Lebanon dollar-bonds rally on IMF, World Bank support hopes

Hariri addresses his supporters during a commemoration ceremony. (File photo: Reuters)

Lebanon’s sovereign dollar-denominated bonds rallied on Thursday after caretaker Prime Minister Saad Hariri discussed the possibility of technical assistance to draw up a rescue plan with the International Monetary Fund and the World Bank.

The 2020 bond jumped 2.5 cents to 88.02 cents in the dollar, according to MarketAxess. Debt maturing in 2037 added more than 2 cents to trade at 47.45 cents, Tradeweb data showed.

According to his office, caretaker prime minister Hariri told World Bank President David Malpass and IMF Director Kristalina Georgieva that he was committed to preparing an urgent plan to rescue the economy from a deep crisis that could be implemented once a new government was formed.

Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54