Abu Dhabi National Oil Co. has postponed its planned debut dim sum bond offering, according to people familiar with the matter, as Middle East tensions disrupt global debt markets. The UAE's largest oil producer had been preparing to market yuan-denominated notes this week, seeking to capitalize on growing demand for Chinese currency debt among Gulf energy firms.

The company had spent months exploring the potential offering and conducted a virtual non-deal roadshow in October to gauge investor interest. Market volatility following recent hostilities in the region has forced borrowers like Adnoc to reassess timing and borrowing costs. The postponement represents one of the most high-profile examples of debt financing being disrupted by the ongoing crisis.

Adnoc's decision comes as credit-risk gauges spike across markets, with several borrowers putting bond deals on hold. The proposed yuan offering would have added to the record 77 billion yuan ($11.2 billion) of corporate dim sum bonds priced so far in 2024, according to Bloomberg data. The company declined to comment on the delayed sale.