Abu Dhabi National Oil Co. announced plans to issue its first yuan bond, targeting up to $2 billion. The move marks a historic first for the UAE’s largest oil producer and signals growing financial integration between China and the Gulf. Investors eye the deal for its potential yield and market reach.

The bond will be issued in China’s domestic market, where the yuan‑denominated debt has attracted global investors seeking diversification. Abu Dhabi National Oil Co. has already secured a $1.5 billion pre‑sale, underscoring strong demand. The deal could set a precedent for other Gulf energy firms to tap Chinese capital.

Pricing will be set by a syndicate of banks, with the offering expected to close in the first quarter of next year. Market watchers will monitor the bond’s yield spread against U.S. Treasuries and its impact on the UAE’s sovereign credit rating. A successful launch could spur further yuan issuances from the region.