Lebanon has launched a $1.6bn Eurobond, made up of three tranches: $500mn at 6.25% with a nine-year tenure; $500mn at 6.65 % for 13 years; and $600mn at 7.05% over 20 years. Yields are close to those achieved on similar issues in February, despite worsening economic and geopolitical conditions in Lebanon and its neighbors.

Lebanon’s finance ministry says the $1.282bn cash proceeds will finance 2H15 government foreign currency debt. The remaining $318mn will be offered to holders of existing bonds that mature on 19 January 2016. The new issue, 10% of which went to foreign banks and institutions and the remainder to local banks, was lead managed by Citigroup, Fransabank, Societe Generale de Banque au Liban and Standard Chartered Bank. (CONTINUED - 690 WORDS)