07/12/2022 11:13 AM

KUALA LUMPUR, Dec 7 (Bernama) -- The International Islamic Liquidity Management Corporation (IILM) has reissued a total of US$1.21 billion (US$1=RM4.39) short-term Sukuk with tenors of one, three and six months.

IILM said the three series were competitively priced at 4.25 per cent for US$450 million (one-month tenor); 5.05 per cent for US$340 million (three-month tenor) and 5.35 per cent for US$420 million (six-month tenor).

The short-term Ṣukūk programme is rated “A-1” by S&P and “F1” by Fitch Ratings.

“With the conclusion of today’s successful issuance, the IILM has achieved year-to-date cumulative issuances totalling US$13.88 billion across 37 US dollar-denominated short-term Sukuk series.

“The IILM’s Sukuk issuances during the year account for 39 per cent of total global US dollar Sukuk issuances,” it said in a statement today.

The IILM’s short-term Sukuk is distributed by a diversified network of 10 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Boubyan Bank, CIMB Islamic Bank Bhd, Dukhan Bank, First Abu Dhabi Bank, Kuwait Finance House, Maybank Islamic Bhd, Qatar Islamic Bank, and Standard Chartered Bank.

Chief executive officer Umar Oseniin said that 2022 has been nothing short of an extraordinary year for the IILM, with multiple key achievements that validate the IILM’s short-term Sukuk programme as an integral part of the wider Islamic finance ecosystem.

IILM's final auction for 2022 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$1.71 billion, representing an average bid-to-cover ratio of 141 per cent.

“Despite ongoing concerns surrounding high-interest rates and the possibility of a global recession, the IILM recorded several new investors during the year from different countries and regions in the Middle East, Asia, Africa, and Europe, as the IILM Ṣukūk gains traction among different types of investors across the globe.

“The secondary market trading of the IILM Ṣukūk, meanwhile, stood at US$2.04 billion through 264 trades in 2022 (the highest ever recorded to date), compared to US$1.5 billion through 150 trades in 2021,” said IILM.

Moving into 2023, the IILM said it will continue to focus on developing its programme with the introduction of new features and diversifying its investor base,  thus enhancing the liquidity for the IILM Sukuk on the secondary market.


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