KUWAIT markets its first dollar bonds since 2017

GULF COUNTRIES - Report 29 Sep 2025 by Justin Alexander

As Kuwait sells its first Eurobonds since 2017, we review its prospectus and recent fiscal trends. The prospectus, unfortunately, has no new data and does not provide clarification on key topics such as the size of the General Reserve Fund. However, investors may not worry too much about the lack of disclosure, because Kuwait’s debt is just 6% of GDP, whereas its Future Generations Fund is about 100-times higher, giving it the world’s highest net-asset-to-GDP ratio. After posting a smaller-than-expected deficit of -2% of GDP in 2024, the deficit is likely to rise to about 7-8% of GDP this year, which the current local and international issuances will largely finance. It has issued about $5bn in local bonds so far and talk earlier in the summer suggested the international issuance might be around $6bn. We will find out soon.

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