LONDON: A stack of Lebanon’s dollar government bonds tumbled to record lows on Friday, ahead of a meeting between the country’s new Finance Minister Ghazi Wazni and a top International Monetary Fund official.
The crisis-hit country’s 2020 bond due in April suffered the sharpest losses, tumbling 2.7 cents in the dollar to 77.5 cents, according to Refinitiv data.
The 2022 and 2035 bonds both fell 1.6 cents to trade at just over 45 cents and 40 cents respectively, the latter at record lows.
Investors were concerned over the stability of the government which was formed on Tuesday, while also citing uncertainty over what IMF involvement could bring.
“This is a government which has very little public support and it will only be a matter of time until the protests will be surging again,” said Koon Chow at UBP. “If they were to take the IMF medicine it could heighten the restructuring risk.” — Reuters
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