In early December, Finance Minister Raya Hassan announced that Lebanon had successfully issued $500 million in Eurobonds in an effort to refinance the country’s staggering public debt. Before the sale, Najib Semaan, assistant general manager of Bank of Beirut, the bank chosen as the bookrunner, told Bloomberg that this issuance would help to “ascertain the confidence of investors in the Lebanese financial system because the government extended the maturity period to 2024 within the current market rates.” Investors responded with enthusiasm, with both tranches on offer being significantly oversubscribed. The Lebanese finance minister called the results of the sale “outstanding,” and local press have echoed that sentiment, celebrating the record low rates secured by the Lebanese government. The November issuance offered two categories of bonds: one with a maturity of five years and the other with a maturity of 15 years. The five-year category, representing half of the $500
