CAIRO - Saudi Arabia issued a $12 billion three-tranche bond, selling $5 billion, $3 billion and $4 billion in tenors of three, six and 10 years respectively, the National Debt Management Center (NDMC) said early on Tuesday.

The total order book reached around $37 billion, equalling an over-subscription of three times the issuance, NDMC said in a statement.

The transaction is part of NDMC's strategy to diversify the investor base and meet the kingdom's financing needs, it said.

(Reporting by Enas Alashray and Rachna Uppal)