By Lorena Ruibal

Saudi Aramco has hired a group of banks to test investor appetite for a planned multi-tranche U.S. dollar-denominated bond deal, as the world's largest oil company seeks to raise cash amid lower oil prices, according to a bank involved in the deal.

A series of calls to fixed-income investors will be taking place Monday, ahead of the planned sale of a benchmark multi-trache U.S. dollar-denominated bond transaction, including bonds maturing in three, five, 10 and 30 and/or 50 years, subject to market conditions.

Benchmark bonds are generally at least $500 million per tranche, and the notes are expected to be rated A1 by Moody's and A by Fitch.

The announcement comes almost two weeks after the oil giant reported a sharp drop in profits driven by lower crude prices.

Saudi Aramco last tapped the international debt market in April last year, raising $12 billion in its first market debut after attracting record high demand. Investors placed orders worth over $100 billion.

Goldman Sachs, Citi, HSBC, JPMorgan, Morgan Stanley and NCB Capital were hired to arrange investor calls starting on Monday ahead of the planned transaction, according to a deal note.

Other banks involved in the transaction include BNP Paribas, BOC International, BofA Securities, Credit Agricole, First Abu Dhabi Bank, Mizuho, MUFG, SMBC Nikko and Societe Generale, the deal note said.

Write to Lorena Ruibal at lorena.ruibal@wsj.com

(END) Dow Jones Newswires

11-16-20 0525ET