(Bloomberg) — Abu Dhabi sold $10 billion of bonds in a three-part deal in its first international offering in two years as it takes advantage of relatively low borrowing costs. The oil-rich emirate sold $3 billion of five-year fixed notes, $3 billion of notes due 2029 and $4 billion of 30-year notes, according to a person familiar with the sale, who wasn’t authorized to speak publicly and asked not to be identified.

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Details of Abu Dhabi’s bond sale:

• Debt due 2024 at yield premium of 65 basis points more than Treasuries of similar maturity versus initial price thoughts of 80 basis points.
• Securities due 2029 at a spread of 85 basis points versus indicative pricing of about 100 basis points.
• And 2049 bonds at 110 basis points compared with an earlier guidance of 125 basis points.

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The emirate is taking advantage of investor demand for high-quality debt amid concern about the U.S.-China trade war and slowing global growth. Its credit rating is among the strongest in the Middle East and Africa, and the cost to insure its debt against default is the lowest in the region.

The new securities will probably be rated Aa2 by Moody’s Investors Service Inc. and AA by S&P Global Ratings and Fitch Ratings Ltd.

“With a fortress-like balance sheet, they can afford to come to market at minimal or no concession,” Patrick Wacker, a fund manager for emerging-market fixed income at UOB Asset Management Ltd. in Singapore.

–With assistance from Carolina Wilson and Nikolaj Gammeltoft.