DUBAI, (Reuters) – SABIC Capital, an affiliate of petrochemicals giant Saudi Basic Industries Corp (SABIC), plans to issue a dollar-denominated, five-year benchmark bond, the group’s chief financial officer said.

SABIC, the largest listed company in the Gulf has hired HSBC, JPMorgan and Royal Bank of Scotland as bookrunners for the bond sale, its Chief Financial Officer Mutlaq al-Morished told Reuters on Monday.

When asked how much the company expected to raise from the sale, al-Morished declined to give an estimate: “We shall see; it depends on the markets.”

A typical benchmark bond is for a minimum of $500 million. The SABIC bond will be listed in London.

SABIC said in May it was planning the bond issue before the end of June. Moody’s ratings agency said then it would assign the bond an A+ rating and said the proceeds would be used to repay debt at SABIC Innovative Plastic Holding, formerly GE Plastics.

But the chemicals firm later said it was “not desperate” to issue a bond, as jittery investors continued their sell-off in global markets.

SABIC Capital was set up in 2008 to look after the financing and tax operations of SABIC’s investments in Europe and the United States.

SABIC shares were up 1.3 percent on the Saudi bourse at 0910 GMT.