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25-Oct-2016

Kuwait says still mulling issuance of USD9.9bn international bond

Kuwait is still considering the issuance of international bonds worth c.KWD3bn (USD9.9bn), finance ministry Undersecretary Khalifa Hamada told Al Arabiya TV on Monday. Kuwait’s issuance would follow Qatar’s USD9bn Eurobonds issuance in May 2016 and Saudi Arabia’s record-breaking USD17.5bn debut offering last week. However, sources told Reuters earlier this month Kuwait's planned bond had been postponed until 2017 after authorities decided it was in no rush to raise funds overseas. Hamada said that the country's sovereign wealth fund, the Kuwait Investment Authority (KIA), would start to look at the measures needed to complete an offering. He added that Kuwait hadn't yet begun engaging with international banks about the bond because the KIA was still preparing the technical and legal frameworks for the deal. (Arabian Business)

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