Middle East Economic Survey

VOL. XLVII

No 35

30-August-2004

LEBANON

CAPITAL MARKETS

Lebanon Undertakes Debt Swap With New Eurobond Issue

Lebanon has swapped a portion of three bonds worth $2.3bn which fall due in 2005 with a new issue of Eurobonds which will be due in March 2010 and September 2012. The maturing bonds, are worth $1bn, $850mn and $450mn and carry interest at 10.25%, 9.375% and 8.75% respectively. Bond holders were able to swap their original bonds on a voluntary basis for new bonds or...