Saudi Arabia's almost $1 trillion sovereign wealth fund, the Public Investment Fund (PIF), has attracted more than $7 billion in orders for its 10-year U.S. dollar-denominated bond, expected to price later on Monday, fixed income news service IFR reported.

Initial price guidance for the bond was at around 120 basis points over U.S. Treasuries.

Last week, Saudi Arabia raised $5.5 billion from the sale of Islamic bonds, or sukuk, attracting strong investor demand which allowed the kingdom to tighten pricing substantially.

The PIF took an $8 billion write-down on some of its most high-profile gigaprojects - vast developments meant to reshape Saudi Arabia's economy and image - it said in its 2024 annual report released in August.

The wealth fund mandated Citi, HSBC and JPMorgan as joint global coordinators for its debt sale, with Bank of China, BNP Paribas, Goldman Sachs, ICBC, and Standard Chartered appointed joint active bookrunners.

The bond is expected to be benchmark-sized, typically understood to mean at least $500 million.

(Reporting by Mohammad Edrees; Writing by Rachna Uppal; Editing by Andrew Cawthorne, Gareth Jones and Louise Heavens)