November 22, 2017 / 11:04 AM / in a year

Lebanon's dollar bonds gain, CDS fall as Hariri suspends resignation

LONDON, Nov 22 (Reuters) - Lebanon dollar bonds gained across the curve while yield premia and credit default swaps fell on Wednesday after Saad al-Hariri suspended his decision to resign as prime minister, easing a major political crisis.

Many of the country’s dollar bonds added around a cent or more and were well on their way to recover most of the losses sustained since Hariri’s shock resignation on Nov 4.

The 2027 dollar issue chalked up the biggest gains, adding 1.68 cents to trade at 94.25 cents.

Meanwhile, the average yield spread of Lebanon sovereign dollar bonds over U.S. Treasuries fell by 9 basis points to 521 bps, their narrowest since Nov 6. Data from IHS Markit showed five-year CDS - the cost of insuring exposure to the Lebanon’s sovereign debt - fell 17 bps from Tuesday’s close to 549 bps. (Reporting by Karin Strohecker, editing by Mike Dolan)

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