Each bond tranche is of benchmark size, which generally means at least $500 million each, according to the document issued by one of the banks leading the deal and seen by Reuters.

The paper due in 2023 offers investors an initial price of around 95 basis points over U.S. Treasuries and a second tranche due in March 2031 offers around 135 basis points over the same benchmark.

The longest tranche, maturing in 2070, offers around 3%.

Citi, Deutsche Bank, First Abu Dhabi Bank, Morgan Stanley, and Standard Chartered have been hired to arrange the deal.

Sources told Reuters last week that Abu Dhabi was in talks with banks for a new bond issuance, after having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis.

The new bond sale would be completed later on Tuesday, the document showed.

Oil-rich Abu Dhabi, rated AA by Fitch and S&P and Aa2 by Moody’s, making it overall the highest-rated sovereign issuer in the Gulf, said in June it would consider raising more money via the bond markets to protect its finances from the impact of low oil prices. (Reporting by Davide Barbuscia; Editing by Rashmi Aich)