| القيمة / Size | الأجل / Tenor | الهامش فوق الخزانة الأميركية / Spread over UST | |
|---|---|---|---|
| First tranche | 2.25 مليار دولار | 3 سنوات | 75 نقطة أساس |
| Second tranche | مليار دولار | 10 سنوات | 105 نقاط أساس |
The State of Kuwait issued bonds on international debt markets with a total value of $3.25 billion on 19 October 2026.
The issue comprised two tranches: the first of $2.25 billion with a 3-year tenor, priced at a spread of 75 basis points over US Treasuries, and the second of $1 billion with a 10-year tenor, priced at a spread of 105 basis points over US Treasuries.
The issue drew strong demand from international investors, with the orderbook exceeding $9.1 billion at its peak, about 2.8 times the total issue size.
By investor type, allocations went to asset managers (39%), banks (31%), official institutions and central banks (15%), hedge funds (8%), insurers and pension funds (6%) and other investors (1%).
By geography, allocations went to the United Kingdom and Europe (36%), the Americas (23%), the Middle East and North Africa (19%), Asia (12%) and other international markets (10%).
Finance Minister Yaqoub Al-Rifai said the successful issue reflects the international investment community's confidence in Kuwait and the strength of its economic and financial fundamentals, adding: "We will continue to follow a disciplined approach to managing public finances and public debt, ensuring efficient access to capital markets, safeguarding the state's financial resilience, and supporting sustainable economic growth and diversification."
Citi, Goldman Sachs International, HSBC, JP Morgan and SMBC acted as joint global coordinators, while Barclays, ICBC and Morgan Stanley acted as joint lead managers.
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