The International Islamic Liquidity Management (IILM) has successfully reissued USD990 million benchmark size short-term Sukuk.
ii) A USD500 million 6-month tenor priced at 0.78570% profit rate, which received total bids of just over $1 billion from 14 bids.
The reissuance of USD990 million Sukuk auction was fully subscribed by IILM primary dealers.
The Sukuk rated A-1 by Standard and Poor’s Rating Services (S&P’s) were reissued in two different series as listed above.
The IILM is an international institution established by central banks, monetary agencies and multilateral organisations to introduce and facilitate effective cross-border Shari'ah-compliant liquidity management.
IILM sells its Sukuk through its primary dealers, who consist of: Abu Dhabi Islamic Bank, AlBaraka Turk, CIMB Islamic Bank Bhd, Luxembourg's KBL Private Bankers, Kuwait Finance House, Maybank Islamic Bhd, National Bank of Abu Dhabi, Qatar National Bank, Standard Chartered Bank and Barwa Bank.
Market shows signs of increased activity
After a quiet start to 2015, Sukuk market activity picked up this week a short-term issuance by the Bahrain Central Bank and with announcements of upcoming issuances from Gulf Finance House, Qatar Islamic Bank, Indonesian national air carrier Garuda Indonesia, and the Islamic Development Bank.