Kuala Lumpur-based IILM reissues $1.25 bn short-term Sukuk

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  • The competitive tender was oversubscribed at an average rate of 1.6 times.
  • IILM’s year-to-date cumulative issuances reaches $9.36 billion through 24 Sukuk.

DUBAI: Kuala Lumpur-based International Islamic Liquidity Management Corporation (IILM) has reissued a $1.25 billion short-term Sukuk.

The Sukuk, IILM’s eighth for 2021, are meant for one, three, and six months. The company said the reissue garnered significant interest among the GCC-based Islamic Primary Dealers and investors despite the holiday season, as well as higher participation from Asia-based Primary Dealers and investors for the three-month tenor.

The competitive tender witnessed a strong orderbook in excess of $2.04 billion, representing an average oversubscription rate of 1.6 times, said a statement by IILM whose Governing Board includes the central banks and monetary agencies of UAE and Qatar as members.

Today’s reissue takes IILM’s year-to-date cumulative issuances to $9.36 billion through 24 Sukuk. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its calendar.

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