Middle East Economic Survey
BUDGETS AND REVENUES
Lebanon Swaps 55% Of 2005 Outstanding Debt
The Lebanese Minister of Finance, Fuad Siniora, has announced that his ministry has accepted the swap of $1.186bn of outstanding debt due in 2005 for new bonds maturing in 2010 and 2012. The new bonds consist of two issues one for $1.265bn maturing in March 2010 with a coupon of 7.125% and another one for $275mn maturing in September 2012 with a coupon of 7.75%. The...