Abu Dhabi’s government-controlled investment firm Mubadala plans to raise more than $1bn through a dual-tranch bond offering.

The US-dollar denominated bond will have seven- and 12-year tranches and each tranch is expected to be of benchmark size, which usually refers to a transaction of $500m or more.

The company is expected to price the deal as early as 11 April. The UK’s Barclays, HSBC and Standard Chartered; France’s Natixis, local National Bank of Abu Dhabi and Japan’s SMBC Nikko are the joint lead managers and bookrunners for the deal, according to a report by news agency Reuters.

Mubadala is the latest government-related entity to tap international debt market, joining several financial institutions, GCC sovereigns and the corporate borrowers who have approached the fixed income markets this year to shore up finances, fund expansion plans and meet regulatory capital requirements.

Dubai’s wealth fund, Investment Corporation of Dubai, was the other GRE from UAE which raised funds earlier this year, while the sovereign borrowers include Bahrain, Oman and Kuwait. The pipeline of deals remains robust for the remainder of 2017 including a $10bn debut sukuk offering by Saudi Arabia, the world’s top oil exporter.

Mubadala is in the process of merging with government-owned International Petroleum Investment Company (Ipic). The merged entity is expected to launch operation in May as Mubadala Investment Company (MIC).

It will invest on behalf of the government at home and abroad through four investment platforms which include petroleum and petrochemicals; technology, manufacturing and mining; aerospace, renewables, information and communications technology; and alternative investments and infrastructure.

Abu Dhabi, which controls about6 per cent of the world’s proven oil reserves, is consolidating its banking and financial assets and aims to cut its dependence on hydrocarbon revenues to fuel its economy.