Kuwait Successfully Issues $3.25 Billion in International Bonds Across Two Tranches

Kuwait successfully issued bonds in global debt markets with a total value of $3.25 billion on October 19, 2026.

The issuance attracted strong interest from international investors, with total subscription orders peaking at $9.1 billion, equivalent to approximately 2.8 times the total size of the issuance.

The investor base was diverse and broad, with allocations distributed by investor type as follows: asset managers (39 percent), banks (31 percent), institutions and central banks (15 percent), hedge funds (8 percent), insurance companies and pension funds (6 percent), and other investor categories (1 percent).

In terms of geographic distribution, allocations were spread across the United Kingdom and Europe (36 percent), the Americas (23 percent), the Middle East and North Africa region (19 percent), Asia (12 percent), and other international markets (10 percent).

In this context, Finance Minister Yaqoub Al-Rafai stated that this successful issuance reflects the confidence of the international investment community in Kuwait and the strength of its economic and financial foundations. “We will continue to follow a disciplined approach in managing public finances and public debt, ensuring sustained access to capital markets, preserving the country’s financial resilience, and supporting sustainable economic growth and economic diversification.”

Citi, Goldman Sachs International, HSBC, JP Morgan, and SMBC served as joint global coordinators for the issuance, while Barclays, ICBC, and Morgan Stanley participated as joint bookrunners.