IILM Reissues USD 1.31 Billion Short-Term Sukuk; Oversubscribed 1.37 Times

The International Islamic Liquidity Management Corporation (IILM) has completed the auction for its short-term Sukuk reissuance amounting to USD 1.31 billion, according to a statement released on the 15th of November 2021. The Sukuk, which marks IILM’s 11th issuance of 2021, comprised of USD 400 million for one-month tenure priced at 0.18%, USD 560 million for three-month tenure at 0.26% and USD 350 million for six-month tenure at 0.36%.

Why it Matters?

The Sukuk reissuance saw a competitive tender from Islamic Primary Dealers and investors from the Gulf Cooperation Council (GCC) markets and Asia, with a robust order book exceeding USD 1.79 billion, representing an average oversubscription rate of 1.37 times. According to Dr Umar Oseni, Chief Executive Of...