$3 billion bonds issued to repay maturing debts. Oversubscribed six times

The Ministry of Finance (MoF) issued U.S. dollar denominated bonds worth $3 billion to repay foreign currency debt maturing throughout the year. The original objective was to raise $1.5 billion. The bonds were divided into three tranches with maturities set at ten, 15, and 20 years The issue was managed by four banks: Barclays, Byblos Bank, Societe Generale de Banque au Liban (SGBL), and JPMorgan. Subscription bids from local and foreign banks and financial institutions have generated a total order book of $17.8 billion, almost six times the value of the bond issue, according to Finance Minister Ali Hassan Khalil. Foreign banks and financial institutions have subscribed to nearly $600 million or 20 percent of the issue. "This reflects an unwavering confidence and interest in Lebanese bonds at a global level," Khalil said. The value of the bond issue is within the $3 billion ceiling granted by law. He said: "The yields on the new bonds are good compared with those prevalent in secondary markets." The bonds have been issued in the following three tranches: border="1" cellpadding="1&quo