Jobs
Properties
Automarket
Databank
EasyBanking
Search
Categories
Companies
People
Sectors
Topics
Business
Events
Conferences
Local trade exhibitions
International trade exhibitions
Professional
Training
Executive training
Trade
Missions
Incoming
Outgoing
Weekly
Newsletter
View latest issue
Subscribe
Update my subscription
Unsubscribe
SUBMIT INFO
News
Conferences
Exhibitions
Tenders
Training
Missions
Search
Categories
Financial
Markets
Business
Events
Trade
Missions
Business
Research
Calculation
Tools
Weekly
Newsletter
SUBMIT INFO
CHAMPION OF THE DAY
LEADERS NEWS
Eurobond swap - UPDATE
Debt restructuring will also ensure
repayment to foreign bond holders
The Ministry of Finance (MoF) has asked the Central Bank (BDL) to postpone a proposed swap of Eurobonds due in 2020 after ratings agencies warned it could constitute a selective default
Sovereign debt will be restructured in a way that hurts neither the economy nor depositors, and foreign holders will be repaid, Chairman of the Association of Banks, Salim Sfeir, told Reuters news agency.
Eurobonds of $2.5 billion are set to mature this year. There are $1.2 billion maturing in March, $700 million in April, and another $600 million tranche maturing in June 2020. Lebanese investors hold the bulk of the debt.
Foreigners hold 30 percent of the Eurobonds. “Of course foreign holders will be repaid,” Sfeir said.
A proposal by the Central Bank for local banks to swap their holdings for longer-dated notes, will take place. “Such swaps are common practice,” he said.
“What is being done now is not against the people. Their money is secured and, let me add, the pressure is not from large depositors,” he said.
“Probably the debt is going to be restructured in one way or another but without affecting the deposits of the people and they are currently working to assure that,” Sfeir said. “It would give more oxygen in order to stimulate our economy,” he said.
Sfeir said the restructuring would be the responsibility of the government, but interest rates would go down and maturities would be extended.
Your browser does not support iframes.
Date Posted:
Jan 14, 2020
Your browser does not support inline frames
ABOUT
ADVERTISE
SUBMIT INFO
RSS
CONTACT US
©
2021 by InfoPro sal. All Rights Reserved