KUALA LUMPUR, May 23 (Bernama) --The International Islamic Liquidity Management Corporation (IILM) has issued a US$150 million (US$1=RM4.191) short-term A-1 sukuk rated by Standard & Poor’s under a new series with a three-week tenor at a 2.54 per cent profit rate.
Among the highlights of the sukuk is that it offered for the first time a three-week tenor, exclusively reserved to primary dealers (PDs) and the new issuance will lead to an increase of the total outstanding of the IILM Sukuk in the market to US$2.21 billion from US$2.06 billion previously.
In a statement today, it said the sukuk had well supported demand on the new series of the IILM Sukuk with a bid-to-cover ratio of 433 per cent, the highest to date under the competitive auction methodology.
“Profit rate achieved for the three-week sukuk is 2.54 per cent compared to the indicative pricing guidance range of 2.55 per cent-2.61 per cent,” it said, adding that purchases by Islamic PDs in the primary auction amounted to circa 80 per cent.
The IILM is an international organisation established on Oct 25, 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services.