August 9, 2019 / 2:53 PM / 3 months ago

Lebanon dollar bonds rally on hopes of breakthrough in political crisis

LONDON, Aug 9 (Reuters) - Dollar-denominated bonds issued by Lebanon’s government rallied on Friday on the news that the country’s leaders will meet with the aim of finding a breakthrough in a political crisis that has paralysed government.

Its 2030 Eurobond added more than 1 cent in the dollar to reach its highest price in a week, while the 2032 issue also gained more than a cent, according to Tradeweb data.

The meeting paves the way for the cabinet to convene for the first time since a deadly June 30 shooting, senior officials said. The lack of political dialogue has complicated attempts to push through reforms required to steer the country away from financial crisis. (Reporting by Tom Arnold; Editing by Catherine Evans)

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