The IILM concludes reissuance of USD 1.03bln short-term Sukuk
The three series were priced competitively at:
- 1.36% for USD 250 million for 1-month tenor;
- 1.88% for USD 420 million for 3-month tenor; and
- 2.35% for USD 360 million for 6-month tenor.
Today’s Ṣukūk reissuance marks the IILM’s seventh Ṣukūk auction for 2022. The auction garnered significant interest among Islamic Primary Dealers and investors across the GCC markets as well as Asia. The competitive tender witnessed a strong orderbook in excess of USD 1.86 billion, representing an average bid-to-cover ratio of 181%.
Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totalling USD 7.23 billion through nineteen Ṣukūk series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.
The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion. The IILM short-term Ṣukūk programme is rated “A-1” by S&P.