Adnoc prices its first Sukuk under new sukuk programme
Adnoc Murban Sukuk, a special purpose vehicle for issuing Shari'a compliant trust certificates, has priced its inaugural offering of Shari'a compliant trust certificates under its International Sukuk Programme with a principal amount of $1.5 billion, reported WAM.
This represents the largest-AA rated Corporate Sukuk ever issued globally. The Sukuk will be issued in a single tranche, maturing on 6th May 2035, with an annual profit rate of 4.75 per cent.
The price was one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region and the region's tightest-ever corporate US dollar 10-year spread.
The issuance 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.
The Sukuk is expected to be issued on 6th May 2025 and listed on the International Securities Market of the London Stock Exchange.
Adnoc Murban is rated 'Aa2' by Moody's Investor Services (Moody's), 'AA' by Standard & Poor's (S&P) and 'AA' by Fitch Ratings (Fitch) – aligned with ratings assigned to Adnoc's shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a provisional 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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