Commentary & Deal Flow

Spread set at: 3yr: T+75bp - Books > US$5.2bn (excl. JLM interest) 10yr: T+105bp - Books > US$3.3bn (excl. JLM interest)
IPTs: 3yr: T+105a 10yr: T+130a

• Issuer: State of Kuwait, acting through the Ministry of Finance
• Issuer LEI: 549300FSC1YD0D9XX589
• Issuer Rating:* A1 (Moody's), AA- (S&P), AA- (Fitch) (all stable)
• Expected Issue Rating:* AA- (S&P), AA- (Fitch)
• Rating Split: Issuer: A1 (Moody's), AA- (S&P), AA- (Fitch) (all stable), Issue: AA- (S&P), AA- (Fitch)
• Type: Senior Unsecured Notes
• Market: Rule 144A and Regulation S, Category 2
• Currency: U.S. Dollars ("US$")
• Pricing Date: 19-Oct-26
• Settlement Date: 26-Oct-26 (T+5)
• Issue Size:
  • 3yr: US$ Benchmark
  • 10yr: US$ Benchmark
• Tenor:
  • 3yr: 3 years
  • 10yr: 10 years
• Maturity Date:
  • 3yr: 26-Oct-29
  • 10yr: 26-Oct-36
• Spread Set:
  • 3yr: T+75bps
  • 10yr: T+105bps
• Billing & Delivery Banks:
  • 3yr: HSBC
  • 10yr: J.P. Morgan
• Coupon: Fixed Semi-Annual 30/360
• Interest Payment Dates: 26 April and 26 October in each year up to and including the Maturity Date, commencing on 26-Apr-27
• First Pay: 26-Apr-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, SMBC
• Joint Lead Managers and Joint Bookrunners: Barclays, Citi, Goldman Sachs International, HSBC, ICBC, J.P. Morgan, Morgan Stanley, and SMBC
• Books Subject: 15.00 LDN / 17.00 KW / 22.00 HK / 10.00 NY
• Timing: Global books open, today's business
• Stabilisation: FCA / ICMA stabilisation applies
• NetRoadshow link: www.netroadshow.com/nrs/home/#!/?show=8500a86d (Recommended)