Saudi Arabia said to name 6 banks to manage bond sale

Saudi Arabia has appointed six banks as co-lead managers to help arrange its first international bond sale as the kingdom looks to plug a budget deficit caused by falling oil revenues, Bloomberg reported citing unnamed sources.

The banks are Bank of China, BNP Paribas SA, Deutsche Bank, Goldman Sachs Group, Mitsubishi UFJ Financial Group and Morgan Stanley.

The lenders will hold a meeting this month to start arranging the bond issue, the report said citing the sources.

They will work in coordination with HSBC, JP Morgan Chase and Citigroup who were said to have been appointed as global coordinators for the sale in June.

The kingdom has been mulling the issue of $10 billion worth of international bonds with five-year, 10-year and 30-year maturities.