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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 35 2 872 250 000
USD 2 8 000 000 000
corporate
KWD 19 875 000 000
USD 19 9 073 382 000
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
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
Kuwait Projects Company Holding (KIPCO), FRN 8nov2023, KWD - Domestic bonds Central Bank Discount Rate (Kuwait) + 2.25% 86 000 000  KWD 11/08/2018 11/08/2023
Al Ahli Bank of Kuwait, 7.25% perp., USD - International bonds XS1790134958 7.25% 300 000 000  USD 09/19/2018
KAMCO, 6% 26jul2023, KWD - Domestic bonds KW0DI0200637 6% 14 900 000  KWD 07/26/2018 07/26/2023
KAMCO, FRN 26jul2023, KWD - Domestic bonds KW0DI0200645 Central Bank Discount Rate (Kuwait) + 2.75% 25 100 000  KWD 07/26/2018 07/26/2023
United Real Estate, FRN 19apr2023, KWD - Domestic bonds KW0DI0200611 Central Bank Discount Rate (Kuwait) + 2.5% 27 850 000  KWD 04/19/2018 04/19/2023
United Real Estate, 5.75% 19apr2023, KWD - Domestic bonds KW0DI0200629 5.75% 32 150 000  KWD 04/19/2018 04/19/2023
Kuwait Projects Company Holding (KIPCO), 5.25% 28dec2024, KWD - Domestic bonds KW0DI0200595 5.25% 36 000 000  KWD 12/28/2017 12/28/2024

Forex

Daily indices

Type: 06/26/2019 06/25/2019 06/24/2019 06/21/2019 06/20/2019 06/19/2019 06/18/2019
FOREX rates
[12595] USD/KWD 0.3034 0.3035 0.3034 0.3036 0.3038 0.3040 0.3043
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Credit Default Swaps (CDS)

Daily indices

Type: 06/26/2019 06/25/2019 06/24/2019 06/21/2019 06/20/2019 06/19/2019 06/18/2019
CDS Kuwait
[24013] CDS 6M Kuwait 9.6400 9.6500 9.8200 12.6500 13.0800 13.1500 13.1200
[24015] CDS 1Y Kuwait 14.5200 14.5200 14.7700 16.4600 17.0100 17.1000 17.0900
[24017] CDS 2Y Kuwait 22.2600 22.2500 22.6400 24.8900 25.7100 26.3300 26.3200
[24019] CDS 3Y Kuwait 29.0100 29.0100 29.5200 30.9600 31.9900 33.0300 33.0300
[24021] CDS 4Y Kuwait 42.7000 42.7000 43.4400 44.5600 46.0500 46.6900 46.6900
[24023] CDS 5Y Kuwait 58.0000 58.0000 59.0000 60.0000 62.0000 62.0000 62.0000
[24025] CDS 7Y Kuwait 80.5000 80.4900 81.7200 83.5200 86.0000 88.0000 87.9900
[24027] CDS 10Y Kuwait 97.3900 97.3700 98.6400 101.4100 103.9900 108.0100 107.9900
[24029] CDS 15Y Kuwait 109.4500 109.4200 110.5800 113.6800 116.0500 120.7900 120.7500
[24031] CDS 20Y Kuwait 116.1600 116.1300 117.1900 120.3500 122.5500 127.4400 127.4000
[24033] CDS 30Y Kuwait 123.5100 123.4600 124.3900 127.4700 129.4600 134.2600 134.2200
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10295] Kuwaiti international bonds, USD bln 10.200 9.900 9.600 9.600 9.600 9.500 9.400
BIS new international bonds volume
[10429] International-bond net issue of Kuwait, USD bln 0.100 0.300 0.000 0.000 0.100 0.100 1.400

GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Middle East)
[15277] Government Debt to GDP(Kuwait) 14.80 27.10 18.60 11.20 7.50

International bonds outstanding volume

Monthly indices

Type: May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018
Middle East international bonds outstanding volume
[21953] Kuwait international bonds, USD bln 17.385 17.088 17.092 17.093 17.591 17.587 17.585
[21973] Kuwait corporate international bonds, USD bln 9.385 9.088 9.092 9.093 9.591 9.587 9.585
[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: 06/26/2019 06/25/2019 06/24/2019 06/21/2019 06/20/2019 06/19/2019 06/18/2019
Default Probability Kuwait (ICE Data Derivatives)
[24035] 6M Default Probability Kuwait 0.0600 0.0600 0.0600 0.0800 0.0900 0.0900 0.0900
[24037] 1Y Default Probability Kuwait 0.1900 0.1900 0.2000 0.2200 0.2300 0.2300 0.2300
[24039] 2Y Default Probability Kuwait 0.6000 0.6000 0.6100 0.6700 0.6900 0.7100 0.7100
[24041] 3Y Default Probability Kuwait 1.1700 1.1700 1.1900 1.2500 1.3000 1.3400 1.3400
[24043] 4Y Default Probability Kuwait 2.3000 2.3000 2.3500 2.4100 2.4900 2.5300 2.5300
[24045] 5Y Default Probability Kuwait 3.9200 3.9200 3.9800 4.0500 4.1900 4.1900 4.1900
[24047] 7Y Default Probability Kuwait 7.5600 7.5500 7.6700 7.8300 8.0700 8.2600 8.2600
[24049] 10Y Default Probability Kuwait 12.8100 12.8000 12.9700 13.3100 13.6500 14.1800 14.1600
[24051] 15Y Default Probability Kuwait 20.7800 20.7600 20.9600 21.5000 21.9000 22.7400 22.7200
[24053] 20Y Default Probability Kuwait 28.2600 28.2400 28.4600 29.1100 29.5500 30.5900 30.5600
[24055] 30Y Default Probability Kuwait 41.5600 41.5200 41.7400 42.5300 42.9600 44.1700 44.1400
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Inflation

Monthly indices

Type: May 2019 May 2019 Apr 2019 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Inflation (Middle East)
[15627] Inflation Rate (Kuwait) 0.80 0.80 0.70 0.20 0.30 0.90 0.80
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New international bonds volume

Yearly indices

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

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Boubyan Bank, 6.75% perp., USD   USD 05/18/2016 ***.** * 05/18/2016 ***.** *
Burgan Bank, 7.25% perp., USD   USD 05/18/2016 **.** * 05/18/2016 **.* *
Gulf Investment Corp, 3.25% 28nov2017, USD   USD 11/28/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Kuwait Energy, 9.5% 4aug2019, USD   USD 08/04/2019 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Kuwait Projects Company Holding (KIPCO), 4.8% 5feb2019, USD   USD 02/05/2019 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Kuwait Projects Company Holding (KIPCO), 5% 15mar2023, USD   USD 03/15/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Kuwait Projects Company Holding (KIPCO), 8.875% 17oct2016, USD   USD 10/17/2016 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Kuwait Projects Company Holding (KIPCO), 9.375% 15jul2020, USD   USD 07/15/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
National Bank of Kuwait, 5.75% perp., USD   USD 05/18/2016 *** * 05/18/2016 ***.* *
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