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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 18 8 773 382 000
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
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
Equate Petrochemical, 4.25% 3nov2026, USD - International bonds XS1513739760 4.25% 1 250 000 000  USD 10/27/2016 11/03/2026
Equate Petrochemical, 3% 3mar2022, USD - International bonds XS1513739927 3% 1 000 000 000  USD 10/27/2016 03/03/2022

Credit Default Swaps (CDS)

Daily indices

Type: 05/24/2019 05/23/2019 05/22/2019 05/21/2019 05/20/2019 05/17/2019 05/16/2019
CDS Kuwait
[24013] CDS 6M Kuwait 15.9900 16.0800 16.3100 16.2800 11.9700 11.7300 11.5300
[24015] CDS 1Y Kuwait 18.9700 19.0500 19.3400 19.3200 15.9000 15.6100 15.3400
[24017] CDS 2Y Kuwait 27.5400 27.4900 27.9200 27.9000 25.3900 24.9600 24.5500
[24019] CDS 3Y Kuwait 34.0400 34.0200 34.5600 34.5500 32.5800 32.0500 31.5300
[24021] CDS 4Y Kuwait 48.0300 48.0100 48.7700 48.7600 45.9800 45.2400 44.5100
[24023] CDS 5Y Kuwait 63.8800 64.0000 65.0000 65.0000 64.0000 63.0000 62.0000
[24025] CDS 7Y Kuwait 90.0100 90.0000 91.2400 91.2500 91.8500 90.5800 89.3100
[24027] CDS 10Y Kuwait 108.9700 109.0000 110.2800 110.3000 112.0800 110.7400 109.4000
[24029] CDS 15Y Kuwait 126.2700 126.3000 127.4900 127.5200 129.8300 128.5500 127.2900
[24031] CDS 20Y Kuwait 138.0100 138.0200 139.1400 139.1700 141.6700 140.4300 139.2500
[24033] CDS 30Y Kuwait 148.2400 148.2200 149.2400 149.2800 151.8100 150.6300 149.5600
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Forex

Daily indices

Type: 05/24/2019 05/23/2019 05/22/2019 05/21/2019 05/20/2019 05/17/2019 05/16/2019
FOREX rates
[12595] USD/KWD 0.3048 0.3045 0.3046 0.3044 0.3043 0.3043 0.3043
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10295] Kuwaiti international bonds, USD bln 9.900 9.600 9.600 9.600 9.500 9.400 8.000
BIS new international bonds volume
[10429] International-bond net issue of Kuwait, USD bln 0.300 0.000 0.000 0.100 0.100 1.400 5.300

Default probability (based on CDS)

Daily indices

Type: 05/24/2019 05/23/2019 05/22/2019 05/21/2019 05/20/2019 05/17/2019 05/16/2019
Default Probability Kuwait (ICE Data Derivatives)
[24035] 6M Default Probability Kuwait 0.1200 0.1300 0.1300 0.1300 0.0900 0.0900 0.0900
[24037] 1Y Default Probability Kuwait 0.2800 0.2800 0.2800 0.2800 0.2300 0.2300 0.2300
[24039] 2Y Default Probability Kuwait 0.7700 0.7700 0.7800 0.7800 0.7200 0.7100 0.7000
[24041] 3Y Default Probability Kuwait 1.4100 1.4100 1.4400 1.4400 1.3600 1.3400 1.3200
[24043] 4Y Default Probability Kuwait 2.6500 2.6500 2.6900 2.6900 2.5500 2.5100 2.4700
[24045] 5Y Default Probability Kuwait 4.3900 4.4000 4.4700 4.4800 4.4200 4.3600 4.2900
[24047] 7Y Default Probability Kuwait 8.5600 8.5600 8.6800 8.6900 8.7700 8.6600 8.5500
[24049] 10Y Default Probability Kuwait 14.4300 14.4400 14.6100 14.6300 14.8800 14.7300 14.5700
[24051] 15Y Default Probability Kuwait 23.9800 23.9900 24.2100 24.2400 24.6700 24.4700 24.2700
[24053] 20Y Default Probability Kuwait 33.4100 33.4100 33.6700 33.7100 34.2500 34.0200 33.8200
[24055] 30Y Default Probability Kuwait 48.6700 48.6600 48.9400 48.9900 49.6100 49.3600 49.1700
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International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Middle East international bonds outstanding volume
[21953] Kuwait international bonds, USD bln 17.088 17.092 17.093 17.591 17.587 17.585 17.585
[21973] Kuwait corporate international bonds, USD bln 9.088 9.092 9.093 9.591 9.587 9.585 9.585
[21993] Kuwait sovereign international bonds, USD bln 8.000 8.000 8.000 8.000 8.000 8.000 8.000
show other indices

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 ***.** *.**
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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