What was the order book size for the sukuk reissuance?

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The order book for the sukuk reissuance exceeded US$1.4 billion.

The International Islamic Liquidity Management Corporation (IILM) successfully reissued US$900 million in short-term sukuk, concluding its second quarter 2021 issuance calendar. The offering attracted strong demand, with an order book surpassing US$1.4 billion, indicating an average oversubscription rate of 1.6 times. This strong performance was driven by primary dealers and investors primarily from the Middle East and Asia.
Strong Demand from Investors

The sukuk reissuance saw significant interest from market participants, particularly from key financial centres in the Middle East and Asia. This robust demand resulted in an order book that was in excess of US$1.4 billion. This figure reflects a healthy appetite for the short-term sukuk instruments offered by IILM.
Oversubscription Rate

The substantial order book translated into an average oversubscription rate of 1.6 times the amount being issued. This indicates that the demand for the sukuk outstripped the available supply, a positive sign for the issuer. The issuance comprised US$400 million with a one-month tenor, US$300 million with a three-month tenor, and US$200 million with a six-month tenor.
IILM's Year-to-Date Performance

With this latest issuance, IILM has achieved cumulative issuances totalling US$7.01 billion year-to-date across 18 sukuk series. The short-term sukuk programme holds an A-1 rating from S&P Global Ratings, with a total of US$3.51 billion IILM sukuk currently outstanding. The chief executive officer expressed optimism for the latter half of 2021, citing the accelerating global vaccination programmes.

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What was the order book size for the sukuk reissuance?

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