State oil giant Adnoc closed its maiden sukuk sale yesterday, raising USD 1.5 bn for general corporate purposes, Reuters reports, citing a document it has seen. The offering saw strong demand, with investors booking USD 3.85 bn in orders. Bloomberg also took note of the sale.

The details: Adnoc issued the 10-year senior unsecured notes through its primary debt vehicle Adnoc Murban, fixing the spread at 60 bps over US Treasuries. The Wakala-structured sukuk will be listed on the London Stock Exchange, offering fixed semi-annual payments, Zawya reports.

The taps may stay open: Murban is expected to raise up to USD 10 bn over the next few years, Fitch reported late last year. The global rating agency assigned Adnoc Murban’s Global Medium Term Note program (pdf) a final senior unsecured rating of AA.

UAE issuers are loving sukuk right now: The UAE emerged as the world’s top-performing sukuk market since Trump’s return to the White House, as investors look towards EMs with strong fundamentals for tariff-safe assets. Our friends at Mashreq and Ajman Bank were the latest to tap the USD sukuk markets, closing USD 500 mn sales each.

ADVISORS- Standard Chartered Bank is the sole global coordinator and joint sukuk structuring bank on the transaction, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Morgan Stanley and MUFG acting as book runners. Emirates NBD Islamic provided the Shariah compliance certification.

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