Kuwait raised USD 6 billion through a three-part US dollar bond sale, attracting combined investor orders of approximately USD 14.75 billion at final terms – a 2.5 times oversubscription that underscores the resilience of international appetite for Kuwaiti sovereign debt.
The deal priced across three-, five-, and ten-year tenors, with Kuwait tightening spreads by 25 basis points across all tranches from initial price thoughts after strong demand. The senior unsecured notes, issued under Kuwait's Global Medium Term Note Programme and rated A+ by S&P and AA- by Fitch, will list on the London Stock Exchange's Main Market.
Citi, Goldman Sachs, and JP Morgan acted as billing and delivery banks across respective tranches, with Bank of China and ICBC serving as passive joint lead managers. The issuance is Kuwait's second major international dollar bond outing, following a landmark USD 11.25 billion raise in late 2025, after parliament approved a debt law permitting borrowing of up to USD 99 billion over 50 years to finance budget shortfalls and infrastructure development.
Gulf Economist Staff Writer