Lebanon to Kick Off $30 Billion Eurobond Restructuring Talks This Week

Lebanon will begin the process of restructuring its roughly $30 billion of Eurobonds with an investor presentation on March 27, despite the coronavirus outbreak roiling global markets and paralyzing travel, Bloomberg News reported. The government, which defaulted this month, asked its financial adviser, Lazard Ltd., to initiate talks with investors, the Finance Ministry said in a statement Monday. The government “is developing a sustainable macroeconomic plan to redress the Lebanese economy,” the ministry said. It did not give details on who would make the presentation, where it would be held or whether investors could attend in person. Lebanese officials have said they are working to restructure the government’s entire debt, which totals around $90 billion when local-currency liabilities are included. The country’s been hit by anti-government protests since October and its debt ratio of more than 150% of gross domestic product is one of the highest in the world. Read more

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