Saudi Arabia said to hold $10 bln bond sale in Oct.

Saudi Arabia is planning to issue at least $10 billion worth of bonds in early October in its first international bond sale, Bloomberg reported on Thursday, citing unnamed sources with knowledge of the matter.

The Saudi government is expected to hold a roadshow for potential investors during the last week of September, and later sell bonds the following month, the sources said, adding that the exact timing and size of the sale may change, depending on market conditions.

Bloomberg reported in June that Citigroup, HSBC, and JP Morgan Chase & Co., were hired as global coordinators for the sale.

Proceeds will be used to help plug the kingdom’s budget shortfall brought on by lower oil prices, and finance its economic reform plan.

Saudi Arabia is expected to record a deficit of SAR 329 billion for this year, Riyad Capital predicted in a recent report, adding that this figure will likely narrow to SAR 205 billion in 2017.