Ministry of Finance issues $2bn in Eurobonds
The Ministry of Finance issued three new Eurobonds totaling $2bn under the Republic of Lebanon's Global Medium Term Note Program to be used for early redemption and cancellation of Lebanese pound-denominated Treasury bills held by the Central Bank of Lebanon, as reported by Lebanon This Week, Byblos Bank economic publication. The bonds were issued on June 12, 2012.
The government issued an $800m Eurobond that matures in June 2025 and carries a 6.25% fixed coupon rate. The bond will replace five-year T-bills that mature in 2016 and that have a coupon rate of 6.18%. Also, it issued a $700m Eurobond that matures in June 2018 and that carries a coupon rate of 5.15%. The bond will be exchanged with five- year T-bills that mature in 2016 and have a rate of 6.18%. Further, it issued a $500m Eurobond that matures in June 2015 and that car- ries a fixed coupon payment of 4.1%.
The bond will be swapped with three- and five-year T-bills that mature in 2015 and 2016 and that carry rates of 6.48% and 6.18%, respectively. The Eurobonds were issued under Law 212 dated March 30, 2012 that authorizes the government to issue foreign currency debt in order to refinance existing debt denominated in Lebanese pounds. The Central Bank held the equivalent of $12.3bn in Treasury bills and about $1.28bn in Eurobonds at end-April 2012. The new Eurobonds will be listed on the Beirut Stock Exchange and the Luxembourg Stock Exchange.
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