Abu Dhabi aims to raise the remainder of a $10 billion bond programme over the next two years after a $3 billion launch last week, a senior official at the emirate's department of finance said on Monday. Hamad al-Hurr al-Suwaidi, Under Secretary at the Department of Finance, said Abu Dhabi aims to set up a debt management office before the end of this year to manage its liabilities. "Our plan is to raise $10 billion. We did the first $3 billion in the past week and the remaining $7 billion will be over the coming 24 months," Suwaidi said . He said the money raised will be used for general government spending, declining to give further details. Abu Dhabi last week launched a $1.5 billion five-year and $1.5 billion 10-year bond. The five-year bond was priced at a spread of 400 basis points over US Treasuries and the 10-year bond at a spread of 420 bps, sources said. Institutional investors from Europe and North America accounted for about 90 per cent of a 10-year issue and 75 per cent of a five-year issue on the $3 billion bond, Suwaidi said. Asian investors accounted for about 5 per cent of the total bond issue. Asked about pricing, Suwaidi said: "The tendency in the market is to pay 30 to 100 basis points over existing ones." Abu Dhabi's first and only existing bond, which matures in August 2012, has been trading at about 350 bps over US Treasuries.