International Islamic Liquidity Management Corporation reissues $500mln Sukuk
Reissuance consisted of $200 million with 3-week tenor and $300 million with 3-month tenor at a profit rate of 2% each.
By Staff Writer, ZAWYA
The International Islamic Liquidity Management Corporation (IILM) has reissued A-1 short term Sukuk amounting to $500 million in two series with 3-week and 3-month tenors.
The reissuance came as follows: $200 million with 3-week tenor at a profit rate of 2 percent and $300 million with 3-month tenor at a profit rate of 2 percent.
Abu Dhabi Islamic Bank, Al Baraka Turk, Barwa Bank, Boubyan Bank, CIMB Bank, First Abu Dhabi Bank, Kuwait Finance House, Maybank Islamic, Qatar Islamic Bank and Standard Chartered Bank participated as primary dealers.
The demand for the 3-week and 3-month Sukuk series reached bid-to-cover ratio of 150 percent, and 289 percent, respectively.
The allocation of GCC-based primary dealers stood at 70.5 percent and 32 percent for the 3-week and 3-month Sukuk, respectively. Asia-based primary dealers were allocated 25 percent and 34 percent of the 3-week and 3-month Sukuk, respectively.
Courtesy by: https://www.zawya.com/