IILM to issue debut sukuk of USD490m in August

Malaysia-based International Islamic Liquidity Management Corp (IILM) will issue its long-awaited sukuk programme worth $490 million (RM1.6 million) this month, offering tenors of three months. The dollar-denominated sukuk programme, rated "A-1" by S&P, is backed by sovereign assets from member countries and will carry maturities of up to one year. IILM delayed its maiden issue several times and replaced its chief executive in October last year. It plans to raise the programme to as much as US$3 billion, aided by a multi-jurisdictional network of primary dealers that will ensure a secondary market, which includes Albaraka Turk and Standard Chartered as primary dealers.