Lebanon’s Finance Ministry has mandated two Lebanese banks SGBL and BLOM to lead manage the sale of $2bn worth of 10-year Eurobonds by end-October.

Part of the proceeds from the new issue will be used to pay back a bridge financing loan extended by the Banque du Liban (BdL) to the government, worth $1.15bn at the end of June, the ministry says. Cash-strapped Lebanon has to then repay a further $1.5bn for maturing Eurobonds next month. The BdL says it has set aside the necessary funds. (CONTINUED - 295 WORDS)