New Eurobonds to be released

BLOM Bank and Citibank to manage issuance of $950 million in Eurobonds

July 20, 2011- The Ministry of Finance has designated BLOM Bank and Citibank to lead the placement of around $950 million worth of Eurobonds, of which $750 million will be used to rollover bonds maturing in August.

Interests on the newly released foreign currency bonds are expected to be the least of all Eurobonds’ interests and the auction is expected to be closed within 10 days.

According to the Central Bank, local banks have a high level of liquidity. This means there will not be a problem in rolling over the maturing Eurobonds this year.

Gross public debt stood at $52.59 billion, by the end of Q1 2011, a 0.02 percent decrease compared to end-2010.