Kuwait has successfully returned to the international debt markets for the first time since 2017, raising $11.25 billion in one of the world’s largest sovereign issuances of 2025.

The three-tranche issuance drew overwhelming investor demand, underscoring strong confidence in Kuwait’s economic fundamentals and long-term reform agenda.

According to the Ministry of Finance, the issuance included a $3.25 billion three-year tranche and a $3 billion five-year tranche, both priced at +40 basis points over US Treasuries, as well as a $5 billion 10-year tranche at +50 basis points.

These rates mark a significant improvement over Kuwait’s debut sovereign issuance in 2017.

The bonds were oversubscribed 2.5 times, with orders totaling $28 billion. More than two-thirds of the allocations went to investors outside the Middle East, including 30% in Europe and the UK, 26% in the US, and 10% in Asia.

Minister of Finance Dr. Subaih Al-Mukhaizeem said the issuance reflects global market confidence in Kuwait’s financial resilience, prudent policies, and solid reserves.

He added that beyond meeting financing needs, the issuance enhances Kuwait’s standing in international markets and strengthens ties with global investors as part of Vision 2035.

The transaction was jointly led by Citibank, Goldman Sachs International, HSBC, J.P. Morgan, and Mizuho, with Bank of China and ICBC acting as co-managers.