UAE’s State Oil Giant ADNOC Issues First-Ever Bond

Abu Dhabi’s state oil firm ADNOC is beginning its first bond sale with a three-tranche dollar-denominated issuance on Wednesday, sources with knowledge of the matter told Bloomberg. ADNOC is joining other major national oil companies in launching a bond sale this year, to take advantage of favorable borrowing costs that would fund development. Earlier this week, ADNOC said that ADNOC Murban RSC, its wholly-owned, debt capital markets borrowing and rated entity, has established and launched a Global Medium Term Note (GMTN) program to raise…