Lebanon pronounces $450 million eurobond offering a success

Published September 24th, 2000 - 03:00 GMT

Lebanon has raised $450 million in three-year eurobonds, most of which were snapped up by Lebanese banks, Finance Minister George Corm said Friday.

"The operation was a success," he said at a news conference at the ministry.

"The initially planned amount of $300 million was increased to $450 million because of strong subscriber demand despite the turmoil on the international market, notably due to high oil prices, in the past 10 days."

Lebanese banks purchased 80 percent of the bonds, European institutions bought 15 percent and Gulf countries acquired the remaining five percent, he said.

"This is fresh proof of investor confidence in the current situation in Lebanon in spite of the recent decline in Lebanon's Standard and Poors rating from B+ to BB-," he said. .— (AFP)