ADNOC reportedly looking into bond issue

ADNOC reportedly looking into bond issue
Published: 6 October 2019 - 5:15 a.m.
By: Carla Sertin

UAE state oil company ADNOC is reportedly looking to a bond issue, according to a report by Reuters which quoted ADNOC's chief financial officer.

At a Bloomberg event, ADNOC CFO Mark Curtis responded to a question about whether ADNOC would looking into a bond issue in Q1 2020, saying that "we will take a look. These are historically low interest [rates], so if you're not issuing, you're making a big judgement call."

Interest rates have been cut by central banks across the globe because of concerns about a weakening global economic growth.

Curtis later told reporters that the company would "of course" issue a bond, and would proceed when the timing was appropriate, but did not mention the size of the potential bond.

Saudi Aramco issued its first bond this year, at $10bn, and orders reached more than $100bn. It issued the bond to help fund its $69.1bn acquisition of a 70% stake in Saudi petrochemicals giant SABIC.


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