Commentary & Deal Flow

The State of Kuwait acting through the Ministry of Finance, rated A1 (Stable) by Moody’s, A+ (Stable) by S&P and AA- (Stable) by Fitch, has mandated Citi, Goldman Sachs International, HSBC, J.P. Morgan and Mizuho as Joint Global Coordinators, Joint Lead Managers and Bookrunners, to arrange a pre-recorded global investor call along with a series of fixed income investor calls on Monday, 29 September 2025. Bank of China and Industrial and Commercial Bank of China (“ICBC”) will act as Passive Joint Lead Managers on the transaction.

A multi-tranche 144A/RegS Senior Unsecured USD benchmark bond offering under the State of Kuwait’s Global Medium Term Note Programme comprising of 3-year, 5-year and 10-year tenors will follow, subject to market conditions. FCA / ICMA stabilisation applies.