Lebanon plans dollar bond this month: cbank
Kuwait, October 1, 2012
The Lebanese government may issue a dollar-denominated sovereign bond this month, the country's central bank governor said on Monday.
"The government and the ministry of finance are thinking of going to the market again, maybe in October, with an issue of the Republic of Lebanon in dollars," Riad Salameh said on the sidelines of a meeting of Arab central bankers in Kuwait.
He would not comment on details of the possible bond issue, saying it was up to the government to announce it.
Asked about growth prospects for the economy, which has been hit by the conflict in neighbouring Syria and domestic political tensions, Salameh said: "This year, the forecast stands around 2 per cent, maybe a little bit more, but less than 3 per cent."
"Last year was around 3 per cent", he said, based on estimates by the central bank and the International Monetary Fund.
That figure is much less than the previous government's estimate of 5.2 per cent.
Lebanon's economic growth ground to a halt in the first half of 2011 following a government collapse and affected by the early stages of the uprising in Syria.
The government previously issued dollar bonds in March, including $600 million due 2017, paying 5 per cent, and the addition of $350 million to a previous issue of 2026 bonds, paying 6.375 per cent. – Reuters
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson