Saudi Arabia, the largest Middle Eastern economy, has asked banks to submit proposals to help it raise funds through a potential US dollar bond.

The kingdom, the top oil exporter in the world, is expected to tap the international capital markets sometime this year, news agency Reuters cited several unnamed sources aware of the matter.

The move comes just weeks after the kingdom secured $10bn, its first international borrowing in the more than a decade, to plug the budget deficit. US-based JP Morgan, UK-based HSBC and Bank of Tokyo-Mitsubishi coordinated the five-year loan facility, which pays an all-in margin of 120 basis points.

Saudi Arabia is rated A1 by Moody’s, A- by Standard & Poor’s and AA- by Fitch. All three agencies have cut the sovereign’s ratings in recent months, with S&P downgrading it by three notches since October.

The gulf states, which account for about a third of proven global oil reserves, rely heavily on sale of crude for revenues. The regional governments have borrowed heavily to plug the budget deficit as the oil prices have declined from the mid-2014 peak of the more than $110 per barrel. Saudi Arabia is expected to run a budget deficit of $86bn in 2016, and has also tapped local banks and financial institutions to raise funds, putting strains on liquidity in the domestic financial system.