Mubasher: Kuwait has returned to the international debt capital markets with a landmark $11.25 billion triple-tranche issuance, its first since 2017, according to a press release.
The offering attracted overwhelming demand, pricing at some of the tightest spreads ever achieved by a sovereign issuer in emerging markets.
The issuance comprised a $3.25 billion with a three-year tenor, a $3 billion with a five-year maturity period, and a 10-year tranche valued at $5 billion.
Final pricing landed at T+40 bps, T+40 bps, and T+50 bps, respectively, materially tighter than Kuwait’s debut transaction in 2017.
The transaction was 2.5 times oversubscribed, with the orderbook peaking at $28 billion.
More than 66% of allocations went to investors outside the MENA region, including 26% into the US, 30% into Europe and the UK, and 10% into Asia.
Sobeeh Abdulaziz Al Mukhaizim, Minister of Finance, said: "The scale of demand and competitive pricing achieved position Kuwait as a premier sovereign issuer. Beyond financing needs, this transaction reinforces Kuwait’s credibility in global markets and deepens our partnership with international investors as we advance our Vision 2035."
The transaction ranks among the largest sovereign deals globally and amassed one of the largest orderbooks in 2025 year-to-date (ytd).
It was led by Citi, Goldman Sachs International, HSBC, J.P. Morgan and Mizuho as joint global coordinators, with Bank of China and Industrial and Commercial Bank of China acting as passive joint lead managers.
