Kuwait: Kuwait has announced the issuance of $11.25 billion in sovereign bonds, divided into three tranches, marking its first successful return to global debt markets since 2017.

According to Qatar News Agency, the Kuwaiti Ministry of Finance stated that the issuance includes a $3.25 billion tranche with a 3-year maturity at +40 basis points over U.S. Treasuries, a $3 billion tranche with a 5-year maturity at +40 basis points, and a $5 billion tranche with a 10-year maturity at +50 basis points over U.S. Treasuries.

The ministry noted that these spreads are significantly lower than Kuwait's first sovereign issuance in 2017.

The ministry added that demand exceeded supply by 2.5 times, with the order book reaching $28 billion. More than 66% of allocations went to investors outside the Middle East and North Africa region, including 26% from the United States, 30% from Europe and the United Kingdom, and 10% from Asia.

This issuance is considered one of the largest sovereign deals globally in 2025, having attracted one of the biggest order books this year, underscoring investor confidence in Kuwait's economic fundamentals and long-term reform agenda.