Abu Dhabi government-owned investment firm Mubadala Development Company has raised $1.5bn through the sale of dual-trance bonds just weeks ahead of launching operations as a merged entity with another Abu Dhabi investment vehicle International Petroleum Investment Company (Ipic).

The company received almost four times the amount in bids for the bond offering, which comprises a seven-year $850m and a 12-year $650m tranche. 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 were the joint lead managers and bookrunners for the deal which was priced on 11 April, according to media reports.

The debt offering is the first issuance by Mubadala since it launched the process to merge with Ipic. The merged entity is expected to launch operation in May as Mubadala Investment Company (MIC).

The seven-year paper, with a 3 percent coupon, had a re-offer price of 100 basis points over mid-swaps, while the 12-year bonds, which carry a 3.75 percent coupon, were issued with a re-offer price of 140 bps over mid-swaps.

Mubadala’s, which last issued a $500m seven-year bond in 2016, 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 Investment Corporation of Dubai was the other GRE from UAE which raised funds earlier this year. 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.

The MIC, which will have combined assets of $125bn, 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.