The biggest voluntary debt exchange outside the US was successfully completed by the Lebanese government in March when it “rolled over” $2.3 billion worth of foreign currency bonds. The government exchanged four dollar-denominated bonds maturing in 2009 for new dollar bonds maturing in March 2012 and March 2017. The minimum yield guidance was set at 7.5 percent for the new March 2012 bond, and 9 percent for the new March 2017 bond. The government also offered holders of its 2009 euro-denominated floating-rate notes an exchange for a tap of the existing 5.875 percent euro-denominated bonds due in April 2012, with the minimum yield set at 7.75 percent. The government selected three banks — Byblos Bank, Credit Libanais and Credit Suisse — to act as deal managers for the exchange offer. The Ministry of Finance said the purpose of the debt exchange was “to proactively conduct liability management, increase the republic’s
