State of Kuwait lists dual-tranche US$8bn notes in debut listing on the ISE
The State of Kuwait, acting through the Ministry of Finance, has listed US$8bn notes on the Main Securities Market (MSM) of the Irish Stock Exchange (ISE).
The listing is a dual-tranche issuance of US$3.5billion 2.75% notes due 2022 and US$4.5 billion 3.50% notes due 2027.
The State of Kuwait’s inaugural listing follows a number of high profile sovereign issuers from the Middle East choosing to list on the ISE including the Kingdom of Saudi Arabia, the Government of the Sultanate of Oman, the Kingdom of Bahrain and the Hashemite Kingdom of Jordan.
Why debt issuers choose to list on the ISE
The ISE is among Europe’s leading exchanges for listing bonds, enabling global issuers to access European investors. Statistics released by the World Federation of Exchanges (WFE) show that the number of securities listed on ISE markets grew by 7% in 2016 to reach over 29,000. The ISE offers two markets for listing debt, the Global Exchange Market (GEM) and the Main Securities Market (MSM).