Kuwait is gearing up to re-enter the international bond market for the first time in eight years, having appointed a group of banks to arrange a dollar-denominated issuance.

According to Bloomberg, the bonds will be offered in tranches with maturities of 3, 5, and 10 years, citing a source familiar with the matter who spoke on condition of anonymity.

The Ministry of Finance began seeking proposals from banks last June, targeting around $6 billion from global debt markets. It remains unclear whether the full amount will be raised in a single issuance.

Kuwait has chosen Citigroup, Goldman Sachs, HSBC, JPMorgan, and Mizuho to manage the deal and was set to hold a call with international investors yesterday. The bond sale date has yet to be announced.

Moody’s currently assigns Kuwait an A1 credit rating — equal to that of Japan and China. The IMF estimates Kuwait’s debt-to-GDP ratio at below 10 percent but expects it to climb to 25 percent by 2030. Fitch Ratings projects the country’s budget deficit to widen to 5.6 percent of GDP this fiscal year, compared with 2 percent last year.

Kuwait’s only outstanding dollar bond, valued at $4.5 billion and maturing in 2027, is trading at a yield of about 4.3 percent. The Cabinet approved legislation last March authorizing the government to return to international debt markets, paving the way for the upcoming issuance.