State of Kuwait (KWGV)

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State of Kuwait (KWGV)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	SSA	PRCD	KWGV	State of Kuwait	$6,000		3	EMEA	Jul 22, 2026

Tranche #1State of Kuwait

currency

USD

size (m)

3,000.000

maturity

Jul 29, 2029

type

Fixed

tenor

3.000

call

registration

144A/Reg S

benchmark

3yr Tsy

ranking

Sr. Unsecured

moody's

s&p

AA-

fitch

AA-

size description

re-open/tap

ipt

T+95 area

ipt-pxd

-25

guidance

Set at T+70#

spread

coupon

5.039%

spread set

price

100.00000

yield

5.039%

book size (m)

6,500

peak book (m)

7,500

x-covered

2.17

book attrition

-13.33%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

6,500

peak book (m)

7,500

x-covered

2.17

book attrition

-13.33%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2State of Kuwait

currency

USD

size (m)

1,500.000

maturity

Jul 29, 2031

type

Fixed

tenor

5.000

call

registration

144A/Reg S

benchmark

5yr Tsy

ranking

Sr. Unsecured

moody's

s&p

AA-

fitch

AA-

size description

re-open/tap

ipt

T+100 area

ipt-pxd

-25

guidance

Set at T+75#

spread

coupon

5.157%

spread set

price

100.00000

yield

5.157%

book size (m)

3,500

peak book (m)

4,750

x-covered

2.33

book attrition

-26.32%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,500

peak book (m)

4,750

x-covered

2.33

book attrition

-26.32%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #3State of Kuwait

currency

USD

size (m)

1,500.000

maturity

Jul 29, 2036

type

Fixed

tenor

10.000

call

registration

144A/Reg S

benchmark

10yr Tsy

ranking

Sr. Unsecured

moody's

s&p

AA-

fitch

AA-

size description

re-open/tap

ipt

T+110 area

ipt-pxd

-25

guidance

Set at T+85#

spread

coupon

5.509%

spread set

price

100.00000

yield

5.509%

book size (m)

4,000

peak book (m)

5,500

x-covered

2.67

book attrition

-27.27%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

4,000

peak book (m)

5,500

x-covered

2.67

book attrition

-27.27%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 6500; First Pay: 2027-01-29; Registration: 144A/Reg S; Comments: Deal Stats: By Geography: Americas 60%, UK/Europe 22%, Other 8%, MENA 7%, Asia 3%. By Investor Type: Asset Manager 63%, CB / OIs 17%, Banks / PBs 13%, Hedge Fund 5%, Ins/Pens 2%. LEI: 549300FSC1YD0D9XX589. RegS ISIN: XS3443185650; Book size: 3500; First Pay: 2027-01-29; Registration: 144A/Reg S; Comments: Deal Stats: By Geography: Americas 35%, UK/Europe 24%, MENA 31%, Asia 10%. By Investor Type: Asset Manager 42%, CB / OIs 11%, Banks / PBs 32%, Hedge Fund 13%, Ins/Pens 2%. LEI: 549300FSC1YD0D9XX589. RegS ISIN: XS3443185908; Book size: 4000; First Pay: 2027-01-29; Registration: 144A/Reg S; Comments: Deal Stats: By Geography: Americas 36%, UK/Europe 45%, MENA 18%, Asia 1%. By Investor Type: Asset Manager 66%, CB / OIs 1%, Banks / PBs 21%, Hedge Fund 11%, Ins/Pens 1%. LEI: 549300FSC1YD0D9XX589. RegS ISIN: XS3443187516;

Deal Comments

Combined books >$9bn (excl. JLMs)

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Explore all other Commentary & Deal Flow

	PRICED: State of Kuwait US$6bn 3yr, 5yr & 10yr Sr Unsec; T+70bp, T+75bp & T+85bp	Jul 22, 2026
	LAUNCHED: State of Kuwait US$6bn 3yr, 5yr & 10yr Sr Unsec; T+70bp, T+75bp & T+85bp	Jul 22, 2026
	UPDATE: State of Kuwait US$ bmk 3yr, 5yr & 10yr Sr Unsec; Spread set at T+70bp, T+75bp & T+85bp	Jul 22, 2026
	UPDATE (BOOKS): State of Kuwait US$ bmk 3yr, 5yr & 10yr Sr Unsec; T+95a, T+100a & T+110a	Jul 22, 2026
	UPDATE (BOOKS): State of Kuwait US$ bmk 3yr, 5yr & 10yr Sr Unsec; T+95a, T+100a & T+110a	Jul 22, 2026
	NEW ISSUE: State of Kuwait US$ bmk 3yr, 5yr & 10yr Sr Unsec; T+95a, T+100a & T+110a	Jul 22, 2026

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State of Kuwait (KWGV)

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