Maturity: 19 January 2016
Issue price: 99.182
Fixed re-offer price:
Spread at re-offer:
Launch date: Friday 7 October
Payment date: 18 October
Joint books: Banque Audi SAL, Banque de la Mediterranée, Citigroup
Citigroup — Bearing in mind what was starting to happen by the middle of last week, it was brave of the sovereign to persevere and finally launch the transaction at a time when the markets were not ideal.
The deal itself was great success and is probably the one transaction issued by Lebanon that is truly international in terms of the investor participation it attracted.
With a book several times oversubscribed, investors are buying into an improving economic story that is being supported by the US government.
"...it's far too expensive, and without knowing what the geographical split has been I would hesitate to call it a true international deal."
"...it may be an expensive piece of paper but you've got to remember the region the country is located in and the market conditions that cut through the emerging market debt last week, and again this one."
"...they did well getting it out at the 8.5% level they did. At the tight end of guidance, in that size, it's a well done deal."