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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
Al Ahli Bank of Kuwait, 7.25% perp., USD - International bonds XS1790134958 7.25% 300 000 000  USD 09/19/2018
National Bank of Kuwait, 2.75% 30may2022, USD - International bonds XS1622312434 2.75% 750 000 000  USD 05/22/2017 05/30/2022
Al Ahli Bank of Kuwait, 3.5% 5apr2022, USD - International bonds XS1591771735 3.5% 500 000 000  USD 03/29/2017 04/05/2022
Kuwait, 2.75% 20mar2022, USD - International bonds XS1582346703 2.75% 3 500 000 000  USD 03/13/2017 03/20/2022
Kuwait, 3.5% 20mar2027, USD - International bonds XS1582346968 3.5% 4 500 000 000  USD 03/13/2017 03/20/2027
Warba Bank, 6.5% perp., USD - International bonds XS1575992752 6.5% 250 000 000  USD 03/07/2017
Kuwait Projects Company Holding (KIPCO), 4.5% 23feb2027, USD - International bonds XS1567906059 4.5% 500 000 000  USD 02/16/2017 02/23/2027
Equate Petrochemical, 3.944% 21feb2024, USD - International bonds XS1564437199 3.944% 500 000 000  USD 02/01/2017 02/21/2024

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: 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019
FOREX rates
[12595] USD/KWD 0.3039 0.3038 0.3038 0.3042 0.3042 0.3041 0.3041
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Credit Default Swaps (CDS)

Daily indices

Type: 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019
CDS Kuwait
[24013] CDS 6M Kuwait 8.5900 8.7500 8.7300 8.7100 8.7000 8.7000 8.8600
[24015] CDS 1Y Kuwait 10.7200 10.9200 10.9000 10.8800 10.8700 10.8700 11.0700
[24017] CDS 2Y Kuwait 17.1100 17.4300 17.4000 17.3800 17.3700 17.3700 17.6900
[24019] CDS 3Y Kuwait 24.5200 24.9900 24.9600 24.9400 24.9300 24.9300 25.3900
[24021] CDS 4Y Kuwait 37.9500 38.6800 38.6600 38.6500 38.6400 38.6400 39.3700
[24023] CDS 5Y Kuwait 52.0000 53.0000 53.0000 53.0000 53.0000 53.0000 54.0000
[24025] CDS 7Y Kuwait 72.2000 73.4500 73.4900 73.5200 73.5400 73.5400 74.8000
[24027] CDS 10Y Kuwait 90.5000 91.8400 91.9300 92.0000 92.0300 92.0300 93.3900
[24029] CDS 15Y Kuwait 104.3700 105.6200 105.7500 105.8500 105.8900 105.8900 107.1900
[24031] CDS 20Y Kuwait 112.2100 113.4000 113.5400 113.6800 113.7300 113.7300 114.9700
[24033] CDS 30Y Kuwait 120.3200 121.4000 121.5800 121.7700 121.8300 121.8300 122.9800
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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: 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019
Default Probability Kuwait (ICE Data Derivatives)
[24035] 6M Default Probability Kuwait 0.0800 0.0800 0.0800 0.0800 0.0800 0.0800 0.0800
[24037] 1Y Default Probability Kuwait 0.1700 0.1700 0.1800 0.1800 0.1800 0.1800 0.1800
[24039] 2Y Default Probability Kuwait 0.5000 0.5200 0.5200 0.5200 0.5200 0.5200 0.5300
[24041] 3Y Default Probability Kuwait 1.0600 1.0800 1.0800 1.0800 1.0800 1.0800 1.1000
[24043] 4Y Default Probability Kuwait 2.1500 2.2000 2.2000 2.2000 2.2000 2.2000 2.2400
[24045] 5Y Default Probability Kuwait 3.6600 3.7300 3.7300 3.7300 3.7300 3.7300 3.8000
[24047] 7Y Default Probability Kuwait 6.9800 7.1000 7.1100 7.1100 7.1000 7.1000 7.2300
[24049] 10Y Default Probability Kuwait 12.1900 12.3500 12.3700 12.3700 12.3600 12.3600 12.5400
[24051] 15Y Default Probability Kuwait 20.1800 20.3800 20.4200 20.4200 20.4000 20.3900 20.6200
[24053] 20Y Default Probability Kuwait 27.7300 27.9500 28.0000 28.0000 27.9800 27.9600 28.2300
[24055] 30Y Default Probability Kuwait 40.9900 41.2100 41.2800 41.2900 41.2400 41.2200 41.5200
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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 10/15/2019 ***.** *.** 10/15/2019 ***.*** *.**
Kuwait, 3.5% 20mar2027, USD   USD 03/20/2027 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Ahli United Bank K.S.C.P., 5.5% perp., USD   USD 10/15/2019 ***.** * 10/15/2019 ***.** *
Al Ahli Bank of Kuwait, 3.5% 5apr2022, USD   USD 04/05/2022 10/15/2019 ***.* *.** 10/15/2019 ***.* *.**
Al Ahli Bank of Kuwait, 7.25% perp., USD   USD 10/15/2019 ***.** * 10/15/2019 ***.** *
Boubyan Bank, 6.75% perp., USD   USD 10/15/2019 *** * 10/15/2019 ***.*** *
Burgan Bank, 3.125% 14sep2021, USD   USD 09/14/2021 10/15/2019 ***.** *.** 10/15/2019 ***.** *.*
Burgan Bank, 5.7492% perp., USD   USD 10/15/2019 **.** * 10/15/2019 ***.* *
Equate Petrochemical, 3% 3mar2022, USD   USD 03/03/2022 10/15/2019 ***.* *.* 10/15/2019 ***.** *.**
Equate Petrochemical, 3.944% 21feb2024, USD   USD 02/21/2024 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Equate Petrochemical, 4.25% 3nov2026, USD   USD 11/03/2026 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Kuwait International Bank, 5.625% perp., USD   USD 10/15/2019 ***.** * 10/15/2019 ***.** *
Kuwait Projects Company Holding (KIPCO), 4.5% 23feb2027, USD   USD 02/23/2027 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Kuwait Projects Company Holding (KIPCO), 5% 15mar2023, USD   USD 03/15/2023 10/15/2019 ***.* *.** 10/15/2019 *** *.**
Kuwait Projects Company Holding (KIPCO), 9.375% 15jul2020, USD   USD 07/15/2020 10/15/2019 ***.** *.* 10/15/2019 ***.** *.**
National Bank of Kuwait, 2.75% 30may2022, USD   USD 05/30/2022 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
National Bank of Kuwait, 5.75% perp., USD   USD 10/15/2019 ***.** * 10/15/2019 ***.* *
Warba Bank, 6.5% perp., USD   USD 10/15/2019 ***.** * 10/15/2019 ***.** *
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