Published: March 20, 2012
Government mandates Byblos Bank and Bank of America Merrill Lynch for eurobond issuance.
Lebanon’s government is preparing to raise US$700mn through a new eurobond issuance managed by Byblos Bank and Bank of America Merrill Lynch.
The republic, which won EMEA Finance Achievement Awards for ‘Best sovereign borrower in EMEA’ and ‘Best sovereign bond in the Middle East’, aims to refinance €293mn and €115mn in eurobonds maturing this month and next. The tenor and pricing of the new issuance have yet to be set.
According to analysis by Byblos Bank, Lebanon’s gross public debt stood at US$53.6bn at the end of January – that’s unchanged from the end of 2011 and only 2.6% higher than at the end of January 2011.
Local currency debt accounted for 61.1% of public borrowing compared to 60% a year earlier, while foreign currency-denominated debt was 38.9% of the total, down from 40% in early 2011.
Last year Lebanon raised US$3.6bn on the international markets – US$1bn in May, US$1.2bn in July and US$1.4bn in November.