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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 48 3 942 250 000
USD 2 8 000 000 000
corporate
USD 18 8 973 382 000
KWD 13 610 000 000
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
Kuwait Projects Company Holding (KIPCO), 5.25% 28dec2024, KWD - Domestic bonds KW0DI0200595 5.25% 36 000 000  KWD 12/28/2017 12/28/2024
Kuwait Projects Company Holding (KIPCO), FRN 28dec2024, KWD - Domestic bonds KW0DI0200603 Central Bank Discount Rate (Kuwait) + 2.25% 64 000 000  KWD 12/28/2017 12/28/2024
Kuwait, 2.5 23sep2020 - Domestic bonds 2.5% 100 000 000  KWD 09/27/2017 09/23/2020
Kuwait, 2.25 25sep2019 - Domestic bonds 2.25% 100 000 000  KWD 09/27/2017 09/25/2019
Kuwait, 2.5 16sep2020 - Domestic bonds 2.5% 100 000 000  KWD 09/20/2017 09/16/2020
Kuwait, 3 14sep2022 - Domestic bonds 3% 100 000 000  KWD 09/20/2017 09/14/2022
Kuwait, 2 12sep2018 - Domestic bonds 2% 100 000 000  KWD 09/11/2017 09/12/2018
Kuwait, 2.25 11sep2019 - Domestic bonds 2.25% 100 000 000  KWD 09/11/2017 09/11/2019
Kuwait, 2.75 21aug2024 - Domestic bonds 2.75% 100 000 000  KWD 08/30/2017 08/21/2024
Kuwait, 2.25 28aug2019 - Domestic bonds 2.25% 100 000 000  KWD 08/30/2017 08/28/2019

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Kuwaiti international bonds, USD bln 8.000 2.700 2.500 2.700 2.100 2.100 2.500
BIS net issues of international-bond market of emerging countries
International-bond net issue of Kuwait, USD bln 5.300 0.200 0.200 0.600 0.000 -0.400 0.000

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Middle East International Bonds Markets (adjusted for amortization)
Kuwait international bonds, USD bln 17.308 17.304 17.305 17.294 17.291 17.782 17.783
Kuwait corporate international bonds, USD bln 9.308 9.304 9.305 9.294 9.291 9.782 9.783
Kuwait sovereign international bonds, USD bln 8.000 8.000 8.000 8.000 8.000 8.000 8.000
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Currencies

Daily indices

Type: 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/18/2018 05/17/2018 05/16/2018
Exchange Rates (Emerging Markets)
USD/KWD 0.3022 0.3028 0.3030 0.3027 0.3025 0.3024 0.3027
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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Kuwait) 0.60 0.80 0.98 1.07 1.53 1.43 0.50
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Kuwait) 27.10 18.60 11.20 7.50

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, 3.250% 28nov2017, USD   USD 11/28/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Gulf Investment Corp, 4.520% 6feb2023, MYR   MYR 02/06/2023 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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200 000
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countries
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