Factsheets Back
30 . 09 . 2019
Market Overview

In September, Lebanese Government Eurobonds’ prices were mostly stable with no major price changes except for an increase in the short end of the curve. Lebanon finance minister announces intentions to issue USD 2 bln worth of Eurobonds at market rates to finance state needs. S&P says Lebanon reserves are sufficient to cover borrowing needs for 12 months but sees an accelerated drawdown with usable reserves decreasing by around USD 6 bln in 2019. Fitch downgraded Byblos and Audi bank to CCC in line with country rating. CDS levels for 5 years continued its upward trend by around 50 bps reaching 1,300 ask-spread. In the GCC, 5 year CDS levels remained stable. Abu Dhabi issued USD 10 bln in Eurobonds; while Bahrain issued USD 2 bln. Saudi finance minister expects budget deficit within targets, also states readiness to assist Lebanon financially. Fitch downgraded Saudi Arabia credit rating one notch to “A” in fears of new attack on oil reserves.