Kuwait's debut international bond attracts $15bn orders

Kuwait’s dual-tranche international debut bond has attracted order books in excess of $15 billion, a document issued by one of the lead banks showed.

The debt sale, expected to price on Monday, is split into five-year and 10-year tranches. Initial price guidance was earlier released in the 100 basis points over US Treasuries area for the five-year tranche and the 120 bps over Treasuries area for the 10-year tranche.

Kuwait has indicated it may issue up to about $10 billion of bonds but has not communicated a firm decision on size.

Citi, Deutsche Bank, HSBC, JP Morgan, NBK Capital, and Standard Chartered Bank are the bookrunners.