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Minister: Lebanon may sell $2b Eurobonds  Join our daily free Newsletter

MENAFN - 16/02/2010

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(MENAFN) Lebanese Finance Minister Raya Haffar el-Hassan stated that the government will sell 2 billion of Eurobonds or carry out a debt swap in one of the world's most heavily indebted countries, Bloomberg reported.

The Middle Eastern country has a total of 2.15 billion in Eurobonds maturing in March and November of 2010 and about 8.3 billion in maturing treasury bills throughout the year.

Prime Minister Saad Hariri's government, which was formed in November, has to finance public debt that reached 51 billion, or about 156 percent of gross domestic product, at the end of 2009.

The previous government had aimed to reduce debt by raising about 7 billion from the sale of two mobile-phone licenses. Those plans were put on hold because of an 18-month political crisis that eased in May 2008, and then delayed further by the global credit crisis and parliamentary elections in June 2009.

In November, Lebanon sold 250 million of Eurobonds maturing in 2015 and 250 million of the 2024 notes. They are currently yielding 5.66 percent and 7.05 percent respectively, compared with 5.72 percent and 7.02 percent on Dec. 14.

 






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