Kuwait raises $11.25bn in sovereign bond sale

Kuwait has raised $11.25 billion in its first global debt market issue since 2017. It included $3.25 billion of 3-year notes, $3 billion of 5-year bonds, and $5 billion of 10-year. They are priced at 40bp over Treasuries for the shorter maturities and 50bp for the 10-year.

The transaction was led by Citi, Goldman Sachs International, HSBC, J.P. Morgan, and Mizuho as Joint Global Coordinators. The transaction was 2.5 times oversubscribed with 66% of allocations going to investors outside the Middle East and North Africa region, including 26 percent from the US, 30 percent from Europe and the UK, and 10 percent from Asia.

Kuwait’s Minister of Finance, Sobeen Al-Mukhaizim, said, "This transaction reinforces Kuwait’s credibility in global markets and deepens our partnership with international investors as we advance our Vision 2035.”

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