Under its recently created International Sukuk Programme (the Programme), Adnoc Murban Sukuk Limited (the Issuer), a special purpose company created only to issue Sukuk certificates, has successfully issued its first offering of Shari’a compliant trust certificates (Sukuk).
Adnoc Murban RSC Ltd, a fully owned subsidiary of Abu Dhabi National Oil Company (Adnoc) and the main debt capital markets issuing and rating company for the Adnoc Group, is the Obligor for the Sukuk.
At a primary of US$1.5 billion, the Sukuk was offered on the London Stock Exchange’s International Securities Market. It matured on May 6, 2035, and was paid semi-annually at an annual profit rate of 4.75 percent.
Key international Islamic investors showed a great deal of interest in the offering, demonstrating the market’s faith in Adnoc’s outstanding credit quality and strategy that endures commodity price fluctuations. On April 28, 2025, it was successfully priced at the narrowest corporate US dollar 10-year spread in the area and at one of the lowest new issue premiums for Shari’a-compliant securities in history.
Building on Adnoc Murban’s first Global Medium Term Note bond issuance in September 2024 and the Green Financing Facility signed in June 2024, the successful issuance represents a strategic opportunity to diversify Adnoc’s funding sources further and expand its investor base.
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