Arab Today, arab today lebanon’s finance ministry 15 billion in eurobonds
Last Updated : GMT 12:57:26
Arab Today, arab today
Arab Today, arab today

Lebanon’s Finance Ministry $1.5 billion in Eurobonds

Arab Today, arab today

Arab Today, arab today Lebanon’s Finance Ministry $1.5 billion in Eurobonds

Beirut - Arabstoday

Lebanon’s Finance Ministry will tap the local market again to raise close to $1.5 billion in Eurobonds to finance the public debt amid indication that local lenders will snap up most of the new issue. Most Lebanese banks received letters from the Central Bank stating that the Finance Ministry intends to issue up to $1.5 billion in Eurobonds. The letter said that part of this issue will mature in 2028. The yields on the new issue will be determined by the co-managers of the Eurobonds, who will then approach the banks to see whether they are interested in subscribing to these bonds. “We just received a letter from the Central Bank stating that the Lebanese government is interested in raising close to $2 billion in Eurobonds. Of course we will study this very carefully before taking a final decision,” chairman of Byblos Bank Francois Bassil told The Daily Star earlier. He added that the new issue was part of the government’s efforts to swap existing Eurobonds. “This is not a new debt. The government seems keen to replace the existing bonds in dollar-denominated currencies,” Bassil said. He added that banks will naturally subscribe to this issue to swap it with bonds that mature this year. Joe Sarrouh, the adviser to the chairman of Fransabank, told The Daily Star that this is not the first time the Lebanese government borrows money for a period of 15 years. “The Lebanese government last time sold the Eurobonds to subscribers at very low yield,” Sarrouh said. Last week, Central Bank Governor Riad Salameh said in Kuwait that the Lebanese government may issue a dollar-denominated sovereign bond this month. “The government and the Finance Ministry are thinking of going to the market again, maybe in October, with an issue of the Republic of Lebanon in dollars,” Salameh said. He would not comment on details of the possible bond issue, saying it was up to the government to announce it. The government previously issued dollar bonds in March, including $600 million due in 2017, paying 5 percent, and the addition of $350 million to a previous issue of 2026 bonds, paying 6.375 percent. Finance Minister Mohammad Safadi has reiterated that the government will not raise its exposure to the public debt and will swap the maturing bonds with new ones even at lower rates due to the decline in interest rates in the international markets. Lebanese banks rely heavily on Treasury bills and Eurobonds to maintain profits, although the returns on these bonds have fallen in the international markets over the past six years. The drop in the yields on T-bills and Eurobonds was one reason behind the fall in profits of the banking sector this year. The banking sector’s consolidated net profits fell 5.13 percent in 2011 to $1.74 billion, down from $1.84 billion in the year 2010. The drop is partly attributed to the 6.56 percent rise in total operating expenses to $2.38 billion in the year 2011, which outweighed the 1.3 percent sluggish increase in net operating income to $4.47 billion. Bassil told The Daily Star earlier that the profits of the entire banking sector at the end of 2012 would fall by 25 percent. Most banks have seen their profits either fall or record flat results in the first six months of 2012. From DailyStar  

arabstoday
arabstoday

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud

GMT 12:03 2017 Sunday ,10 September

Bahrain introduces mandatory IESCA

GMT 11:55 2017 Sunday ,10 September

CBB hosts SWIFT users security workshop
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lebanon’s finance ministry 15 billion in eurobonds Arab Today, arab today lebanon’s finance ministry 15 billion in eurobonds

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lebanon’s finance ministry 15 billion in eurobonds Arab Today, arab today lebanon’s finance ministry 15 billion in eurobonds

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan: experts

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan: experts
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday