KUALA LUMPUR, The International Islamic Liquidity Management Corporation (IILM) has completed its seventh auction for the year with the reissuance of an aggregate US$940 million (US$1=RM4.70) in short-term sukuk across three series. The three series comprise the issuance of US$440 million of one-month tenor at 5.30 per cent, US$300 million of three-month tenor at 5.40 per cent and US$200 million of six-month tenor at 5.55 per cent. "The sukuk reissuance witnessed a competitive tender among primary dealers and investors from markets across the Gulf Cooperation Council (GCC) region and Asia, with a combined order book of over US$2.01 billion, representing an average bid-to-cover ratio of 214 per cent," it in a statement. IILM has achieved year-to-date cumulative issuances totalling US$6.63 billion through 21 sukuk series. The IILM's short-term sukuk is distributed by a diversified network of 11 primary dealers globally: Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Boubyan Bank, CIMB Islamic Bank Bhd, Dukhan Bank, First Abu Dhabi Bank, Kuwait Finance House, Maybank Islamic Bhd, Qatar Islamic Bank and Standard Chartered Bank. The total amount of IILM sukuk outstanding is now US$3.51 billion, according to the statement. Source: BERNAMA News Agency