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Lebanon issues T-bills for salaries

The Finance Ministry building is seen in Beirut. (The Daily Star/Mahmoud Kheir)

BEIRUT: Lebanon Monday successfully issued 10-year and 12-year Treasury bills in Lebanese-denominated currency, the Finance Ministry said.

According to the statement, the new issue was more than 50 percent oversubscribed. The ministry was seeking LL1.2 trillion and demand reached LL2.5 trillion.

The Finance Ministry said the successful issue reflected the confidence of the financial markets in the state’s public finances. It added that subscription for the 12 year T-bills far exceeded that for the 10-year bonds.

The ministry did not explain who were the main subscribers or the yields on these bonds.

The main purpose of the issue was to raise money to pay the salaries of public sector employees until the end of this year.

Traditionally, the Central Bank and Lebanese commercial banks are the main subscribers of T-bills since the appetite of foreign investors for such bonds has diminished considerably in recent years.

 
A version of this article appeared in the print edition of The Daily Star on September 24, 2013, on page 5.

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