Commentary & Deal Flow

Spread set at: 3yr: T+70bp - Books > US$7.5bn (excl. JLM) 5yr: T+75bp - Books > US$4.75bn (excl. JLM) 10yr: T+85bp - Books > US$5.5bn (excl. JLM)
Book Update: Books > US$13.5bn (excl. JLM interest)
Book Update: Books > US$9.0bn (excl. JLM interest)
IPTs: 3yr: T+95a 5yr: T+100a 10yr: T+110a

• Issuer: State of Kuwait, acting through the Ministry of Finance
• Issuer LEI: 549300FSC1YD0D9XX589
• Issuer Rating: A1/AA-/AA- (Moody's/S&P/Fitch)
• Expected Issue Rating: AA-/AA- (S&P/Fitch)
• Rating Split: Issuer: A1/AA-/AA- (Moody's/S&P/Fitch), Issue: AA-/AA- (S&P/Fitch)
• Type: Senior Unsecured Notes
• Format: 144A/Reg S
• Currency: US$
• Pricing Date: 22-Jul-26
• Settlement Date: 29-Jul-26 (T+5)
• Size: US$ Benchmark (each tranche)
• Maturity Date:
• • 3yr: 29-Jul-29
  • 5yr: 29-Jul-31
  • 10yr: 29-Jul-36
• Billing & Delivery Banks: Citi, Goldman Sachs International, J.P. Morgan
• Coupon: Fixed Semi-Annual 30/360
• Interest Payment Dates: 29-Jan and 29-Jul in each year up to and including the Maturity Date, commencing on 29-Jan-27
• Listing: London Stock Exchange, Main Market
• Governing Law: English law
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof
• Form of the Notes: Registered Global Notes
• Joint Global Coordinators: Citi, Goldman Sachs International, HSBC, J.P. Morgan, Standard Chartered Bank
• Active Joint Lead Managers and Active Bookrunners: Citi, Crédit Agricole CIB, Goldman Sachs International, HSBC, J.P. Morgan, Mizuho, SMBC, Standard Chartered Bank
• Timing: Global books open, today's business
• Books Subject: Global books subject at 10:30 NYC / 15:30 UKT / 17:30 KWT / 22:30 HKT
• Stabilisation: FCA / ICMA stabilisation applies
• NetRoadshow link: www.netroadshow.com/nrs/home/#!/?show=cec1e773 (Recommended)