ADNOC Murban Sukuk Limited, a special purpose vehicle established to issue sukuk certificates, has successfully completed its inaugural offering of Shari’a-compliant trust certificates (sukuk) under its newly launched International sukuk program.
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., serving as 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 $1.5 billion, maturing on May 6, 2035, with an annual profit rate of 4.75 percent to be paid semi-annually.
The offering further generated significant interest among key global Islamic investors, reflecting the market’s confidence in ADNOC’s exceptional credit quality and resilient strategy across commodity price cycles. It was successfully priced on April 28, 2025, achieving one of the lowest new issue premiums for Shari’a-compliant securities in the region, and the region’s tightest corporate U.S. dollar 10-year spread.
Read more: ADNOC Distribution reports 16 percent net profit increase to $174 million in Q1 2025
Strategic funding diversification
This successful issuance captured a strategic opportunity to further diversify ADNOC’s funding sources and broaden its investor base. It is part of a disciplined funding strategy that builds on ADNOC Murban’s inaugural Global Medium Term Note bond issuance in September 2024, as well as the Green Financing Facility signed in June 2024.
Moreover, net proceeds from the issuance will be utilized 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, aligning with the ratings assigned to ADNOC’s shareholder, the Government of Abu Dhabi. The Sukuk itself has been assigned a rating of “Aa2” by Moody’s and “AA” by Fitch.Standard Chartered Bank acted as the sole Global Coordinator and Joint Sukuk Structuring Bank. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank served as Active Bookrunners and Joint Sukuk Structuring Banks. Additionally, Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as Active Bookrunners, while KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector functioned as Passive Bookrunners on the Sukuk offering.
