|21 October, 2019

Lebanon dollar bonds tumble as protests spread

The sovereign's 2025 issue tumbled 1.34 cents in the dollar to trade at 65.5 cents

A Lebanese banker counts U.S. dollars at BLOM Bank's head office in Beirut October 22, 2008.

A Lebanese banker counts U.S. dollars at BLOM Bank's head office in Beirut October 22, 2008.

REUTERS/Jamal Saidi

LONDON - Lebanon's government bonds tumbled by 1 cent or more on Monday after fierce protests over the country's economic crisis had spread on Sunday ahead of a cabinet meeting on speeding up reforms.

The sovereign's 2025 issue tumbled 1.34 cents in the dollar to trade at 65.5 cents, Tradeweb data showed, taking the bond's two day losses to nearly 4 cents.

Four day's of protests have been the biggest show of dissent in decades against the country's ruling elite which is strained by claims of corruption and cronyism. On Sunday, Prime Minister Saad al-Hariri agreed a package of reforms with government partners. 

(Reporting by Karin Strohecker; editing by Marc Jones) ((karin.strohecker@thomsonreuters.com; +442075427262; Reuters Messaging: karin.strohecker.reuters.com@reuters.net))

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