Abu Dhabi's Mubadala Raises $1.5 Billion Ahead of IPIC Merger

Mubadala Development Co., the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co., raised $1.5 billion 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 $850 million in seven-year debt at 100 basis points over mid-swaps and $650 million 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. The sale received orders of about $5.7 billion, they said.