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The government of Kuwait is the latest in the GCC to tap the international debt markets with a dollar-denominated multi-tranche 144A/RegS senior unsecured benchmark bond.
Kuwait, rated A1 (Stable) by Moody’s, A+ (Stable) by S&P and AA- (Stable) by Fitch, has mandated Citi, Goldman Sachs International, HSBC, JP Morgan and Mizuho as Joint Global Coordinators, Joint Lead Managers and Bookrunners, to arrange a pre-recorded global investor call along with a series of fixed income investor calls on Monday.
Bank of China and Industrial and Commercial Bank of China (ICBC) will act as Passive Joint Lead Managers on the transaction.
The bond issuance is being arranged through Ministry of Finance and will come under Kuwait’s Global Medium Term Note Programme comprising three-year, five-year and 10-year tenors.
In June, Kuwaiti officials revealed Gulf state could borrow $10-20 billion during 2025-2026 to cover a deficit following the approval of a debt law in March, which allows the government to borrow up to $99 billion over a period of 50 years to fund budget deficits and infrastructure projects.
(Writing by Bindu Rai, editing by Seban Scaria)
