ADNOC successfully completes $1.5bln Debut International Sukuk Issuance
Summary
ABU DHABI - ADNOC Murban Sukuk Limited (the Issuer), a special purpose vehicle specifically set up to issue Sukuk certificates, has successfully issued its inaugural offering of Sharia compliant trust certificates (Sukuk) under its newly established International Sukuk Programme (the Programme).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 markets belief in ADNOCs 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 Sharia-compliant securities in the region, and at the regions tightest-ever corporate US dollar 10-year spread.The successful issuance, which captured a strategic opportunity to further diversify ADNOCs funding sources and broaden its investor base, is part of a disciplined funding strategy building on ADNOC Murbans 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 Moodys Investor Services, AA by Standard & Poors (S&P) and AA by Fitch Ratings aligned with ratings assigned to ADNOCs shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a rating of Aa2 by Moodys, and AA by Fitch.Standard Chartered Bank acted as sole Global Coordinator and Joint Sukuk Structuring Bank. 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.