Commentary & Deal Flow

Reoffer: 3yr: T+75bp / 100 / 5.619% 10yr: T+105bp / 100 / 6.198%
Benchmark: 3yr: T 4 ⅞ 15-Oct-29 Price: 100-00+ / Yield: 4.869% (HR: 99%) 10yr: T 4 ⅝ 15-Aug-36 Price: 96-00 / Yield: 5.148% (HR: 99%)

Tranche 1 (3yr): Final books > US$4.6bn (excl. JLM interest). Peak book > US$5.2bn (excl. JLM interest)
Tranche 2 (10yr): Final books > US$3.2bn (excl. JLM interest). Peak book > US$3.9bn (excl. JLM interest)

Launched:
3yr: US$2.25bn @ T+75bp - Books > US$5.2bn (excl. JLM interest)
10yr: US$1bn @ T+105bp - Books > US$3.9bn (excl. JLM interest)
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)
• Tenor:
  • 3yr: 3 years
  • 10yr: 10 years
• Maturity Date:
  • 3yr: 26-Oct-29
  • 10yr: 26-Oct-36
• Issue Size:
  • 3yr: US$2.25bn
  • 10yr: US$1bn
• Coupon:
  • 3yr: 5.619%
  • 10yr: 6.198%
• Yield:
  • 3yr: 5.619%
  • 10yr: 6.198%
• Price:
  • 3yr: 100
  • 10yr: 100
• Spread:
  • 3yr: UST+75bps
  • 10yr: UST+105bps
• UST Reference:
  • 3yr: T 4 ⅞ 15-Oct-29 Price: 100-00+ / Yield: 4.869% (HR: 99%)
  • 10yr: T 4 ⅝ 15-Aug-36 Price: 96-00 / Yield: 5.148% (HR: 99%)
• Reg S ISIN / Common Code:
  • 3yr: XS3537406285 / 353740628
  • 10yr: XS3537430079 / 353743007
• 144 A ISIN / CUSIP / Common Code:
  • 3yr: US85704AAE73 / 85704AAE7
  • 10yr: US85704AAF49 / 85704AAF4
• Billing & Delivery Banks:
  • 3yr: HSBC
  • 10yr: J.P. Morgan
• TOE:
  • 3yr: 18:34 UKT
  • 10yr: 18:33 UKT
• 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
• Hedge Deadline: 13:15 ET / 18:15 UKT
• 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
• FTT: 8AM UKT 20-Oct-26, Subject to TS
• Stabilisation: FCA / ICMA stabilisation applies
• NetRoadshow link: www.netroadshow.com/nrs/home/#!/?show=8500a86d (Recommended)