Kuwait mandates dual-tranche sovereign notes, issues IPTs

By Zawya

By Staff Writer

The State of Kuwait has mandated a dual-tranche senior unsecured dollar offering, with IPTs for the three-year tenor in the 105 bps area over US Treasuries, with the 10-year offering in the T+130 bps area.

The sovereign is issuing the benchmark-sized offering through the Ministry of Finance, with an expected rating of AA- (S&P), AA- (Fitch) (all stable), in line with Kuwait’s own.

The notes will be priced today, with a settlement date of 26 October.

Citi, Goldman Sachs International, HSBC, JP Morgan, and SMBC are the joint global coordinators, while Barclays, Citi, Goldman Sachs International, HSBC, ICBC, JP Morgan, Morgan Stanley, and SMBC are the mandated joint lead managers and bookrunners.    

HSBC is the billing and delivery bank on the three-year tenor, while JP Morgan has been mandated on the 10-year.    

The notes will be listed on the London Stock Exchange’s Main Market.

FCA / ICMA stabilisation applies.

In July, Kuwait raised $6 billion in debt through a three-tranche bond offering with investor demand driving the combined orderbook to more than $14.75 billion.

(Writing by Bindu Rai, editing by Seban Scaria)

bindu.rai@lseg.com

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