Kuwait intends to raise $8 billion in its debut international bond sale, bankers familiar with the deal says, the latest Gulf state to turn to the debt markets to offset a slide in oil income.

Kuwait, one of the world’s largest oil exporters, launched the two-tranche bond sale after receiving about $29 billion worth of orders, the bankers says. Final pricing was tighter than the initial guidance at 0.75 percentage point above US Treasurys for the 5-year, $3.5 billion tranche and 1 percentage point above US Treasury for the 10-year, $4.5 billion portion.

The oil exporters of the Gulf are issuing bonds at their fastest clip since last year as governments across the region seek fresh funds to shore up their coffers. Lower oil revenues have also pushed the Gulf nations to introduce far-reaching economic reforms such as raising taxes and cutting spending.