Dubai: Galaxy Pipeline Assets BidCo, owned by a consortium of investors that took a stake in Abu Dhabi National Oil Company's (ADNOC) natural gas pipeline assets, launched $3.92 billion in a dual-tranche amortising bond offering on Tuesday, a document showed. The Gulf has seen a flood of debt sales so far this year, as borrowers in the oil-dependent region take advantage of cheap rates and abundant global liquidity to plug finances hit by the pandemic-induced downturn. The issuer sold $1.75 billion in a tranche maturing on March 31, 2034 at 2.16% and $2.17 billion in a tranche maturing on Sept. 30, 2040 at 2.94% after receiving over $8 billion in combined orders, documents from banks running the deal showed.