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JOHANNESBURG - South Africa picked HSBC Holdings Plc, Deutsche Bank AG, Nedbank Group Ltd. and Barclays Africa Group Ltd. to help sell $2 billion of Eurobonds, according to two people familiar with the matter, the first issuance since the country’s credit rating was cut to junk.

The government’s debt sale may be split into two tranches one person said. Both people asked not to be identified because the details are private. National Treasury has mandated lenders to handle the $2 billion sale, spokesman Mayihlome Tshwete said, declining further comment as a statement will be released later on Wednesday.

South Africa last issued foreign-currency bonds in October 2016, when it sold $3 billion of notes in two tranches. The joint lead managers then were HSBC, Barclays, Nedbank and JPMorgan Chase & Co. The $2 billion 2028 securities were priced to yield 4.3% percent at issue, while the $1 billion 2046 note has a 5 percent coupon.

S&P Global Ratings and Fitch Ratings Ltd. cut the nation’s international debt to junk in April after President Jacob Zuma fired Pravin Gordhan as finance minister and replaced him with Malusi Gigaba, who has no financial experience. The changes roiled markets and battered business and consumer confidence.