Lebanon Bond Tumbles Most on Record Amid Fitch Warning - Bloomberg:
Lebanese Eurobonds maturing in March dropped the most on record as the threat of a downgrade to near default added to selling pressure.
The bond tumbled about 7 cents on Friday to 80 cents on the dollar, the biggest daily decline on record for the country’s 2020 notes and approaching a record-low reached in November.
A central bank offer for local banks to swap their holdings of the Eurobonds for longer-dated instruments sparked volatility in the nation’s shorter-dated debt this week. That would help ease pressure on Lebanon’s finances amid a debt crisis and months-long protests.
Lebanese Eurobonds maturing in March dropped the most on record as the threat of a downgrade to near default added to selling pressure.
The bond tumbled about 7 cents on Friday to 80 cents on the dollar, the biggest daily decline on record for the country’s 2020 notes and approaching a record-low reached in November.
A central bank offer for local banks to swap their holdings of the Eurobonds for longer-dated instruments sparked volatility in the nation’s shorter-dated debt this week. That would help ease pressure on Lebanon’s finances amid a debt crisis and months-long protests.
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