03/08/2026
International Counsel Bureau (ICB) has advised the State of Kuwait, acting through the Kuwait Ministry of Finance and represented by the Kuwait Investment Authority, as issuer’s Kuwaiti counsel on its US$6 billion sovereign bond issuance under its updated Global Medium Term Note Programme.
The issuance comprised US$3 billion 3-year Notes, US$1.5 billion 5-year Notes, and US$1.5 billion 10-year Notes. Completed amid regional geopolitical tensions and market volatility, the transaction attracted strong international investor demand, reinforcing Kuwait’s continued access to the international debt capital markets.
ICB advised on all Kuwaiti law aspects of the transaction, including the legal and regulatory framework, governmental approvals, transaction documentation, and the delivery of Kuwaiti legal opinions. The team was led by Managing Partner Aisha Qais Al Nesef, alongside Senior Associate Abdulrahman Alroumi and Trainee Associate Yousef Almehri.
Citigroup Global Capital Markets Inc., Crédit Agricole CIB, Goldman Sachs, HSBC, Industrial and Commercial Bank of China, J.P. Morgan, Mizuho, SMBC Group, and Standard Chartered acted as Joint Lead Managers on the transaction.
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