Abu Dhabi’s Mubadala raises US$1.5bil

DUBAI: Mubadala Development Co, the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co (Ipic), raised US$1.5bil through a dual-tranche bond after receiving almost four times that amount in bids, people familiar with the matter said.

The company on Tuesday sold US$850mil in seven-year debt at 100 basis points over mid-swaps and US$650mil in the 12-year tranche at 140 basis points over mid-swaps, the people said, asking not to be identified because the information is private.