The International Islamic Liquidity Management Corporation ( IILM ) has completed the reissuance and issuance of short-term sukuk totalling US$900 million across three tenors.

The deals were priced competitively at 4.25% for US$430 million for the one-month tenor; 4.52% for US$270 million for the three-month tenor; and 4.60% for US$200 million for the six-month tenor.

The second auction for April comes on the back of the IILM securing a new, highly rated sukuk worth US$510 million, bringing the total outstanding amount of its sukuk in the market to an all-time high of US$5.2 billion, compared with US$4.414 billion at the end of December 2024.

According to the IILM, the auction’s successful completion reinforces its core mandate and firm status as one of the most prolific and sought-after issuers and providers of high-quality Islamic liquidity management solutions globally. It is the group’s seventh auction this year, with cumulative issuances totalling US$6.97 billion across 20 sukuk.

The auction saw a competitive tender among primary dealers and investors globally, with a very healthy orderbook of US$2.41 billion, representing a strong and sustained average bid-to-cover ratio of 268%.

“The IILM continues to break new ground following yet another highly successful auction today, which included a fresh issuance of US$510 million to fund a highly rated obligor via a private placement sukuk,” says IILM chief executive officer Mohamad Safri Shahul Hamid.

“The strong interest and oversubscription seen in today’s issuance reflect continued investor confidence in the IILM’s short-term sukuk programme as a reliable and trusted Islamic liquidity management tool. With US$1.92 billion issued across two auctions in April alone, we are encouraged by the sustained demand for our papers across all tenors.”

The issuance forms part of the IILM’s “A-1” ( S&P ) and “F1” ( Fitch Ratings ) rated US$6 billion short-term sukuk issuance programme.