Saudi Arabia's government is in talks with local banks to sell them local currency bonds, worth 20 billion riyals ($5.3 billion), which will be allocated next week, the Maaal financial website reported, citing unnamed sources.

While the maturities remain the same as the last issue in October, the yields which Maaal reported for the new offering are different. The five-year tranche will yield 2 percent, a seven-year portion will yield 2.25 percent and a 10-year tranche 2.90 percent, according to the website.

The new issues will bring to 95 billion riyals the amount of bonds issued by the government to local banks this year. It resumed issuing bonds to banks in July for the first time since 2007 to cover a budget deficit created by low oil prices.