lebanon debt restructuring

Lebanon on Friday pledged to finalise a plan to restructure the country's massive debt by the end of 2020, just weeks after its first default in history. This will translate into a lower “risk premium” which, in turn, could take the value of the new (i.e., post NPV-hit) debt above current valuations.

If the restructuring is undertaken as part of a strong reform package, a Lebanon without a debt overhang will emerge as much more “creditworthy”. Lebanon suspended payments on all $31.3b of its international ‘eurobonds’ this month Most of the debt is held by local lenders but there are concerns that if Lebanon defaults, some foreign investors might take legal action against the tiny Arab country. The draft plan puts its poverty rate at 48 per cent. In Lebanon, we believe the most important factor that will determine the outcome of any debt restructuring is the relationship between the state and the banking sector, which can be described as symbiotic”. Some foreign holders of Lebanon’s Eurobonds are expressing support for a government debt restructuring as the clamor grows among local politicians to skip a payment due in weeks. Lebanon has agreed that the American investment bank “Lazard” will assume the role of its financial advisor in debt restructuring, while the debt-ridden country faces a major financial crisis.. A government source said that during a cabinet meeting on Tuesday, it was also agreed that the law firm, Claire Gottlieb Steen & Hamilton, would take on the role of government legal advisor. What are the consequences of a debt restructuring for the banks? Lebanon is saddled with one of the world's highest public debt burdens relative to the size of its economy. Lebanon facing tough debt restructuring, but bonds cheap:Morgan Stanley. Lebanon's sovereign debt is probably going to be restructured in a way that hurts neither the economy nor depositors, and foreign holders will be repaid, the banking association head said on Monday. Lebanon has one of the highest debt to GDP ratios in the world, standing at about $87 billion or more than 150% of the country’s GDP. Lebanon announced on Saturday it could not meet its debt payments, which include a Eurobond of $1.2 billion maturing on Monday, setting the state on course for …
Lebanon was in the throes of its worst economic turmoil in decades even before the virus locked down the country. The banks are highly exposed to the sovereign debt.

Lebanon’s banking association has called for a government debt restructuring that minimizes damage to its nearly 3 million domestic bank depositors, part o

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