1.75 billion dinars in public debt issuances since the beginning of 2026–2027

Kuwait continued its domestic public debt issuances with a new offering yesterday valued at 100 million dinars for a five-year term. This brings the total issuances since the start of the current fiscal year 2026/2027 to 1.750 billion dinars across 12 issues, and the total issuances since the launch of the program under the Financing and Liquidity Law in June 2025 to 4.250 billion dinars across 27 issues.

According to data from the Central Bank of Kuwait, the latest issue, numbered 1358/87, matures on August 13, 2031, with a yield of 3.3750%. Subscriptions reached 387 million dinars, equivalent to 3.87 times the value of the issue.

Since the beginning of the current fiscal year, April issuances totaled 500 million dinars across three issues, against subscriptions of 1.57925 billion dinars. May saw 200 million dinars across two issues, against subscriptions of 741.25 million dinars. June recorded 550 million dinars across four issues, against subscriptions of 1.7545 billion dinars, followed by July, which saw 400 million dinars across two issues, against subscriptions of 1.2537 billion dinars. This culminated in the August issuance of 100 million dinars, with subscriptions of 387 million dinars.

Consequently, total subscriptions for 2026/2027 issuances reached 5.7157 billion dinars as of August 19, against actual issuances valued at 1.750 billion dinars, representing a cumulative coverage ratio of 3.266 times.

Issuances for the current fiscal year were distributed across tenors ranging from two to seven years, comprising 350 million dinars for two years, 750 million dinars for three years, 550 million dinars for five years, and 100 million dinars for seven years. The three-year tenor held the largest share, valued at 750 million dinars.

On the level of public debt issuances since their inception on June 25, 2025, total local issuances amounted to 4.250 billion dinars across 27 issues, against cumulative subscriptions of 27.5692 billion dinars, representing a coverage of 6.4869 times. The program began with an issuance of 500 million dinars for a one-year term at a yield of 4.3750%, which attracted subscriptions valued at 2.990 billion dinars.

Yields reached their peak at 5.3750% during the September 10, 2025, issuance for a ten-year term, while the lowest yield recorded was 2.5000% in the July 22, 2026, issuance for a three-year term. The latest five-year issuance came in at a yield of 3.3750%, compared to 3.2500% for the same tenor on July 29, an increase of 12.5 basis points.

The current fiscal year also witnessed the maturity of the first issue in the program, valued at 500 million dinars, on June 24, 2026, after being offered on June 25, 2025, for a one-year term. Accounting for this maturity against the current fiscal year’s issuances of 1.750 billion dinars, the net accounting difference reaches 1.250 billion dinars as of August 19, without this representing the total outstanding public debt balance.