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02/10/2025 05:57 AST
Kuwait has returned to international debt markets for the first time in eight years with a $11.25 billion sovereign bond issuance, in what officials hailed as a landmark deal underscoring investor confidence in the Gulf state's financial strength.
The Ministry of Finance said Wednesday the offering was split into three tranches: $3.25 billion in three-year bonds priced at 40 basis points above US Treasuries, $3 billion in five-year bonds at 40 basis points over Treasuries, and $5 billion in 10-year bonds at 50 basis points over Treasuries.
"These spreads are significantly tighter than Kuwait's inaugural sovereign issuance in 2017," the ministry said in a statement, noting the deal drew massive demand with orders reaching $28 billion - 2.5 times the amount offered.
More than two-thirds of allocations went to investors outside the Middle East and North Africa, with 26 percent placed in the United States, 30 percent in Europe and the United Kingdom, and 10 percent in Asia, according to the ministry.
Acting Finance Minister Dr Subaih Al-Mukhaizeem, who also serves as Minister of Electricity, Water and Renewable Energy, described the issuance as "historic," saying it reflected "the global markets' confidence in Kuwait's financial strength, prudent policies, and solid reserves."
He added that the strong demand and competitive pricing "reinforce Kuwait's position as a distinguished sovereign issuer" while supporting the country's long-term development goals under its "New Kuwait 2035" vision.
Officials said the deal ranks among the largest sovereign bond sales worldwide in 2025, securing one of the biggest order books this year and highlighting investor faith in Kuwait's economic fundamentals and reform plans.
The transaction was led by Citi, Goldman Sachs International, HSBC, JPMorgan and Mizuho as joint global coordinators. Bank of China and Industrial and Commercial Bank of China (ICBC) acted as passive joint lead managers.
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