The government of Qatar has mandated banks for a $5 billion sovereign bond, a source familiar with the matter told Reuters.

Bank of America Merrill Lynch, Barclays and HSBC were among nine banks arranging the issue, the source said.

The issue included two tranches; one with a five year tenor and the other spanning 10 years, the source added.

Qatar has already borrowed $5.5 billion through a bank loan concluded in January.