Abu Dhabi’s ADNOC to sell $3 bln debut bond as soon as this week -sources

Abu Dhabi’s ADNOC to sell $3 bln debut bond as soon as this week -sources:

"Abu Dhabi National Oil Co (ADNOC) is expected to issue as early as this week a project bond in the region of $3 billion, in what would be the United Arab Emirates oil major’s first public debt issue, sources familiar with the matter said on Tuesday.

The bond, with a maturity longer than 10 years, would be sold by one of ADNOC’s subsidiaries, not by the holding company.

State-owned ADNOC, which manages almost all the proven oil reserves in the UAE, has mandated banks including Bank of Tokyo-Mitsubishi, First Abu Dhabi Bank, HSBC and JP Morgan to arrange the debt sale, said the sources."



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