UAE’s Top Oil Producer Prepares to Sell Bonds for First Time
- Adnoc gets S&P AA rating for new debt capital markets vehicle
- Entity known as Adnoc Murban hires banks for debt meetings
An employee passes the logo of the Abu Dhabi National Oil Company at the company's headquarters in Abu Dhabi, United Arab Emirates.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
The largest oil producer in the United Arab Emirates is preparing to sell its first bonds as the energy-rich country pushes plans to diversify its economy and attract international investors.
Abu Dhabi National Oil Co. is creating a new entity to become its primary vehicle for selling debt, the company said in a statement. Adnoc Murban, as the issuer will be known, was assigned the third-highest credit rating by Standard & Poor’s and Moody’s Investors Service.