IILM Sukuk tend to be more than twice oversubscribed; the weak order book on this issuance is likely down to this weeks large dual Sovereign sukuk issued by Government of Malaysia.
Sukuk rated A-1 by Standard and Poor’s Rating Services (S&P’s) has been issued by the International Islamic Liquidity Management (IILM). The previously announced $860M issuance received orders of $1.11 Billion and were issued at a profit rate of 0.566% with a maturity date of 15 July 2015.
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.