Kuala Lumpur, Malaysia – 6 November 2019. Today, the International Islamic Liquidity Management Corporation (IILM) has successfully reissued A-1 short-term Sukūk amounting to USD 600 million in two series with 1-month and 3-month tenors. The breakdown of today’s reissuances is as follows:
- USD 300 million with 1-month tenor at a profit rate of 1.85%; and
- USD 300 million with 3-month tenor at a profit rate of 1.91%.
Main Highlights of the Sukūk Reissuance of USD 600 million
- The two series of the IILM Sukūk issued today were 1-month and 3-month tenors.
- The demand for the 1-month and 3-month Sukūk series reached bid-to-cover ratio of 208%, and 255%, respectively.
- The profit rates achieved are:
a. 1.85% for the 1-month, compared to the indicative pricing guidance range of 1.86%-1.92%; and
b. 1.91% for the 3-month, compared to the indicative pricing guidance range of 1.92%-1.98%.
- Purchases by Islamic Primary Dealers (PDs) in the primary auction amounted to 60% and 67% for the 1-month and 3-month Sukūk, respectively.
- In terms of geographical distribution, the allocation of GCC-based PDs stood at 39% and 67% for the 1-month and 3-month Sukūk respectively. Asia-based PDs were respectively allocated 33% and 33% of the 1-month and 3-month Sukūk. The PDs based in other jurisdictions were awarded 28% on the IILM 1-month Sukūk and nil for the 3-month Sukūk.
The following Primary Dealers have participated in the two issuances conducted under the competitive bidding of the Bloomberg AUPD Platform, sorted by alphabetical order:
1. Abu Dhabi Islamic Bank;
2. Al Baraka Turk;
3. Barwa Bank;
4. Boubyan Bank;
5. CIMB Islamic;
6. First Abu Dhabi Bank;
7. Kuwait Finance House;
8. Maybank Islamic;
9. Qatar Islamic Bank; and
10. Standard Chartered Bank.
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