COVID–19 NEWS   Fully vaccinated individuals travelling to Sarawak need not apply via EnterSarawak from Oct 18 | COVID: New cases up slightly to 7,509 today - Health DG | COVID: New cases up slightly to 7,509 today - Health D-G | Interstate travel brings renewed optimism to traders in tourism areas | Travellers, close contacts under quarantine for at least five days can take COVID-19 test to get order release on Monday | 
BUSINESS

IILM completes 10th auction with US$1.15 bln short-term sukuk

11/10/2021 09:09 PM

KUALA LUMPUR, Oct 11 -- The International Islamic Liquidity Management Corporation (IILM) today completed its 10th auction for 2021 by reissuing a total of US$1.15 billion (US$1=RM4.17) short-term sukuk.

The sukuk were reissued across three different tenors of one, three and six months, said the Kuala Lumpur-headquartered organisation in a statement.

IILM said the three series were priced competitively at 0.20 per cent for US$450 million sukuk with a one-month tenor, 0.25 per cent for US$350 million sukuk with a three-month tenor, and 0.35 per cent for US$350 million sukuk with a six-month tenor.

“Today’s sukuk reissuance witnessed a competitive tender among Islamic primary dealers and investors across the Gulf Cooperation Council (GCC) markets as well as Asia, with a strong orderbook in excess of US$1.82 billion, representing an average oversubscription rate of 1.58 times,” it said.

Meanwhile, chief executive officer Dr Umar Oseni said the IILM’s Islamic papers remained a go-to solution for investors to place short-term cash in the context of potential upcoming shift of global monetary conditions and investors’ anticipation of rising rates.

“Today's auction reflected strong demand towards the one-month tenor as investors look to park cash on shorter tenor due to the uncertainty surrounding the Federal Reserve tapering decision.

“For the remaining auctions for the rest of the year, we are confident of investors’ commitment to our programme and will continue to work towards meeting their liquidity needs,” he said. 

Following today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling US$11.71 billion through 30 sukuk series.

The total amount of IILM's sukuk outstanding stood at US$3.51 billion. The short-term sukuk programme is rated A-1 by S&P Global Ratings. 

-- BERNAMA

 

 


 


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2021 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy