.jpg)
1 hour ago
1
![j6(gu]lf[r({34{1w(0tqqbk_media_dl_1.png](https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2026/02/dim-sum-bonds-reach-strongest-start-on-record.jpg?quality=90&strip=all&w=288&h=216&sig=1ymQn2cWR7Jw41iEF3xxlQ)
Article content
(Bloomberg) — Abu Dhabi National Oil Co., the United Arab Emirates’ biggest oil producer, is planning to offer its first-ever yuan bond, the latest sign of deepening financial ties between China and the Gulf.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The company could raise as much as 14 billion yuan ($2 billion) with the dim sum notes, securities in the Chinese currency issued offshore, people familiar with the matter said. The final size would not necessarily be near that cap, and other details could change. It would add to a record 57.6 billion yuan of corporate dim sum bonds priced so far this year.
Article content
Article content
Article content
A growing wave of Gulf borrowers is turning to yuan financing, after China overtook the West as the region’s largest trading partner in 2024. The trend also flags growing expectations for more yuan internationalization and feeds into a broader de-dollarization narrative. Financing costs in the yuan can be cheaper than in the dollar, as Chinese authorities steer rates down to revive economic growth.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Recent Middle Eastern moves into yuan financing include: a loan secured by the Government of Sharjah, Saudi National Bank’s consideration of a dim sum bond sale, and the Arab Energy Fund’s plan to issue yuan notes in China’s domestic market.
Article content
Adnoc is considering a multi-tranche structure for its potential bond offering with maturities of five, 10 and 30 years, according to the people familiar with the matter. The deal may reach the market as early as this month, they said, asking not to be identified discussing private details.
Article content
“We do not comment on market speculation,” an Adnoc spokesperson said when asked about the potential debt sale.
Article content
The company has been exploring the potential offering for months, after holding a virtual non-deal roadshow in October to test investor appetite.
Article content
Trade between the Gulf and China reached $257 billion in 2024, and could rise to $375 billion in 2028, according to a report from think tank Asia House.
Article content
—With assistance from Anthony Di Paola.
Article content
English (US)