The reissuance is across three different tenors of one, three and six-month respectively where the three series were all priced competitively at:
i) 5.23% for USD 350 million for 1-month tenor.
ii) 5.62% for USD 230 million for 3-month tenor; and
iii) 5.70% for USD 210 million for 6-month tenor.
The Ṣukūk reissuance, which marks the IILM’s seventh auction for the year, garnered a strong demand from both Primary Dealers and investors with a combined orderbook of USD 1.56 billion, representing an average bid-to-cover ratio of 198%.
The issuance forms part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated USD 4 billion short-term Ṣukūk issuance programme.
Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totalling USD 6.34 billion through 21 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.
