ADNOC Seeks Bond Issue

ADNOC Seeks Bond Issue

Abu Dhabi National Oil Co (ADNOC) is studying the possibility of a bond issue amid low interest rates, its CFO said on Wednesday, according to Reuters.

“We will take a look. These are historically low interest (rates), so if you’re not issuing, you’re making a big judgment call,” said CFO Mark Cutis at a Bloomberg event.

When asked whether ADNOC would look at a bond issue in Q1 2020, Cutis answered, “we are still in discussions.”

ADNOC would be driven by Saudi Aramco’s first international debt issue in April, when it received more than $100 billion in orders after selling $12 billion of bonds.

ADNOC was given an AA credit rating by Fitch in February, while the United Arab of Emirates (UAE) is trying to adapt more quickly to market changes.

The UAE is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), pumping about 3 million barrels of oil per day, most of which is produced by ADNOC.


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