Large $990 million IILM Sukuk to be auctioned next week

The International Islamic Liquidity Management (IILM) will be auctioning Tuesday, 24th February 2015 2 short-term Sukuk with maturities of 3 and 6 months, as part of its regular issuance program. Combined value of Sukuk will be $990 million

Details of the sukuk are as follows:

1st Auction Amount: USD 490 Million

Auction Settlement Date: Friday, 27th February, 2015

Maturity Date of Certificate: Wednesday, 27th May, 2015

Bids Submission Opening Time: 15:00 Kuala Lumpur time

Bids Submission Closing Time:18:00 Kuala Lumpur time

Auction Result Announcement: 19:00 Kuala Lumpur time

2nd Auction: (USD 500MM for 6  Month Tenor)

Auction Date: Tuesday, 24th February 2015

Amount:USD 500 Million

Auction Settlement Date:Friday, 27th February, 2015

Maturity Date of Certificate:Thursday 27th August, 2015

Bids Submission Opening Time:15:00 Kuala Lumpur time

Bids Submission Closing Time:18:00 Kuala Lumpur time

Auction Result Announcement: 19:00 Kuala Lumpur time

IILM last issued a Sukuk on 22 January, a $860M issued at a profit rate of 0.553% with a 3 month maturity.

About IILM

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.