REPUBLIKA.CO.ID, JAKARTA - Malaysia-based International Islamic Liquidity Management Corp (IILM) will reissue 860 million USD of its three-month Islamic bond next week, after expanding its issuance program to 1.35 billion USD in January.
The auction of the three-month sukuk, rated A-1 by Standard and Poor's, will be conducted on Apr. 17, according to a filing lodged with Malaysia's central bank.
In February, the IILM sold 490 million USD worth of three-month paper, designed to meet a shortage of highly liquid, investment-grade financial instruments which Islamic banks can trade to manage their short-term funding needs.
Shareholders of the IILM are the central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the United Arab Emirates, as well as the Jeddah-based Islamic Development Bank.
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