ADNOC Successfully Issues US$1.5 Billion Sukuk

Abu Dhabi National Oil Company (ADNOC), one of the world's leading energy producers, has successfully issued a US$1.5 billion ten-year, dollar-denominated sukuk through its special purpose vehicle, ADNOC Murban Sukuk Limited, under its newly established Trust Certificate Issuance Programme.

The obligor under this issuance, ADNOC Murban RSC Ltd., has received impressive credit ratings of Aa2 (stable) by Moody's, AA (stable) by S&P, and AA (stable) by Fitch. This senior, unsecured Sukuk Al-Wakala carries an annual profit rate of 4.75 percent and has been listed on the London Stock Exchange. Notably, it was priced at one of the lowest-ever new issue premiums for Shari’a-compliant securities in the region, reflecting significant investor interest and confidence in ADNOC’s exceptional credit quality and resilient strategy across commodity price cycles.

Standard Chartered Bank acted as the sole global coordinator for this issuance, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Morgan Stanley, and MUFG serving as book runners.

The Walkers team, led by Ciaran Bohnacker (Partner) and Szymon Durlo (Senior Associate,) provided and continues to provide, amongst other things, a variety of corporate, fiduciary, and administrative services to ADNOC Murban Sukuk Limited, ensuring the smooth execution of this landmark transaction. Ciaran Bohnacker, Partner at Walkers, commented, "We are proud to have played a role in facilitating ADNOC's sukuk issuance. This transaction underscores the strength and resilience of ADNOC's strategy and the robust investor confidence in its credit quality."