(Bloomberg) -- Abu Dhabi’s main oil producer Adnoc raised $4 billion from a bond market debut, joining a global rush of debt issuance as companies look to lock in favorable borrowing costs.
The company priced three dollar bonds, according to people familiar with the matter who asked not to be identified. Adnoc Murban RSC Ltd. sold $1 billion of five-year debt to yield 70 basis points above comparable Treasuries, after earlier discussions of about 105 basis points, they said. It also sold $1.5 billion of 10-year bonds at a spread of 85 basis points and $1.5 billion of 30-year debt at 115 basis points over Treasuries.
Adnoc tapped the market more than two years after it created an entity to pursue such financing. The debt sale comes amid a big drop in global oil prices. Brent crude has fallen almost 7% this week, its biggest drop since early May.
--With assistance from Christopher DeReza.
(Updates to show deal has priced.)
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