Saudi's largest shopping mall operator, Arabian Centres (Cenomi Centers), launched a $500 million five-year non-callable for two years Islamic bond, or sukuk, according to an arranging bank document seen by Reuters on Thursday.

The final yield for the debt sale has been set at 9.50%, down from the initial guidance of 10% given in a document seen earlier in the day.

Orders for the bond issuance topped $1.6 billion, with allocation expected to happen later, the document added.

(Reporting by Shamsuddin Mohd; Editing by Alex Richardson)