Saudi Arabian Oil Co. (Saudi Aramco) plans to tap debt markets with $2 billion in its debut bond sale ahead of its upcoming IPO, Bloomberg reported, citing unnamed sources familiar with the matter.

 

The potential sale could be the company’s first step to tap markets for $10 billion from global debt markets.

 

The oil giant will also sell riyal-denominated Islamic bonds, or sukuk, as early as the second quarter, the report added.

 

Last month, Bloomberg reported that Aramco hired HSBC Holdings Plc’s local unit and Riyad Capital to help with the bond sale.

 

The company plans to go public in early 2018 in what could be the world’s biggest IPO ever.

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