emirates7 - ADNOC Murban Sukuk Limited (the Issuer), a special purpose vehicle established to issue Sukuk, has successfully completed its first issuance of Shari’a-compliant trust certificates (Sukuk) under its newly launched International Sukuk Programme.
The underlying obligor of 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 rated entity for the ADNOC Group’s debt capital market activities.
Listed on the International Securities Market of the London Stock Exchange, the Sukuk was issued with a principal amount of US$1.5 billion, set to mature on May 6, 2035. It carries an annual profit rate of 4.75%, payable semi-annually.
The issuance attracted strong demand from major global Islamic investors, underscoring market confidence in ADNOC’s strong credit profile and robust strategy through commodity price fluctuations. Priced on April 28, 2025, the Sukuk achieved one of the lowest new issue premiums for Shari’a-compliant instruments in the region and set a record for the tightest 10-year US dollar corporate spread in the region.
This issuance aligns with ADNOC’s strategic approach to diversify its funding sources and expand its investor reach. It follows ADNOC Murban’s inaugural Global Medium Term Note bond offering in September 2024 and its Green Financing Facility agreement from June 2024.
Proceeds from the Sukuk will be used by the ADNOC Group for general corporate purposes.
ADNOC Murban holds strong credit ratings of “Aa2” from Moody’s, “AA” from S&P, and “AA” from Fitch, consistent with those of its parent entity—the Government of Abu Dhabi. The Sukuk itself has been rated “Aa2” by Moody’s and “AA” by Fitch.
Standard Chartered Bank served as the 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 Structuring Banks. Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley were also Active Bookrunners, while KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector served as Passive Bookrunners.
The underlying obligor of 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 rated entity for the ADNOC Group’s debt capital market activities.
Listed on the International Securities Market of the London Stock Exchange, the Sukuk was issued with a principal amount of US$1.5 billion, set to mature on May 6, 2035. It carries an annual profit rate of 4.75%, payable semi-annually.
The issuance attracted strong demand from major global Islamic investors, underscoring market confidence in ADNOC’s strong credit profile and robust strategy through commodity price fluctuations. Priced on April 28, 2025, the Sukuk achieved one of the lowest new issue premiums for Shari’a-compliant instruments in the region and set a record for the tightest 10-year US dollar corporate spread in the region.
This issuance aligns with ADNOC’s strategic approach to diversify its funding sources and expand its investor reach. It follows ADNOC Murban’s inaugural Global Medium Term Note bond offering in September 2024 and its Green Financing Facility agreement from June 2024.
Proceeds from the Sukuk will be used by the ADNOC Group for general corporate purposes.
ADNOC Murban holds strong credit ratings of “Aa2” from Moody’s, “AA” from S&P, and “AA” from Fitch, consistent with those of its parent entity—the Government of Abu Dhabi. The Sukuk itself has been rated “Aa2” by Moody’s and “AA” by Fitch.
Standard Chartered Bank served as the 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 Structuring Banks. Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley were also Active Bookrunners, while KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector served as Passive Bookrunners.