Islamic finance body IILM boosts sukuk programme with US$860m issue

The International Islamic Liquidity Management expanded its sukuk issuance programme today by auctioning US$860 million (RM2.85 billion) of three-month Islamic bonds at a yield of 0.55635 per cent. The issue brings the total amount of the IILM’s outstanding sukuk to US$1.35 billion. Its programme, launched last year, envisages issuance increasing eventually to as much as US$2 billion. The newest issue was sold to nine primary dealers from Asia, the Middle East and Europe. Since the programme’s launch, primary dealers have held on to the IILM instruments after auctions and there has been little if any secondary market trade in them.