Lebanon's bonds fall as debt restructuring decision looms

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Lebanon's bonds fall as debt restructuring decision looms
January 27, 2020, 11:49 am

Lebanon's bonds fall as debt restructuring decision looms

A man stands near a broken facade of a bank in Beirut, Lebanon, January 15, 2020. (File photo Reuters)

Lebanon’s government bonds fell to fresh lows on Monday as traders waited on a possible government decision about how it will deal with its debt, including a $1.2 billion Eurobond maturing in March.

An April 2021 issue shed 2 cents to 50.4 cents in the dollar, while an October 2022 bond

dropped 1.9 cents to 43.2 cents in the dollar, Tradeweb data showed.

The sell-off preceded a possible government decision on whether its March bond – the next due for repayment – might be included in any debt restructuring. Hours after he was named, Finance Minister Ghazi Wazni last week said the government must decide on its approach to the $1.2 billion issues.

“I suppose market sentiment may be leaning that they may be included ,” said Giyas Gokkent, of JPMorgan Securities.

source: Reuters

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