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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.

Protesters ram barricades near parliament in Beirut on Feb. 11.

Photographer: Hasan Shaaban/Bloomberg
Updated on

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.