Lebanon Bonds Plunge as Government Taps Debt Advisers
- Notes due in April 2021 fell to a record low on Tuesday
- Lebanon government hasn’t reached decision on March 9 payment
Protesters ram barricades near parliament in Beirut on Feb. 11.
Photographer: Hasan Shaaban/BloombergThis article is for subscribers only.
Lebanon’s longer-dated bonds slid Tuesday after the government confirmed its hiring of Lazard Ltd. and Cleary Gottlieb Steen & Hamilton as legal and financial advisers for a potential debt restructuring.
The nation’s $2.1 billion worth of notes due in April 2021 tumbled by 1.8 cents to an all-time low of 29.1 cents on the dollar. Meantime, Lebanon’s bonds maturing on March 9 pared gains after hitting the lowest on record Monday.