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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 29 2 272 250 000
USD 2 8 000 000 000
corporate
KWD 19 875 000 000
USD 18 8 823 382 000
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
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
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

Domestic bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019
Middle East bond issues outstanding amount
[24825] Amount of outstanding issues of Kuwait corporate bonds 3.0617 3.0670
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Forex

Daily indices

Type: 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019
FOREX rates
[12595] USD/KWD 0.3033 0.3036 0.3034 0.3037 0.3039 0.3038 0.3038
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Credit Default Swaps (CDS)

Daily indices

Type: 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019
CDS Kuwait
[24013] CDS 6M Kuwait 8.1200 8.2700 8.2700 8.6000 8.5900 8.7500 8.7300
[24015] CDS 1Y Kuwait 10.1300 10.3300 10.3200 10.7300 10.7200 10.9200 10.9000
[24017] CDS 2Y Kuwait 16.1500 16.4700 16.4600 17.1200 17.1100 17.4300 17.4000
[24019] CDS 3Y Kuwait 23.1200 23.5800 23.5800 24.5300 24.5200 24.9900 24.9600
[24021] CDS 4Y Kuwait 35.7700 36.5000 36.4900 37.9600 37.9500 38.6800 38.6600
[24023] CDS 5Y Kuwait 49.0000 50.0000 50.0000 52.0000 52.0000 53.0000 53.0000
[24025] CDS 7Y Kuwait 68.4200 69.6900 69.7000 72.1900 72.2000 73.4500 73.4900
[24027] CDS 10Y Kuwait 86.4000 87.7800 87.8000 90.4700 90.5000 91.8400 91.9300
[24029] CDS 15Y Kuwait 100.4700 101.7800 101.8100 104.3100 104.3700 105.6200 105.7500
[24031] CDS 20Y Kuwait 108.4900 109.7400 109.7800 112.1500 112.2100 113.4000 113.5400
[24033] CDS 30Y Kuwait 116.8800 118.0400 118.0900 120.2400 120.3200 121.4000 121.5800
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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: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Middle East international bonds outstanding volume
[21953] Kuwait international bonds, USD bln 17.136 17.137 17.617 17.117 17.385 17.088 17.092
[21973] Kuwait corporate international bonds, USD bln 9.136 9.137 9.617 9.117 9.385 9.088 9.092
[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: 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019
Default Probability Kuwait (ICE Data Derivatives)
[24035] 6M Default Probability Kuwait 0.0700 0.0800 0.0800 0.0800 0.0800 0.0800 0.0800
[24037] 1Y Default Probability Kuwait 0.1600 0.1600 0.1600 0.1700 0.1700 0.1700 0.1800
[24039] 2Y Default Probability Kuwait 0.4700 0.4800 0.4800 0.5000 0.5000 0.5200 0.5200
[24041] 3Y Default Probability Kuwait 0.9900 1.0100 1.0100 1.0600 1.0600 1.0800 1.0800
[24043] 4Y Default Probability Kuwait 2.0200 2.0700 2.0700 2.1500 2.1500 2.2000 2.2000
[24045] 5Y Default Probability Kuwait 3.4400 3.5100 3.5100 3.6500 3.6600 3.7300 3.7300
[24047] 7Y Default Probability Kuwait 6.6100 6.7300 6.7400 6.9700 6.9800 7.1000 7.1100
[24049] 10Y Default Probability Kuwait 11.6500 11.8300 11.8300 12.1700 12.1900 12.3500 12.3700
[24051] 15Y Default Probability Kuwait 19.5100 19.7300 19.7300 20.1600 20.1800 20.3800 20.4200
[24053] 20Y Default Probability Kuwait 26.9800 27.2200 27.2300 27.7100 27.7300 27.9500 28.0000
[24055] 30Y Default Probability Kuwait 40.1900 40.4400 40.4500 40.9500 40.9900 41.2100 41.2800
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Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Oct 2018 Sep 2018
Inflation (Middle East)
[15627] Inflation Rate (Kuwait) 1.20 1.20 1.10 0.80 0.70 0.20 0.30
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New domestic bonds volume

Monthly indices

Type: Sep 2019 Aug 2019
Middle East new bond issues amount
[24823] Amount of new issues of Kuwait corporate bonds 0.0000 0.0000
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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

New domestic bonds number

Monthly indices

Type: Sep 2019 Aug 2019
Middle East new bond issues number
[24821] Number of new issues of Kuwait corporate bonds 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 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
Kuwait, 3.5% 20mar2027, USD   USD 03/20/2027 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
Ahli United Bank K.S.C.P., 5.5% perp., USD   USD 10/21/2019 ***.** * 10/21/2019 ***.** *
Al Ahli Bank of Kuwait, 3.5% 5apr2022, USD   USD 04/05/2022 10/21/2019 ***.* *.** 10/21/2019 ***.* *.**
Al Ahli Bank of Kuwait, 7.25% perp., USD   USD 10/21/2019 ***.** * 10/21/2019 ***.** *
Boubyan Bank, 6.75% perp., USD   USD 10/21/2019 *** * 10/21/2019 ***.*** *
Burgan Bank, 3.125% 14sep2021, USD   USD 09/14/2021 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
Burgan Bank, 5.7492% perp., USD   USD 10/21/2019 ***.** * 10/21/2019 ***.** *
Equate Petrochemical, 3% 3mar2022, USD   USD 03/03/2022 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
Equate Petrochemical, 3.944% 21feb2024, USD   USD 02/21/2024 10/21/2019 ***.** *.** 10/21/2019 ***.* *.**
Equate Petrochemical, 4.25% 3nov2026, USD   USD 11/03/2026 10/21/2019 ***.** *.* 10/21/2019 ***.** *.**
Kuwait International Bank, 5.625% perp., USD   USD 10/21/2019 ***.** * 10/21/2019 ***.** *
Kuwait Projects Company Holding (KIPCO), 4.5% 23feb2027, USD   USD 02/23/2027 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
Kuwait Projects Company Holding (KIPCO), 5% 15mar2023, USD   USD 03/15/2023 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
Kuwait Projects Company Holding (KIPCO), 9.375% 15jul2020, USD   USD 07/15/2020 10/21/2019 ***.** *.** 10/21/2019 ***.** *.**
National Bank of Kuwait, 2.75% 30may2022, USD   USD 05/30/2022 10/21/2019 ***.** *.** 10/21/2019 ***.* *.**
National Bank of Kuwait, 5.75% perp., USD   USD 10/21/2019 ***.** * 10/21/2019 ***.** *
Warba Bank, 6.5% perp., USD   USD 10/21/2019 ***.** * 10/21/2019 ***.** *
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