Adnoc Sells Debut Sukuk in Bid to Diversify Funding Sources
Abu Dhabi National Oil Co. is selling debt compliant with Islamic rules for the first time as the state oil producer works to diversify funding.
Adnoc set the spread on a 10-year Shariah-compliant note at 60 basis points over US Treasuries, according to a person familiar with the matter. The debut sukuk, as the securities are known, is expected to raise at least $500 million, the person said, asking not to be identified discussing private information.
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