Saudi Arabia has chosen Citigroup, HSBC and JP Morgan to arrange its highly anticipated sovereign bond issue, two sources with knowledge of the matter said on Sunday.

Banks had pitched for roles on the transaction earlier this month; financiers speculated the issue could be worth more than $10 billion.

The kingdom is turning to international debt markets to help plug a budget shortfall caused by the fall in oil prices in the last two years.

A spokesman for the Finance Ministry didn't immediately respond to a request for comment.-Reuters