Merrill Lynch, Byblos to manage bond issue

Ministry of Finance plans to refinance maturing debt

The government has assigned Merrill Lynch and Byblos Bank to manage an upcoming Eurobond issue to refinance the fiscal debt for this year.

Eurobonds worth $293 million with a 7.5 percent coupon rate are due on March 19. Another batch of bonds worth €114.7 million (around $150 million) on a 5.875 percent coupon is due on April 12. Lebanon has about $785 million to refinance in 2012.

Local banks have repeatedly declared that they are not willing to increase their portfolios of sovereign debt. Lebanese banks hold 51.5 percent of public debt.