March 13, 2017 / 3:55 PM / 4 months ago

Kuwait launches US$8bn bond deal

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LONDON, March 13 (IFR) - Kuwait is set to raise US$8bn through a dual tranche offering of five and 10-year notes, according to a lead.

The sovereign has launched a US$3.5bn March 2022 bond at 75bp over Treasuries, and a US$4.5bn March 2027 note at plus 100bp.

The final spreads compare with guidance of plus 85bp area and 110bp area respectively. Initial price thoughts were plus 100bp area and plus 120bp area.

Overall demand for the deal is about US$29bn, including lead interest.

The 144A/Reg S deal is today's business. Citigroup, HSBC and JP Morgan are the global coordinators.

Kuwait is rated AA/AA (S&P/Fitch). (Reporting by Robert Hogg; editing by Sudip Roy)

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