DUBAI- Saudi Arabia's Samba Financial Group is set to raise $1 billion in five-year bonds, a document issued by one of the banks on the deal showed on Wednesday.

The bank, which ranks behind National Commercial Bank (NCB) and al Rajhi among Saudi banks by total assets, received orders in excess of $3.25 billion for the issuance, the document said.

The deal comes amid a flurry of international debt issuance from the Gulf region, as governments and companies take advantage of low global rates to raise cash amid low oil prices.

Samba started marketing the notes earlier on Wednesday at 165 basis points over mid-swaps, but hefty demand meant it could reduce the offered yield by 25 basis points.

The deal is expected to price later on Wednesday.

Abu Dhabi and Bahrain issued $10 billion and $2 billion worth of bonds respectively this week. 

Saudi based Islamic Development Bank was also in the market on Wednesday to raise $1.5 billion in sukuk and Dubai's port operator DP World tapped the market for $1 billion on Tuesday. 

(Reporting by Davide Barbuscia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))