IILM Concludes Reissuance Of US$990 Mln Short-Term Sukuk

KUALA LUMPUR, The International Islamic Liquidity Management Corp (IILM) has successfully completed the reissuance of an aggregate US$990 million (US$1=RM4.36) short-term sukuk across three different tenors of one, three, and six-month respectively. The three series were priced competitively at 5.35 per cent for US$330 million for one-month tenor; 5.15 per cent for US$350 million for three-month tenor; and 5.00 per cent for US$310 million for six-month tenor. The latest sukuk issuance marks the IILM's tenth auction for the year. 'The IILM's sukuk reissuance today witnessed a competitive tender among Primary Dealers and investors from markets across the Gulf Cooperation Council, Europe, and Asia, with a combined orderbook in excess of US$2.05 billion, representing an average bid-to-cover ratio of 207 per cent,' IILM said in statement today. Year-to-date, the IILM has issued a cumulative US$9.37 billion across 30 sukuk series. Source: BERNAMA News Agency