IILM Re-issues $490m Sukuk on tight demand

Eleven Bids were received for value of $643 million resulting in a fully subscribed $490 million issuance by the Kuala Lumpur based International Islamic Liquidity Management Corporation (IILM). The IILM is an industry body which provides highly rated liquidity within the Islamic Banking and Capital markets.

The $490 million reissuance marks the 21st series of short-term IILM Sukuk, rated A-1 by Standard and Poor’s Rating Services. As at November 2015, the IILM Sukuk that have been issued and reissued amount to USD13.18 billion.

Full details of the Sukuk can be found here: IILM February 2016

The reissuance marks the 21st series of short-term IILM Sukuk, rated A-1 by Standard and Poor’s Rating Services. The reissuance was fully subscribed by the following primary dealers (in alphabetical order) who participated in this auction:

1. Abu Dhabi Islamic Bank;

2. Al Baraka Turk;

3. Barwa Bank;

4. Boubyan Bank;

5. CIMB Islamic Bank Berhad;

6. Kuwait Finance House;

7. Maybank Islamic Berhad;

8. National Bank of Abu Dhabi;

9. Qatar Islamic Bank;

10. Qatar National Bank; and

11. Standard Chartered Bank.

As at November 2015, the IILM Sukūk that have been issued and reissued amount to USD13.18 billion.