Mubadala Development, an Abu Dhabi government investment fund, has launched a $1.75 billion two-tranche bond, an official at one of the lead managers said.

The $1.25 billion five-year tranche will give a yield of 395 basis points (bps) over US Treasuries, compared with earlier launch guidance of 400 bps.

The $500 million five-year tranche will give a yield of 462.5 bps over U.S. Treasuries, compared with earlier 470 bps guidance, the official said.

The order book totalled more than $5 billion, the official said earlier on Wednesday.

Lead managers are Citigroup, Goldman Sachs and RBS. – Reuters