November 4, 2019 / 10:24 AM / 16 days ago

Lebanon bonds extend rally

LONDON, Nov 4 (Reuters) - Lebanon sovereign dollar-bonds rallied again on Monday following almost two weeks of hefty losses as the country was facing its biggest economic crisis in decades, though protests showed little sign of abating.

The gains came across most of the curve with the 2021 bond enjoying the largest jump, adding 2.12 cents in the dollar to trade at 74.375 cents, Tradeweb data showed. However, this was still well below the near-90 cents in the dollar pre-protests.

Many longer-dated issues added around 1.5 cents in the dollar on Monday.

On Monday, protesters blocked roads in Beirut and other parts of Lebanon, pressing a wave of demonstrations against the ruling elite that have plunged the country into political turmoil at a time of acute economic crisis.

The nationwide protests, which were ignited on Oct. 17 by a government proposal to tax WhatsApp calls, led Saad al-Hariri to resign as prime minister last week. Formal consultations over the formation of a new cabinet have yet to begin. (Reporting by Karin Strohecker, editing by Ritvik Carvalho)

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