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Monday 08 Jun 2015 - 12:07 Makkah mean time-21-8-1436
 Beirut, (IINA) - Lebanese Finance Ministry will have no problem in exchanging $1 billion in Eurobonds even if parliament fails to convene to authorize the issuance of the foreign-currency-denominated bond, an insider said on Friday.
“The finance ministry has several options in its hands. We have plenty of cash, and the treasury can exchange the maturing bond at any time,” a source close to the government told The Daily Star.
Last year, Parliament authorized the government to issue $2.5 billion in Eurobonds for 2015, and in February, the ministry successfully issued $2.2 billion in Eurobonds, the largest single foreign currency denominated bond issue in Lebanon’s history.
That leaves the finance ministry with permission from parliament to issue only another $300 million.
According to bankers, $500 million in Eurobonds will mature at the end of June and another $500 million will mature in August.
“The finance minister has yet to decide on the course of action he will take when the issue of the maturing Eurobonds occurs,” the source said.
An official from the finance ministry said last year that the treasury needed an additional $4.4 billion to meet all its financial needs.
Some economists and bankers also said the central bank might seek to replace $1 billion in maturing Eurobonds with certificates of deposit if parliament fails to convene to authorize a new foreign currency denominated issue.
SM/IINA
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