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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 34 2 772 250 000
USD 2 8 000 000 000
corporate
USD 20 9 573 382 000
KWD 19 875 000 000
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
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

Forex

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
FOREX rates
[12595] USD/KWD 0.3044 0.3044 0.3041 0.3043 0.3043 0.3045 0.3043
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Credit Default Swaps (CDS)

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
CDS Kuwait
[24013] CDS 6M Kuwait 8.4100 8.4200 8.4300 8.4300 8.4400 8.4400 8.4500
[24015] CDS 1Y Kuwait 12.9000 12.9000 12.8800 12.8700 12.8700 12.8600 12.8500
[24017] CDS 2Y Kuwait 20.5200 20.5200 20.5100 20.4800 20.4800 20.4700 20.4700
[24019] CDS 3Y Kuwait 27.3100 27.3100 27.3000 27.2800 27.2800 27.2800 27.2700
[24021] CDS 4Y Kuwait 41.3300 41.3300 41.3300 41.3100 41.3100 41.3000 41.3000
[24023] CDS 5Y Kuwait 57.0000 57.0000 57.0000 57.0000 57.0000 57.0000 57.0000
[24025] CDS 7Y Kuwait 79.8500 79.8500 79.8500 79.8900 79.9000 79.9100 79.9200
[24027] CDS 10Y Kuwait 96.9200 96.9100 96.9100 97.0000 97.0200 97.0400 97.0400
[24029] CDS 15Y Kuwait 109.0900 109.0600 109.0700 109.1900 109.2300 109.2500 109.2500
[24031] CDS 20Y Kuwait 115.8300 115.8000 115.8000 115.9400 116.0000 116.0200 116.0100
[24033] CDS 30Y Kuwait 123.1900 123.1300 123.1200 123.3000 123.3900 123.4100 123.3900
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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

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Middle East international bonds outstanding volume
[21953] Kuwait international bonds, USD bln 17.117 17.385 17.088 17.092 17.093 17.591 17.587
[21973] Kuwait corporate international bonds, USD bln 9.117 9.385 9.088 9.092 9.093 9.591 9.587
[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: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
Default Probability Kuwait (ICE Data Derivatives)
[24035] 6M Default Probability Kuwait 0.0500 0.0500 0.0500 0.0500 0.0500 0.0500 0.0500
[24037] 1Y Default Probability Kuwait 0.1600 0.1600 0.1600 0.1600 0.1600 0.1600 0.1700
[24039] 2Y Default Probability Kuwait 0.5400 0.5400 0.5400 0.5400 0.5400 0.5400 0.5400
[24041] 3Y Default Probability Kuwait 1.0800 1.0800 1.0900 1.0900 1.0900 1.0900 1.0900
[24043] 4Y Default Probability Kuwait 2.2000 2.2000 2.2100 2.2100 2.2100 2.2100 2.2100
[24045] 5Y Default Probability Kuwait 3.8100 3.8100 3.8200 3.8200 3.8200 3.8300 3.8300
[24047] 7Y Default Probability Kuwait 7.4500 7.4500 7.4600 7.4700 7.4700 7.4700 7.4800
[24049] 10Y Default Probability Kuwait 12.7000 12.7000 12.7200 12.7400 12.7300 12.7300 12.7400
[24051] 15Y Default Probability Kuwait 20.6700 20.6600 20.6800 20.7100 20.7100 20.7100 20.7100
[24053] 20Y Default Probability Kuwait 28.1500 28.1400 28.1700 28.2100 28.2000 28.1900 28.1900
[24055] 30Y Default Probability Kuwait 41.4600 41.4300 41.4600 41.5300 41.5200 41.5000 41.4900
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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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