A top Kuwaiti official said the oil-rich country will be a “prudent” borrower after raising $8 billion in its first international bond sale at rates lower than other Gulf Arab states seeking to plug budget deficits. Stocks rose.
The OPEC member sold $3.5 billion in five-year notes at 75 basis points over similar-maturity U.S. Treasuries and $4.5 billion in 10-year bonds at a 100 basis-point spread, according to a person familiar with the deal who spoke on condition of anonymity. The offer attracted about $29 billion in bids, the person said, allowing Kuwait to sell at a lower rate than Qatar, Abu Dhabi and Saudi Arabia offered last year, data compiled by Bloomberg show.
