Emirates: Abu Dhabi locked in $3 billion on Wednesday with its second bond sale of the year for which it received more than $9.75 billion in orders for two tranches, a bank document showed.

The emirate sold $1.75 billion in 10-year bonds at 63 basis points (bps) over US Treasuries (UST) and $1.25 billion in 30-year paper at 3 percent, settling at the lower end of final price guidance, the document from one of the banks on the deal showed.

It had given an initial price guidance of about 90 bps over UST for the 10-year tranche and around 130 bps over UST for the 30-year notes.

BNP Paribas, First Abu Dhabi Bank, JPMorgan, Morgan Stanley and Standard Chartered arranged the deal.

Gulf governments are seeking to lock in funding while rates remain at historic lows, despite a rebound in oil that reversed their fortunes after their economies were battered by last year’s historic price crash, along with the impact of the pandemic.

Two sources familiar with the matter had told Reuters Abu Dhabi would likely raise around $3 billion. The emirate sold $2 billion in seven-year bonds in May, after hauling in $15 billion from bond issues last year.