IILM ISSUES US$1.35 BLN SUKUK FEATURING FIRST NINE-MONTH NOTE

KUALA LUMPUR, Nov 17 (Bernama) -- The International Islamic Liquidity Management Corporation (IILM) has issued and reissued US$1.35 billion (US$1 = RM4.15) in short-term sukuk across five tenors, its widest range of maturities offered in a single auction.

In a statement, IILM said the sale was priced at 4.10 per cent for US$290 million (one-month), 4.15 per cent for US$385 million (two-month), 4.10 per cent for US$365 million (three-month), 4.12 per cent for US$210 million (six-month) and 4.05 per cent for US$100 million for the new nine-month note.

It said the nine-month tenor broadens its liquidity tools and gives Islamic financial institutions more flexibility in managing Shariah-compliant funding.

Outstanding short-term sukuk will rise to a record US$6.4 billion.

The auction drew bids of US$3.29 billion, with an average bid-to-cover ratio of 2.44 times.

IILM chief executive officer Mohamad Safri Shahul Hamid said the new tenor meets demand for longer short-term placements aligned with US dollar asset-backed commercial papers.

“Expanding our maturity spectrum further strengthens our value proposition by offering investors a more calibrated and efficient liquidity management toolkit,” he said.

The sale was the organisation’s twentieth auction this year, bringing its 2025 issuance to US$21.55 billion across 65 series, under its US$8.5 billion programme rated “A-1” by S&P Global Ratings and “F1” by Fitch Ratings.

Primary dealers involved include Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Al Rayan Bank, Boubyan Bank, CIMB Islamic Bank Bhd, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Bhd, Meethaq Islamic Banking of Bank Muscat, Qatar Islamic Bank and Standard Chartered Bank.

--BERNAMA