Abu Dhabi’s International Petroleum Investment Company (Ipic) has completed a $3.75bn bond issue after attracting orders of more than $16bn for the deal.

The deal is split between a 5.5-year tranche of $1.5bn, a 10.5-year tranche of $1.5bn, and a 30-year tranche of $750m. Pricing on the deal starts at 262.5 basis points above US treasuries for the 5.5-year tranche, rising to 350 basis points above US treasures for the 30-year tranche.

Ipic said the bond will be used to repay existing debt.

The deal is the first time that an Abu Dhabi government owned entity has issued 30-year debt, setting a benchmark for future issues out of the emirate.