Islamic Finance 

The IILM Reissues USD 1.0 billion Sukuk in Three Tranches

| 11 February, 2019

Kuala Lumpur, Malaysia – 11 February 2019. The International Islamic Liquidity Management Corporation (IILM) is pleased to announce that today, it has created a history in the market by reissuing a total of USD 1.0 billion short-term Sukuk in three tranches for the first time. The Sukuk that were rated A-1 by Standard & Poor’s Rating Services were reissued at different sizes, tenors and profit rates;
1. USD 200 million with 1-month tenor at a profit rate of 2.7390%;
2. USD 400 million with 3-month tenor at a profit rate of 2.93%; and
3. USD 400 million with 6-month tenor at a profit rate of 2.99%.


Main Highlights of the USD 1.0 billion Reissuance

1. This is the first time the IILM is offering three tenors on the same auction day since it commenced its issuances in August 2013.
2. Well supported demand across the three series of the IILM Sukuk with a bid to cover ratio of 196%, 289% and 284% for the 1-month, 3-month and 6-month tenors respectively.
3. Profit rates achieved for the 1-month, 3-month and 6-month Sukuk are 2.7390%, 2.93% and 2.99% respectively.
4. Purchases by Islamic Primary Dealers (PDs) in the primary auction amounted to 90%, 84% and 54% for the 1-month, 3-month and 6-month Sukuk respectively.
5. In terms of geographical distribution, Asia-based PDs were allocated 12.5%, 17.5% and 3% of the 1-month, 3-month and 6-month Sukuk respectively, whereas GCC-based PDs were allocated 87.5%, 67.5% and 52% of the 1-month, 3-month and 6-month Sukuk respectively. 45% of the 6-month Sukuk were allocated to others.

The following primary dealers (in alphabetical order) have participated in the three auctions conducted under the competitive bidding of the Bloomberg AUPD Platform:
1. Abu Dhabi Islamic Bank;
2. Al Baraka Turk;
3. Barwa Bank;
4. Boubyan Bank;
5. CIMB Islamic Bank Berhad;
6. First Abu Dhabi Bank;
7. Kuwait Finance House;
8. Macquarie Bank;
9. Maybank Islamic Berhad;
10. Qatar Islamic Bank; and
11. Standard Chartered Bank.
-end-

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, Luxembourg, 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.
Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: info@iilm.com
Website: http://www.iilm.com

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