KUALA LUMPUR, Dec 13 — The International Islamic Liquidity Management Corporation (IILM) has successfully reissued US$790 million (RM3.7 billion) in short-term sukuk across three different tenors of one, three, and six months, respectively.
It said that the three series of sukuk were priced competitively at 5.45 per cent for US$250 million for a one-month tenor, 5.61 per cent for US$290 million for a three-month tenor and 5.54 per cent for US$250 million for a six-month tenor.
With this sukuk reissuance, IILM said it has successfully issued a total US$100.94 billion through 234 series in total issuances since the organisation’s inception in 2010 and inaugural sukuk issuance in 2013.
In its twelfth and final auction for 2023, the IILM’s sukuk reissuance today witnessed a competitive tender among Islamic Primary Dealers and investors across the Gulf Cooperation Council (GCC) markets as well as Asia, with a strong order book in excess of US$1.99 billion, representing an average bid-to-cover ratio of 252 per cent.
IILM chief executive officer Dr Umar Oseni said that with the conclusion of today’s successful issuance, the corporation has achieved year-to-date cumulative issuances totalling US$11.52 billion across 36 US dollar-denominated short-term Sukuk series and crossed the US$100 billion mark in total issuances since the organisation’s inception.
Furthermore, the IILM’s Sukuk issuances during the year-to-date period account for approximately 20 per cent of total global US dollar Sukuk issuances.
“Despite the prevailing volatile geopolitical climate and uncertainties in the market that we witnessed throughout the year, the IILM continues to explore innovative solutions to address the industry’s evolving Shari’ah-compliant liquidity management needs,” he said.
Moving forward, the IILM said it will continue to focus on initiatives to enhance its issuance programme with new features, diversifying its investor base and, thus, bolstering liquidity for the IILM Sukuk on the secondary market.
The IILM’s US$4 billion short-term sukuk programme is rated A-1 by S&P Global Rating and F1 by Fitch Ratings. — Bernama
