Kuwait’s share of the Gulf Cooperation Council’s (GCC) primary issuances reached $4 billion, according to a recent report. The data showed that the country’s share was driven by the strong performance of Kuwait’s corporate bond market, which was driven by the growth of the Kuwaiti economy and the efforts of the Capital Markets Authority to develop the local market, reports Al-Rai daily.
The report stated that the Kuwaiti bond market has been the largest in the GCC since 2019, with a total value of $32 billion, which represents 31.5% of the total GCC bond market. Furthermore, the country’s total issuance of bonds reached $10 billion in 2020, a record figure.
The report also highlighted that the strong performance of Kuwait’s bond market has been supported by a favorable interest rate environment and an improving economy, as well as the country’s sound macroeconomic fundamentals and credit ratings.
The growth of the Kuwaiti bond market has been driven by the issuance of bonds by large corporates such as Kuwait Petroleum Corporation, Kuwait Finance House, and Gulf Investment Corporation, among others. The report also noted that the country’s government has been actively supporting the development of the local bond market through the issuance of government bonds and the establishment of a debt management office.
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