Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
THURSDAY, 24 APR 2014
12:20 PM Beirut time
Weather    
Beirut
26 °C
Blom Index
BLOM
1,214.01down
Lebanon
Follow this story Print RSS Feed ePaper share this
Lebanon plans to raise $1B through tap
Lebanese Central Bank. (The Daily Star)
Lebanese Central Bank. (The Daily Star)
A+ A-

LONDON: Lebanon, rated B1/B/B, is planning to raise $1 billion through an increase of its outstanding 2023 and 2027 Eurobonds, according to one of the lead managers.

The sovereign has released yield guidance of 6.1-6.2 percent for a $500 million tap of its 6 percent notes due Jan. 27, 2023, and of 6.6-6.75 percent for a $500 million increase of its 6.75 percent notes due Nov. 29, 2027.

The name of the lead manager was no disclosed.

The transaction would bring the total outstanding on each note to $1 billion.

Fransa Invest Bank, Natixis and Standard Chartered are joint bookrunners on the deal, which they are expected to price Thursday afternoon.

The caretaking Cabinet has the power to swap maturing Eurobonds and Treasury bills with new ones but is not authorized to borrow money above the official ceiling.

Central Bank Governor Riad Salameh recently said that Lebanon was capable of financing all its needs thanks to excessive cash of the Lebanese commercial banks.

The country will not have any problems financing the public debt until the end of 2013, according to experts.

However, many Lebanese bankers told The Daily Star that they were not prepared to lend the state more money in the future unless they saw concrete steps to implement reforms, cut waste in public departments, combat corruption and allow the private sector to take part in mega-infrastructure projects such as the construction of new electricity plans. – With IFR

 
A version of this article appeared in the print edition of The Daily Star on April 11, 2013, on page 5.
Home Lebanon
 
     
 
Eurobonds / Lebanon / Banking & Finance
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Wednesday, April 23, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Israel shows Zionism’s true colors
Michael Young
Michael Young
For Christians, blessed are the dividers
David Ignatius
David Ignatius
An Iran deal is close, but we’re not there yet
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS