The IILM successfully reissues USD 600mln short-term Sukuk; second issuance

Today’s Ṣukūk reissuance marks the IILM’s second Ṣukūk auction for 2022


Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of USD 600 million short-term “A-1” rated Ṣukūk across two different tenors of three and six-month respectively.

The two series were priced competitively at:

  1. 1.68% for USD 240 million for 3-month tenor; and
  2. 2.25% for USD 360 million for 6-month tenor

Today’s Ṣukūk reissuance marks the IILM’s second Ṣukūk auction for May 2022. The IILM had previously issued a total of USD 910 million short-term Ṣukūk of one and three-month tenors earlier this month. Today’s Ṣukūk reissuance also marks the IILM’s sixth auction for 2022.

The auction garnered significant interest among Islamic Primary Dealers and investors across the GCC markets and a significant allocation to Asia-based investors. The competitive tender witnessed a strong orderbook of approximately USD 1.14 billion, representing an average bid-to-cover ratio of 190%.

Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 6.2 billion through 16 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.


About the IILM

The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 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 (IIFS).

The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.

Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.

The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.

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