Bahrain-based Gulf International Bank (GIB) is planning an investor roadshow across Saudi Arabia to market an issue of Saudi riyal denominated bonds.

GIB has appointed the UK’s HSBC and its own GIB Financial Services to act as arrangers on the bond issue. Investors meetings are scheduled to take place in Riyadh, Jeddah and Al-Khobar.

GIB is owned by the governments of the six GCC countries. It has not said how large the bond issue will be. The issue is being done through GIB’s Riyadh branch.

The bond will be a private placement, meaning it is only offered to sophisticated investors and is not traded on an exchange. The bank said in a statement, “the objective of the bond issue is to further enhance the bank’s funding base and to extend the maturity profile of its liabilities “