ADNOC completes $1.5B Debut International Sukuk Issuance
The Obligor for the Sukuk is ADNOC Murban RSC Ltd, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C. and the primary debt capital markets issuing and rated entity for ADNOC Group.
The Sukuk was issued on the International Securities Market of the London Stock Exchange at a principal amount of US$1.5 billion, maturing on 6th May 2035, with an annual profit rate of 4.75 percent to be paid semi-annually.
The offering generated significant interest across key global Islamic investors, reflecting the market's belief in ADNOC's exceptional credit quality and resilient strategy across commodity price cycles. It was successfully priced on 28th April 2025, at one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region, and at the region's tightest-ever corporate US dollar 10-year spread.
The successful issuance, which captured a strategic opportunity to further diversify ADNOC's funding sources and broaden its investor base, is part of a disciplined funding strategy building on ADNOC Murban's inaugural Global Medium Term Note bond issuance in September 2024, and Green Financing Facility signed in June 2024.
Net proceeds of the issuance will be used by ADNOC Group for general corporate purposes.
ADNOC Murban is rated 'Aa2' by Moody's Investor Services, 'AA' by Standard & Poor's (S&P) and 'AA' by Fitch Ratings – aligned with ratings assigned to ADNOC's shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a rating of 'Aa2' by Moody's, and 'AA' by Fitch.
Standard Chartered Bank acted as sole Global Coordinator and Joint Sukuk Structuring Bank. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank acted as Active Bookrunners and Joint Sukuk Structuring Banks. Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as Active Bookrunners, whereas KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector acted as Passive Bookrunners on the Sukuk offering.
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