KUALA LUMPUR (April 10): International Islamic Liquidity Management Corporation (IILM) has successfully reissued US$500 million in short-term sukuk in two series.
The sukuk was rated A-1 by Standard & Poor’s Rating Services.
In a statement today, IILM said the sukuk issued were offered in two different tenors, namely US$200 million with one-month tenor at a profit rate of 2.67 per cent and US$3300 million with three-month tenor at a profit rate of 2.76 per cent.
“The reissuance saw well-supported demand across the two series, with a bid-to-cover ratio of 214 per cent for the one-month sukuk, and 329 per cent for the three-month sukuk,” it said.
IILM said purchases by Islamic Primary Dealers (PDs) in the primary auction for the one-month and three-month sukuk amounted to 63 percent and 74 percent, respectively.