FINANCIAL NEWS

Minister: Lebanon may issue new Eurobonds in 2010

20 Apr 2010

(MENAFN) Lebanese Finance Minister Raya Haffar el-Hassan said that Beirut may sell new Eurobonds this year and roll over existing debt to help finance a proposed increase in fiscal spending, Bloomberg reported.

She pointed out that the potential Eurobond sale would be on top of any rollover of $700 million of Eurobonds that mature in November. Lebanon has already sold $1.2 billion of 10-year Eurobonds this year with an interest rate of 6.375 percent, to refinance debt that matured in March.

However, the minister did not give details of how big an additional bond sale would be or when.

The draft 2010 budget sent to the cabinet earlier this month included a 15.5 percent increase in spending and a deficit forecast at $4 billion, or 10.7 percent of gross domestic product (GDP), compared with 8.6 percent last year.

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