November 21, 2019 / 1:01 PM / 16 days ago

Lebanese bonds rally as parliament session called, Trump assures of support

LONDON, Nov 21 (Reuters) - Lebanon’s dollar bonds rallied on Thursday, after the parliament’s speaker called a session next week to resolve pressing legislation and U.S. President Donald Trump said Washington was ready to work with a new Lebanese government.

Several Lebanese issues made their biggest daily gains since early-November The 2032 and 2030 issues both rose by 1.4 cents to 44 cents in the dollar, according to Tradeweb data.

Bonds prices fell to record lows in recent weeks as anti-government prosts brought the country to a political standstill following Prime Minister Saad al-Hariri’s resignation on Oct. 29.

The parliament session called by Speaker Nabih Berri is crucial to discuss draft legislation on banking secrecy and returning stolen state funds.

The market also benefited after Trump told Lebanese President Michael Aoun in a cable the United States would work with a new Lebanese government that responds to the needs of its people .

Reporting by Tom Arnold; editing by Sujata Rao

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