(Corrects throughout auction timing next week, size of sukuk outstanding is $1.85 billion, not $2.05 billion)
Feb 18 (Reuters) - The Malaysia-based International Islamic Liquidity Management Corp (IILM) will hold two auctions next week to issue a combined $990 million worth of Islamic bonds (sukuk), under a programme that is now authorised to issue $3 billion in short-term paper.
The IILM will auction $490 million worth of three-month sukuk and $500 million of six-month sukuk next Tuesday, the organisation said in a central bank filing.
It is only the second time the IILM has issued six-month paper. The IILM programme, rated A-1 by Standard and Poor’s, has $1.85 billion worth of sukuk currently outstanding.
The IILM, a consortium of central banks from Asia, the Middle East and Africa, began the programme in 2013 to address a shortage of instruments that Islamic banks can use to manage short-term liquidity.
Its sukuk programme permits maturities of up to one year. (Reporting by Bernardo Vizcaino; Editing by Kim Coghill)