IILM Reissues USD 1 Billion Triple-Series Short-Term Sukuk; Oversubscribed 1.54 Times

The International Islamic Liquidity Management Corporation (IILM) has announced that it has completed its first auction of 2022 for the reissuance of its aggregate USD 1 billion Short-Term Notes, across three different tenors. The Sukuk were part of IILM’s short-term issuance programme and were priced as follows: i) 0.22% for USD 350 million for the one-month tenor, ii) 0.33% for USD 450 million for the three-month tenor, and iii) 0.5% for USD 200 million for the six-month tenor.

Why it Matters?

The auction received a considerable amount of demand from primary dealers as well as investors and saw an oversubscription of over 1.54 times and a combined order book of USD 1.54 billion. IILM’s Chief Executive Officer (CEO), Umar Oseni noted that in...