Saudi Arabia seeks proposals for US dollar bond: sources

Saudi Arabia has invited banks to submit proposals for a potential US dollar bond, Reuters reported, citing unnamed sources with knowledge of the matter.

The kingdom is expected to tap global bond markets later this year to fund its fiscal deficit. 

Earlier this month, the government signed a $10 billion five-year bank loan, its first significant foreign borrowing in more than ten years. 

JP Morgan, HSBC and Bank of Tokyo-Mitsubishi coordinated the loan.

Moody's, Standard & Poor's (S&P) and Fitch have all cut Saudi Arabia’s sovereign ratings in recent months, with S&P downgrading it by three notches since October.