IILM Issues USD 1.06 Billion worth Short-Term Sukuk

Malaysia-based International Islamic Liquidity Management Corporation (IILM) has successfully concluded its issuance of three A-1 rated Sukuk with a total value of USD 1.06 billion.

The overall demand was strong, drawing over USD 1.85 billion in demand, with an average bid-to-cover ratio of 175% for the three tranches.

The three tranches of this Sukuk consist of an issuance worth USD 300 million with a one month maturity carrying a 1.15% profit rate, a USD 460 million Sukuk maturing in three months with a profit rate of 1.55%, and a USD 300 million Sukuk maturing in six months with a profit of 1.73%, respectively. Initial mid-pricing guidance was 7 basis points (bps) higher for the...