ASAR Kuwait successfully advised dealers and joint lead managers on the State of Kuwait’s landmark US$6 billion sovereign bond issuance. A milestone transaction that underscores strong global confidence in the region’s capital markets.
Acting through the Ministry of Finance, the sovereign issued the notes under its unlimited Global Medium-Term Note Program on 22 July 2026.
Despite regional geopolitical instability, the offering generated overwhelming market demand, with order books peaking between US$14 billion and US$18 billion. This robust investor appetite enabled pricing to tighten by 25 basis points across all tranches from the initial price guidance.
The issuance, priced at par, spans:
- US$3 billion 3-Year Notes due 2029 (5.039%)
- US$1.5 billion 5-Year Notes due 2031 (5.157%)
- US$1.5 billion 10-Year Notes due 2036 (5.509%)
ASAR acted as Kuwaiti law counsel to the syndicate of dealers, joint lead managers and bookrunners, advising:
- Citigroup Global Markets Limited
- Crédit Agricole CIB
- Goldman Sachs International
- HSBC Bank plc
- Industrial and Commercial Bank of China Limited – Dubai (DIFC) Branch
- P. Morgan Securities plc
- Mizuho International plc
- SMBC Bank International plc
- Standard Chartered Bank
The ASAR deal team was led by Rob Little (Head of Banking & Finance, Capital Markets and M&A, supported by John Cunha (Partner), and Emile Helou (Of Counsel).
