Commentary & Deal Flow

State of Kuwait, acting through the Ministry of Finance, exp issue ratings A+/AA- by S&P/Fitch (issuer ratings A1/A+/AA- (s/s/s) by Moody's/S&P/Fitch), US$ benchmark 144A/Reg S 3-part sr notes (3y FXD due 10/9/28, 5y FXD due 10/9/30 and 10y FXD due 10/9/35). Citi/GS (B&D on 3y)/HSBC/JPM (B&D on 5y and 10y)/Miz as JGCs and active JLMs/JBRs. BoC/ICBC as passive JLMs and JBRs. Coupon: FXD SA, 30/360. Interest payment dates: 9 April and 9 October in each year up to and including the Maturity Date, commencing on 9 April 2026. Denoms: US$200,000 x US$1,000. Listing: London Stock Exchange, Main Market. Governing Law: English Law. Pricing 9/30. Settle 10/9 (T+7). 144A ISIN: 3y: US501499AD91, 5y: US501499AE74, 10y: US501499AF40. IPTs: 3y T+70 area, 5y T+75 area, 10y T+85 area.