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Dubai: Saudi Arabia has hired banks for a dual-tranche US dollar-denominated bond issue and has started marketing the paper, a document issued by one of the banks leading the deal and seen by Reuters showed on Wednesday.

The kingdom, acting through the ministry of finance, has mandated BNP Paribas, Citi, HSBC, JPMorgan and NCB Capital to arrange the debt sale.

It started marketing bonds due in January 2029 with an initial price guidance in the area of 200 basis points over US Treasuries, and bonds due in January 2050 with an initial price guidance in the area of 250 basis points over the benchmark, the document showed.