances conducted under the competitive bidding of the Bloomberg AUPD Platform, sorted by alphabetical order:

1.        Abu Dhabi Islamic Bank;

2.        Al Baraka Turk;

3.        Barwa Bank;

4.        Boubyan Bank;

5.        CIMB Islamic;

6.        First Abu Dhabi Bank;

7.        Kuwait Finance House;

8.        Maybank Islamic;

9.        Qatar Islamic Bank; and

10.    Standard Chartered Bank.

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