Lebanon launched a $1.2 billion two-tranche Eurobond, proceeds of which are earmarked to refinance maturing debt, an arranger said Thursday. Lebanon's Blom bank and Citibank are lead managers for the issue, which comprises a $500 million of bonds maturing in 2016 and a $700 million of bonds maturing in 2022. The estimated yield on the 2016 Eurobond was 4.75 percent and the 2022 Eurobond was 6.2 percent. Lebanon refinanced $1 billion in Eurobonds in May with one issue of $650 million maturing in 2019 at a yield of 6 percent and second of $350 million maturing in 2022 at 6.475 percent. It also sold a $1.2 billion Eurobond in March last year.
