A Finance Ministry source says there are no cash flow problems.
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Lebanon has designated four Lebanese and international banks to co-manage the issuance of $1.3 billion in new eurobonds, sources said Monday.According to the sources, Fransabank, SGBL, Citigroup and Standard Chartered Bank have been named by the Finance Ministry to handle the issuance of the new bond. The head of economic research at Byblos Bank Nassib Ghobril believed that Lebanon could have sent a better signal to the international market by not replacing the maturing bonds or issue a new one.This downgrade will in theory make it difficult for Lebanon to market new eurobonds in international markets. However, Lebanese banks will continue to subscribe to these bonds even at interest rates below those of "B-/B" category.
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