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KUWAIT CITY - The State of Kuwait, acting through its Ministry of Finance, has raised $11.25 billion through a three-part bond offering, according to a post-stabilization notice released Wednesday.
The bond issuance was structured in three tranches: a $3.25 billion three-year bond with a yield of 4.016%, a $3 billion five-year bond yielding 4.136%, and a $5 billion ten-year bond with a yield of 4.652%. All bonds were priced at 100% of face value.
J.P. Morgan Securities PLC served as the stabilization coordinator for the transaction, while Citigroup, Goldman Sachs, HSBC, and Mizuho acted as stabilization managers. The notice indicated that no stabilization activities were undertaken by the managers during the offering period.
The bonds are senior unsecured obligations issued under Regulation S and Rule 144A formats and will be listed on the London Stock Exchange.
This bond issuance represents one of Kuwait’s significant forays into international debt markets as the oil-producing nation seeks to diversify its funding sources.
The information was disclosed in a regulatory announcement to the London Stock Exchange.
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