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Kuwait: bonds

Kuwait, officially the State of Kuwait, is an Arab country in Western Asia. Situated in the northeastern edge of the Arabian peninsula at the tip of the Persian Gulf, it shares borders with Iraq to the north and Saudi Arabia to the south. The country covers an area of 17,820 square kilometers (6,880 square miles) and has a population of 2.6 million as of 2012. Kuwait is a small, relatively open economy with proven crude oil reserves of about 96 billion barrels (15.3 km3), i.e., about 10% of world reserves. Petroleum accounts for 43% of GDP, 87% of export revenues, and 75% of government income. Kuwait also export plant fertilizers.[9] Kuwait has little arable land, thus preventing reliance on the agriculture sector. Higher oil prices reduced the budget deficit from $5.5 billion to $3 billion in 1999, and prices are expected to remain relatively strong throughout the 2000s. It inaugurated Kuwait's first free-trade zone in 1999 and will continue discussions with foreign oil companies to develop fields in the northern part of the country. Kuwait has the second-most free economy in the Middle East.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
KWD 21 1 472 250 000
USD 2 8 000 000 000
corporate
USD 23 12 173 382 000
KWD 20 1 025 000 000
MYR 4 1 122 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Warba Bank, FRN 17jun2025, KWD - International bonds XS2189973683 Central Bank Discount Rate (Kuwait) + 1% 150 000 000  KWD 06/15/2020 06/17/2025
Equate Petrochemical, 5% 18may2025, USD - International bonds XS2150023906 5% 1 000 000 000  USD 05/12/2020 05/18/2025
Equate Petrochemical, 5.875% 18may2030, USD - International bonds XS2150023575 5.875% 600 000 000  USD 05/12/2020 05/18/2030
National Bank of Kuwait, 4.5% perp., USD - International bonds XS2010037922 4.5% 750 000 000  USD 11/21/2019
Kuwait Projects Company Holding (KIPCO), 4.229% 29oct2026, USD - International bonds XS2071383397 4.229% 500 000 000  USD 10/22/2019 10/29/2026
Warba Bank, 2.982% 24sep2024, USD - International bonds XS2055107960 2.982% 500 000 000  USD 09/17/2019 09/24/2024
Burgan Bank, 5.7492% perp., USD - International bonds XS2019231823 5.7492% 500 000 000  USD 07/02/2019
Kuwait International Bank, 5.625% perp., USD - International bonds XS2005148072 5.625% 300 000 000  USD 05/29/2019
Burgan Bank, 4.125% 30dec2021, KWD - Domestic bonds KW0DI0100654 4.125% 100 000 000  KWD 12/30/2018 12/30/2021
Kuwait Projects Company Holding (KIPCO), 5.5% 8nov2023, KWD - Domestic bonds 5.5% 14 000 000  KWD 11/08/2018 11/08/2023

Coronavirus

Daily indices

Type: 07/05/2020 07/04/2020 07/03/2020 07/02/2020 07/01/2020 06/30/2020 06/29/2020
Asia
[25673] Coronavirus confirmed cases in Kuwait 49 303 49 303 48 672 47 859 46 940 46 195 45 524
[26007] Coronavirus deaths in Kuwait 365 365 360 359 358 354 350
[26341] Coronavirus recovered in Kuwait 39 943 39 943 39 276 38 390 37 715 37 030 36 313
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Свалка

Monthly indices

Type: May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019
Inflation Rate (Kuwait) 1.90 1.90 1.90 1.70 1.70 1.50 1.60
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Yearly indices

Type: 2018 2017 2016 2015 2014
Government Debt to GDP(Kuwait) 14.80 27.10 18.60 11.20 7.50    

Domestic bonds outstanding volume

Monthly indices

Type: Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019
Middle East bond issues outstanding amount
[24825] Amount of outstanding issues of Kuwait corporate bonds 3.0213 3.0146 3.0093 2.9692 3.0441 3.0712 3.0778
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Forex

Daily indices

Type: 07/03/2020 07/02/2020 07/01/2020 06/30/2020 06/29/2020 06/26/2020 06/25/2020
FOREX rates
[12595] USD/KWD 0.3079 0.3079 0.3078 0.3081 0.3078 0.3079 0.3076
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Credit Default Swaps (CDS)

Daily indices

Type: 07/03/2020 07/02/2020 07/01/2020 06/30/2020 06/29/2020 06/26/2020 06/25/2020
CDS Kuwait
[24013] CDS 6M Kuwait 13.0000 13.7300 13.5600 13.3800 13.3900 13.2300 13.2400
[24015] CDS 1Y Kuwait 16.9700 17.9100 17.6700 17.4400 17.4400 17.2000 17.2000
[24017] CDS 2Y Kuwait 26.2000 27.6400 27.2700 26.9100 26.9100 26.5400 26.5300
[24019] CDS 3Y Kuwait 40.9100 43.1600 42.5800 42.0200 42.0300 41.4500 41.4300
[24021] CDS 4Y Kuwait 57.1800 60.3300 59.5300 58.7500 58.7600 57.9700 57.9500
[24023] CDS 5Y Kuwait 72.3400 76.3100 75.3100 74.3200 74.3400 73.3500 73.3400
[24025] CDS 7Y Kuwait 94.9100 99.5300 98.3900 97.2500 97.2500 96.0900 96.1000
[24027] CDS 10Y Kuwait 113.7600 118.4000 117.2800 116.1500 116.1200 114.9200 114.9600
[24029] CDS 15Y Kuwait 126.4900 130.5700 129.6300 128.6600 128.5900 127.4400 127.5300
[24031] CDS 20Y Kuwait 132.8600 136.5500 135.7300 134.8700 134.7800 133.6400 133.7800
[24033] CDS 30Y Kuwait 138.2700 141.4100 140.7500 140.0600 139.9400 138.7500 138.9700
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International bonds outstanding volume

Monthly indices

Type: Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019
Middle East international bonds outstanding volume
[21953] Kuwait international bonds, USD bln 20.702 20.215 18.615 18.614 18.616 18.617 18.617
[21973] Kuwait corporate international bonds, USD bln 12.702 12.215 10.615 10.614 10.616 10.617 10.617
[21993] Kuwait sovereign international bonds, USD bln 8.000 8.000 8.000 8.000 8.000 8.000 8.000
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Default probability (based on CDS)

Daily indices

Type: 07/03/2020 07/02/2020 07/01/2020 06/30/2020 06/29/2020 06/26/2020 06/25/2020
Default Probability Kuwait (ICE Data Derivatives)
[24035] 6M Default Probability Kuwait 0.0800 0.0900 0.0900 0.0900 0.0900 0.0900 0.0900
[24037] 1Y Default Probability Kuwait 0.2200 0.2300 0.2300 0.2300 0.2300 0.2300 0.2300
[24039] 2Y Default Probability Kuwait 0.6900 0.7300 0.7200 0.7200 0.7200 0.7100 0.7100
[24041] 3Y Default Probability Kuwait 1.6300 1.7200 1.7000 1.6800 1.6800 1.6600 1.6600
[24043] 4Y Default Probability Kuwait 3.0400 3.2000 3.1600 3.1200 3.1300 3.0900 3.0900
[24045] 5Y Default Probability Kuwait 4.7800 5.0400 4.9800 4.9200 4.9200 4.8700 4.8700
[24047] 7Y Default Probability Kuwait 8.6800 9.0900 8.9900 8.8900 8.9000 8.8100 8.8100
[24049] 10Y Default Probability Kuwait 14.5200 15.0700 14.9500 14.8100 14.8100 14.6800 14.7000
[24051] 15Y Default Probability Kuwait 23.1500 23.8000 23.6600 23.5100 23.4900 23.3200 23.3500
[24053] 20Y Default Probability Kuwait 30.9600 31.6400 31.5000 31.3400 31.3200 31.1100 31.1600
[24055] 30Y Default Probability Kuwait 44.0200 44.6900 44.5600 44.4100 44.3700 44.0900 44.1900
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New domestic bonds volume

Monthly indices

Type: Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019
Middle East new bond issues amount
[24823] Amount of new issues of Kuwait corporate bonds 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
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New international bonds volume

Yearly indices

Type: 2019 2018 2017 2016 2015 2014
Middle East new international bonds volume
[19995] Annual new issues of Kuwait sovereign international bonds, USD bln 0.000 0.000 8.000 0.000 0.000 0.000
[20015] Annual new issues of Kuwait corporate international bonds, USD bln 2.550 0.300 2.500 3.809 0.700 1.250
[20035] Annual new issues of Kuwait corporate international bonds, (financial sector) USD bln 2.050 0.300 1.500 1.059 0.700 0.500
[20055] Annual new issues of Kuwait corporate international bonds, (non-financial sector) USD bln 0.500 0.000 1.000 2.750 0.000 0.750

New domestic bonds number

Monthly indices

Type: Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019
Middle East new bond issues number
[24821] Number of new issues of Kuwait corporate bonds 0 0 0 0 0 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Kuwait, 2.75% 20mar2022, USD   USD 03/20/2022 07/02/2020 ***.*** *.** 07/02/2020 ***.* *.**
Kuwait, 3.5% 20mar2027, USD   USD 03/20/2027 07/02/2020 ***.** *.** 07/02/2020 ***.* *.**
Ahli United Bank K.S.C.P., 5.5% perp., USD   USD 07/02/2020 **.** * 07/02/2020 ***.** *
Al Ahli Bank of Kuwait, 3.5% 5apr2022, USD   USD 04/05/2022 07/02/2020 ***.* *.** 07/02/2020 *** *.**
Al Ahli Bank of Kuwait, 7.25% perp., USD   USD 07/02/2020 **.** * 07/02/2020 ***.** *
Boubyan Bank, 6.75% perp., USD   USD 07/02/2020 ***.** * 07/02/2020 ***.*** *
Burgan Bank, 3.125% 14sep2021, USD   USD 09/14/2021 07/02/2020 ***.** *.** 07/02/2020 ***.** *.**
Burgan Bank, 5.7492% perp., USD   USD 07/02/2020 **.** * 07/02/2020 **.** *
Equate Petrochemical, 3% 3mar2022, USD   USD 03/03/2022 07/02/2020 ***.** *.** 07/02/2020 ***.* *.**
Equate Petrochemical, 3.944% 21feb2024, USD   USD 02/21/2024 07/02/2020 *** *.* 07/02/2020 ***.** *.**
Equate Petrochemical, 4.25% 3nov2026, USD   USD 11/03/2026 07/02/2020 ***.** *.** 07/02/2020 ***.** *.**
Equate Petrochemical, 5% 18may2025, USD   USD 05/18/2025 07/02/2020 ***.** *.** 07/02/2020 ***.** *.**
Equate Petrochemical, 5.875% 18may2030, USD   USD 05/18/2030 07/02/2020 ***.** *.** 07/02/2020 ***.** *.**
Kuwait International Bank, 5.625% perp., USD   USD 07/02/2020 **.** * 07/02/2020 **.** *
Kuwait Projects Company Holding (KIPCO), 4.229% 29oct2026, USD   USD 10/29/2026 07/02/2020 **.* *.** 07/02/2020 **.* *.**
Kuwait Projects Company Holding (KIPCO), 4.5% 23feb2027, USD   USD 02/23/2027 07/02/2020 **.** *.** 07/02/2020 **.* *.**
Kuwait Projects Company Holding (KIPCO), 5% 15mar2023, USD   USD 03/15/2023 07/02/2020 ***.** *.** 07/02/2020 ***.** *.**
Kuwait Projects Company Holding (KIPCO), 9.375% 15jul2020, USD   USD 07/15/2020 07/02/2020 ***.** *.** 07/02/2020 ***.* -*.**
National Bank of Kuwait, 2.75% 30may2022, USD   USD 05/30/2022 07/02/2020 ***.** *.** 07/02/2020 ***.** *.**
National Bank of Kuwait, 4.5% perp., USD   USD 07/02/2020 **.** * 07/02/2020 **.** *
National Bank of Kuwait, 5.75% perp., USD   USD 07/02/2020 **.** * 07/02/2020 ***.** *
Warba Bank, 2.982% 24sep2024, USD   USD 09/24/2024 07/02/2020 ***.* *.** 07/02/2020 ***.* *.**
Warba Bank, 6.5% perp., USD   USD 07/02/2020 ** * 07/02/2020 *** *
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