Abu Dhabi: ADNOC Murban Sukuk Limited, a special purpose vehicle established to issue Sukuk Certificates, has successfully priced its inaugural offering of Shari'a compliant trust certificates under its newly established International Sukuk Programme, with a principal amount of US$1.5 billion. This issuance represents the largest-AA rated Corporate Sukuk ever issued globally and marks a significant achievement in the financial world.
According to Emirates News Agency, the Obligor for the Sukuk will be ADNOC Murban RSC Ltd, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) and the primary entity for issuing debt capital markets instruments for ADNOC Group. The Sukuk will be issued in a single tranche, maturing on 6th May 2035, with an annual profit rate of 4.75 percent to be paid semi-annually.
The Sukuk was successfully priced at one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region, achieving the region's tightest-ever corporate US dollar 10-year spread. This success was driven by significant investor interest, reflecting confidence in ADNOC's credit quality and strategic resilience across commodity price cycles.
Part of ADNOC's disciplined funding strategy, the Sukuk issuance aims to diversify funding sources and broaden its investor base, building on ADNOC Murban's previous Global Medium Term Note bond issuance in September 2024 and a Green Financing Facility signed in June 2024. The Sukuk is expected to be issued on 6th May 2025 and will be listed on the International Securities Market of the London Stock Exchange.
ADNOC Murban holds high credit ratings from major agencies, including 'Aa2' by Moody's, 'AA' by Standard and Poor's, and 'AA' by Fitch Ratings. The Sukuk has been provisionally rated 'Aa2' by Moody's and 'AA' by Fitch.
Standard Chartered Bank acted as the sole Global Coordinator and Joint Sukuk Structuring Bank for the offering. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank were among the Active Bookrunners and Joint Sukuk Structuring Banks. Additionally, Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley served as Active Bookrunners, while KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector acted as Passive Bookrunners.
The transaction is subject to customary closing conditions.