IILM reissues US$1.26 bln short-term sukuk in 3 series

KUALA LUMPUR, The International Islamic Liquidity Management Corporation (IILM) has completed the reissuance of an aggregate US$1.26 billion (US$1=RM4.47) short-term sukuk across three different series. The three series comprise the issuance of US$340 million of one-month tenor at 5.15 per cent, US$540 million of three-month tenor at 5.17 per cent and US$380 million of six-month tenor at 5.00 per cent. Chief executive officer Mohamad Safri Shahul Hamid said the combined orderbook in excess of US$2.91 billion represents an average bid-to-cover ratio of 231 per cent, which is also the largest orderbook year-to-date. 'Today's auction also witnessed the participation of new investors from across the Gulf Cooperation Council and Asia, namely an Oman-based bank, a Qatari bank, and asset managers from Singapore and Malaysia, respectively. 'The increased participation by investors demonstrates the safe haven status of the IILM sukuk in a highly volatile market environment,' he said in a statement today. The tot al amount of IILM Sukuk outstanding is currently at US$3.51 billion. Source: BERNAMA News Agency