Lebanon may need support from loyal local banks or even friendly Gulf states to ...
The country has a heavy schedule of FX debt payments coming up, with $1.5 billion due in November and a further $2.5 billion between March and June next year, according to Refinitiv data.
As the country’s economic malaise has deepened this year, its dollar bonds have tumbled around 16% in price and the cost of insuring its debt against the risk of default has surged beyond most countries bar Argentina’s. Lebanon might have to pay an interest rate of around 15% to access the market, said fund managers.
Nadim Munla, senior adviser to Lebanese Prime Minister Saad al-Hariri, told Reuters he hoped upcoming trips by Hariri to the United Arab Emirates and Saudi Arabia would yield “something concrete” after “encouraging signs” of a readiness by Gulf allies to deposit funds in Lebanon. Lukewarm debt markets are also not helping. After a glut of supply in September, conditions have turned.
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