IILM Issues USD 600 Million A-1 Rated Short Term Sukuk

The International Islamic Liquidity Management Corporation (IILM) has issued two short-term A-1 rated Sukuk worth USD 600 million in total, at its auction held on the 12th of May 2020.

The auction attracted bids of over USD 1.17 billion, with an estimated average bid-to-cover ratio of 195% for the two tranches. The auction garnered interest from over 40 diverse investors, spread across Asia, Europe, as well as the Gulf Cooperation Council (GCC) nations.

According to the IILM, the issuance comprises a one-month USD 300 million Sukuk, offering a 0.33% profit rate, as well as another USD 300 million Sukuk, offering a 0.5% profit rate with a three-month maturity. The total of IILM Sukuk...