IILM to sell RM5.5bil worth of Islamic notes

KUALA LUMPUR: International Islamic Liquidity Management Corp (IILM), which counts nine central banks as its shareholders, plans to sell US$1.34bil (RM5.54bil) of three-month bills, its biggest offering since being set up in 2010 to support syariah-compliant financial activity.

The Kuala Lumpur-based institution, which added two more primary dealers to its existing network of nine last week, would auction the Islamic notes on Feb 18, it said in a statement. The company known as IILM has a short-term issuer rating of A-1 from Standard & Poor’s, the second highest investment grade, and has sold a total US$14bil of debt denominated in the US currency.