January 11, 2019 / 3:16 PM / 6 months ago

Lebanon dollar-bonds tumble after debt rescheduling report

LONDON, Jan 11 (Reuters) - Lebanon’s dollar-denominated sovereign bonds tumbled for a second day running on Friday following a report by Bloomberg quoting the finance minister that the fiscal reform plan which is being prepared included a rescheduling of debt.

Finance Minister Ali Hassan Khalil said such a rescheduling would be undertaken in coordination with lenders and the central bank, Bloomberg said, citing a statement. The plan did not include any change to the country’s fixed exchange rate, it added.

Lebanon dollar bonds suffered hefty falls across the curve with some issues losing more than 4 cents. The 2026 issue was last down 3.9 cents to a hit record low of 72.750 cents in the dollar.

According to a summary of his comments made to Bloomberg that was circulated by the finance ministry in a statement to media, Khalil was quoted as saying there was “no intention to restructure or to violate the rights of holders of sovereign debt instruments in any way at all”.

Reporting by Karin Strohecker in London and Tom Perry in Beirut, editing by Marc Jones.

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